ASML reports €3.5 billion net sales and €695 million net income in Q1 2022
Sales growth expectations for 2022 unchanged
VELDHOVEN,
- Q1 net sales of €3.5 billion, gross margin of 49.0%, net income of €695 million
- Q1 net bookings of €7.0 billion2
- ASML expects Q2 2022 net sales between €5.1 billion and €5.3 billion and a gross margin between 49% and 50%
(Figures in millions of euros unless otherwise indicated) | Q4 2021 | Q1 2022 |
Net sales | 4,986 | 3,534 |
...of which Installed Base Management sales 1 | 1,522 | 1,247 |
New lithography systems sold (units) | 72 | 59 |
Used lithography systems sold (units) | 10 | 3 |
Net bookings 2 | 7,050 | 6,977 |
Gross profit | 2,701 | 1,731 |
Gross margin (%) | 54.2 | 49.0 |
Net income | 1,774 | 695 |
EPS (basic; in euros) | 4.39 | 1.73 |
End-quarter cash and cash equivalents and short-term investments | 7,590 | 4,723 |
(1) Installed Base Management sales equals our net service and field option sales.
(2) Our systems net bookings include all system sales orders for which written authorizations have been accepted.
Numbers have been rounded for readers' convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com
CEO statement and outlook
"Our first-quarter net sales came in at €3.5 billion which is at the high end of our guidance. The gross margin of 49.0%, is as guided. Our first-quarter net bookings came in at €7.0 billion, including €2.5 billion from 0.33 NA and 0.55 NA EUV systems as well as very strong DUV bookings, reflecting the continued high demand for advanced and mature nodes.
"We continue to see that the demand for our systems is higher than our current production capacity. We accommodate our customers through offering high-productivity upgrades and reducing cycle time in our factories, and we continue to offer a fast shipment process. In addition, we are actively working to significantly expand capacity together with our supply chain partners. In light of the demand and our plans to increase capacity, we expect to revisit our scenarios for 2025 and growth opportunities beyond. We plan to communicate updates in the second half of the year.
"ASML expects second-quarter net sales between €5.1 billion and €5.3 billion with a gross margin between 49% and 50%. ASML expects R&D costs of around €790 million and SG&A costs of around €220 million. For the full year, we continue to expect a revenue growth of around 20%," said ASML President and Chief Executive Officer
Products and business highlights
- We received multiple orders this quarter for our High-NA EXE:5200 systems (EUV 0.55 NA) from both Logic and Memory customers.
- In our Applications business, we shipped our first eScan460 system, which is our next-generation single-beam inspection system, with higher resolution and 50% faster throughput than eScan430.
Update share buyback program
As part of its financial policy to return excess cash to its shareholders through growing annualized dividends and share buybacks, ASML executes a share buyback program which started on
The share buyback program will be executed within the limitations of the existing authority granted by the Annual General Meeting of Shareholders (AGM) on
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Quarterly video interview and investor call
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About ASML
ASML is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips. ASML enables groundbreaking technology to solve some of humanity's toughest challenges, such as in healthcare, energy use and conservation, mobility and agriculture. ASML is a multinational company headquartered in Veldhoven,
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ASML's primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in
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Regulated information
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Forward Looking Statements
This document contains statements that are forward-looking, including statements with respect to expected trends, including trends in end markets and technology industry and business environment trends, rising business costs, outlook and expected financial results, including expected net sales, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate, bookings, expected growth in net sales, full year 2022 expectations including revenue, shipments and expectations for EUV, DUV, IBM and expectations by market segment, statements made at our 2021 Investor Day including revenue and gross margin opportunity for 2025 and growth opportunities beyond 2025, expected annual revenue growth rate for the period of 2020-2030, and our plan to revisit these expectations presented at the 2021 Investor Day, expected revenue recognition, including estimates of revenue to be recognized in periods after shipment, expected shipments, plans and strategies, including plans to increase capacity and plans to build additional cleanrooms, customer demand and plans to meet increasing demand, statements with respect to dividends and share buybacks and financial policy including statements with respect to the 2021-2023 share buyback program, including the amount of shares intended to be repurchased under the program, ESG strategy improvement and other non-historical statements. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", "future", "progress", "goal" and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions, product demand and semiconductor equipment industry capacity, worldwide demand and manufacturing capacity utilization for semiconductors, the impact of general economic conditions on consumer confidence and demand for our customers’ products, performance of our systems, the impact of the COVID-19 outbreak and measures taken to contain it on us, our suppliers, the global economy and financial markets, the impact of the Russian military actions in the
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