ASM announces fourth quarter 2024 results
ASM International reported strong Q4 2024 results with revenue of €809 million, up 27% year-over-year at constant currencies. New orders reached €731 million, increasing 8% YoY, driven by gate-all-around (GAA) and high-bandwidth memory demand.
The company achieved an adjusted gross margin of 50.3% and operating margin of 28.1% in Q4. For full-year 2024, ASM outperformed the wafer fab equipment market with 12% growth, marking its eighth consecutive year of double-digit growth. Memory sales rebounded from 11% in 2023 to 25% in 2024.
Looking ahead, ASM expects Q1 2025 revenue between €810-850 million. The company announced a new €150 million share buyback program and proposed increasing the dividend to €3.00 per share, up from €2.75. However, China revenue is expected to decrease in 2025 due to new U.S. export controls.
ASM International ha riportato risultati solidi per il quarto trimestre del 2024, con un fatturato di €809 milioni, in aumento del 27% rispetto all'anno precedente a valute costanti. I nuovi ordini hanno raggiunto €731 milioni, con un incremento dell'8% su base annua, alimentato dalla domanda di gate-all-around (GAA) e memoria ad alta larghezza di banda.
L'azienda ha ottenuto un margine lordo rettificato del 50,3% e un margine operativo del 28,1% nel quarto trimestre. Per l'intero anno 2024, ASM ha superato il mercato delle attrezzature per fabbriche di wafer con una crescita del 12%, segnando l'ottavo anno consecutivo di crescita a doppia cifra. Le vendite di memoria sono rimbalzate dall'11% nel 2023 al 25% nel 2024.
Guardando al futuro, ASM prevede un fatturato per il primo trimestre del 2025 compreso tra €810-850 milioni. L'azienda ha annunciato un nuovo programma di riacquisto di azioni da €150 milioni e ha proposto di aumentare il dividendo a €3,00 per azione, rispetto ai €2,75 precedenti. Tuttavia, si prevede che il fatturato in Cina diminuisca nel 2025 a causa dei nuovi controlli sulle esportazioni degli Stati Uniti.
ASM International reportó resultados sólidos para el cuarto trimestre de 2024, con ingresos de €809 millones, un aumento del 27% interanual a tipos de cambio constantes. Los nuevos pedidos alcanzaron €731 millones, aumentando un 8% interanual, impulsados por la demanda de gate-all-around (GAA) y memoria de alta ancho de banda.
La empresa logró un margen bruto ajustado del 50,3% y un margen operativo del 28,1% en el cuarto trimestre. Para el año completo 2024, ASM superó el mercado de equipos para fábricas de obleas con un crecimiento del 12%, marcando su octavo año consecutivo de crecimiento de dos dígitos. Las ventas de memoria se recuperaron del 11% en 2023 al 25% en 2024.
De cara al futuro, ASM espera ingresos para el primer trimestre de 2025 entre €810-850 millones. La empresa anunció un nuevo programa de recompra de acciones de €150 millones y propuso aumentar el dividendo a €3,00 por acción, frente a los €2,75 anteriores. Sin embargo, se espera que los ingresos de China disminuyan en 2025 debido a los nuevos controles de exportación de EE.UU.
ASM International은 2024년 4분기 강력한 실적을 보고하며, 수익이 €809백만에 달해, 연간 기준으로 27% 증가했다고 발표했습니다. 신규 주문은 €731백만에 도달했으며, 연간 8% 증가했으며, 이는 게이트 올 어라운드(GAA) 및 고대역폭 메모리 수요에 의해 주도되었습니다.
회사는 4분기에 조정된 총 마진 50.3%와 운영 마진 28.1%를 달성했습니다. 2024년 전체 연도에 대해 ASM은 웨이퍼 팹 장비 시장에서 12% 성장하여 8년 연속 두 자릿수 성장을 기록했습니다. 메모리 판매는 2023년 11%에서 2024년 25%로 반등했습니다.
앞으로 ASM은 2025년 1분기 수익을 €810-850백만으로 예상하고 있습니다. 회사는 새로운 €150백만 주식 매입 프로그램을 발표했으며, 배당금을 주당 €2.75에서 €3.00로 인상할 것을 제안했습니다. 그러나 중국의 수익은 미국의 새로운 수출 규제로 인해 2025년에 감소할 것으로 예상됩니다.
ASM International a rapporté de solides résultats pour le quatrième trimestre 2024, avec un chiffre d'affaires de €809 millions, en hausse de 27% d'une année sur l'autre à taux de change constants. Les nouvelles commandes ont atteint €731 millions, avec une augmentation de 8% par rapport à l'année précédente, soutenue par la demande de gate-all-around (GAA) et de mémoire à large bande.
L'entreprise a réalisé une marge brute ajustée de 50,3% et une marge opérationnelle de 28,1% au quatrième trimestre. Pour l'année 2024, ASM a surperformé le marché des équipements de fabrication de wafers avec une croissance de 12%, marquant sa huitième année consécutive de croissance à deux chiffres. Les ventes de mémoire sont passées de 11% en 2023 à 25% en 2024.
En regardant vers l'avenir, ASM prévoit un chiffre d'affaires pour le premier trimestre 2025 compris entre €810-850 millions. L'entreprise a annoncé un nouveau programme de rachat d'actions de €150 millions et a proposé d'augmenter le dividende à €3,00 par action, contre €2,75 précédemment. Cependant, les revenus en Chine devraient diminuer en 2025 en raison des nouveaux contrôles à l'exportation des États-Unis.
ASM International berichtete über starke Ergebnisse im 4. Quartal 2024 mit einem Umsatz von €809 Millionen, was einem Anstieg von 27% im Vergleich zum Vorjahr bei konstanten Währungen entspricht. Die Neuaufträge erreichten €731 Millionen, was einem Anstieg von 8% im Jahresvergleich entspricht, angetrieben durch die Nachfrage nach Gate-All-Around (GAA) und Hochgeschwindigkeits-Speicher.
Das Unternehmen erzielte im 4. Quartal eine bereinigte Bruttomarge von 50,3% und eine operative Marge von 28,1%. Für das gesamte Jahr 2024 übertraf ASM den Markt für Wafer-Fab-Ausrüstung mit einem Wachstum von 12%, was das achte Jahr in Folge mit zweistelligem Wachstum markiert. Der Umsatz mit Speicherprodukten stieg von 11% im Jahr 2023 auf 25% im Jahr 2024.
Für die Zukunft erwartet ASM im 1. Quartal 2025 einen Umsatz zwischen €810-850 Millionen. Das Unternehmen kündigte ein neues Aktienrückkaufprogramm über €150 Millionen an und schlug vor, die Dividende auf €3,00 pro Aktie zu erhöhen, von zuvor €2,75. Es wird jedoch erwartet, dass die Einnahmen aus China im Jahr 2025 aufgrund neuer US-Exportkontrollen zurückgehen.
- Q4 revenue up 27% YoY to €809M
- Operating margin increased to 28.1% from 22.3% YoY
- Record-high free cash flow of €548M in 2024, up 23%
- Memory sales surged from 11% to 25% of total revenue
- Dividend increase to €3.00 from €2.75 per share
- New €150M share buyback program announced
- China revenue expected to decline in 2025
- Power/analog/wafer segments showing no signs of recovery
- SiC Epi outlook weakened
- China sales dropped from H1 to H2 2024
- Power/analog/wafer market dropped significant double-digits in 2024
Almere, The Netherlands
February 25, 2025, 6 p.m. CET
Eighth consecutive year of double-digit full-year growth, outperforming WFE in 2024
ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q4 2024 results (unaudited).
Financial highlights
| € million | Q4 2023 | Q3 2024 | Q4 2024 |
| New orders | 677.5 | 815.3 | 731.4 |
| yoy change % at constant currencies | ( | | |
| | | | |
| Revenue | 632.9 | 778.6 | 809.0 |
| yoy change % at constant currencies | ( | | |
| | | | |
| Gross profit margin % | 47.2 % | 49.4 % | 50.3 % |
| Adjusted gross profit margin 1 | 47.9 % | 49.4 % | 50.3 % |
| | | | |
| Operating result | 131.5 | 215.2 | 222.3 |
| Operating result margin % | 20.8 % | 27.6 % | 27.5 % |
| | | | |
| Adjusted operating result 1 | 141.0 | 219.9 | 227.0 |
| Adjusted operating result margin 1 | 22.3 % | 28.2 % | 28.1 % |
| | | | |
| Net earnings | 90.9 | 127.9 | 225.8 |
| Adjusted net earnings 1 | 100.3 | 133.6 | 231.5 |
1 Adjusted figures are non-IFRS performance measures. Refer to Annex 3 for a reconciliation of non-IFRS performance measures.
- New orders of
€731 million in Q4 2024 increased YoY by8% at constant currencies (also8% as reported), with the increase again mainly driven by solid demand for gate-all-around (GAA) and high-bandwidth memory (HBM) DRAM.
- Revenue of
€809 million increased by27% at constant currencies (increased by28% as reported) from Q4 of last year and at the upper end of the guidance (€770 -810 million).
- YoY improvement in adjusted gross profit margin is due to strong mix.
- Adjusted operating result margin increased to
28.1% , compared to22.3% in Q4 2023 mainly due to higher gross margin and a moderation in SG&A, partially offset by higher investments in R&D.
- Revenue for Q1 2025 is expected to be in the range of
€810 -850 million.
Comment
“ASM continued to deliver a solid performance in 2024. Sales increased by
Growth in the WFE market was uneven in 2024: AI-related segments continued to increase strongly, but other parts of the market showed a mixed performance. For ASM, this meant strong momentum in our GAA-related applications. With the mix shifting from pilot-line to high-volume manufacturing, both quarterly GAA-related sales and orders increased strongly in the course of 2024. We also saw a surge in demand for HBM-related, high-performance DRAM applications in 2024. This fueled a rebound in our total memory sales from a relatively low level of
Financial results were again strong in 2024. Adjusted gross margin increased to
We remain on track towards our strategic targets and continue to invest in our people, in innovation and expansion, including in our planned new facilities in Hwaseong, Korea, and Scottsdale, Arizona. We also made further strides in accelerating sustainability. We published our Climate Transition Plan last year, and, as a first milestone, we achieved our target of
Outlook
Market conditions continue to be mixed looking into 2025, with WFE spending expected to increase slightly. Leading-edge logic/foundry is expected to show the highest growth in 2025. There have been some further shifts in capex forecasts among customers in this segment, but overall our forecast for a substantial increase in GAA-related sales in 2025 is unchanged. In memory, we expect healthy sales in 2025, supported by continued solid demand for HBM-related DRAM, although it is too early to tell if memory sales will be at the same very strong level as in 2024. The power/analog/wafer segments are still in a cyclical correction with no signs of a recovery in the near term. In SiC Epi, the outlook further weakened. Taking into account the recently announced new U.S. export controls and as communicated in our press release of December 4, 2024, our China revenue is expected to decrease in 2025, with equipment sales from this market falling in a range of low-to-high 20s percentage of total ASM revenue.
We confirm our target for revenue in a range of
At constant currencies, we expect revenue for Q1 2025 to be in a range of
Share buyback program
ASM announces today that its Management Board authorized a new repurchase program of up to
Dividend proposal
ASM will propose to the forthcoming 2025 Annual General Meeting on May 12, 2025, to declare a regular dividend of
Modification in spares & service revenue reporting definition
Effective 2025, ASM will include installation and qualification revenue as part of spares & services revenue aligning with our business organization structure at ASM. Further details of the quarterly and full-year impact on 2024 revenue can be found in annex 4.
About ASM
ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International's common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM's website at www.asm.com.
Cautionary note regarding forward-looking statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, epidemics, pandemics and other risks indicated in the company's reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Quarterly earnings conference call details
ASM will host the quarterly earnings conference call and webcast on Wednesday, February 26, 2025, at 3:00 p.m. CET.
Conference-call participants should pre-register using this link to receive the dial-in numbers, passcode and a personal PIN, which are required to access the conference call.
A simultaneous audio webcast and replay will be accessible at this link.
| Contacts | |
| Investor and media relations | Investor relations |
| Victor Bareño | Valentina Fantigrossi |
| T: +31 88 100 8500 | T: +31 88 100 8502 |
| E: investor.relations@asm.com | E: investor.relations@asm.com |
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