ASM announces second quarter 2024 results
ASM International N.V. (ASMIY) reported strong Q2 2024 results, with new orders of €755 million, up 56% year-over-year at constant currencies. Revenue reached €706 million, a 6% increase from Q2 2023, slightly above guidance. The company saw strong demand for gate-all-around (GAA) and high-bandwidth memory (HBM) technologies. Adjusted gross profit margin improved to 49.8%, while adjusted operating result margin decreased to 25.8%.
For Q3 2024, ASM projects revenue of €740-780 million, with second-half revenue expected to increase around 15% compared to the first half. The company remains confident about its mid-term targets for 2025 and 2027, anticipating continued outperformance in the wafer fab equipment market.
ASM International N.V. (ASMIY) ha riportato risultati forti per il secondo trimestre del 2024, con nuovi ordini di €755 milioni, in aumento del 56% rispetto all'anno precedente a valuta costante. Il fatturato ha raggiunto €706 milioni, un incremento del 6% rispetto al secondo trimestre del 2023, leggermente sopra le previsioni. L'azienda ha visto una forte domanda per le tecnologie gate-all-around (GAA) e high-bandwidth memory (HBM). Il margine di profitto lordo rettificato è migliorato al 49,8%, mentre il margine di risultato operativo rettificato è diminuito al 25,8%.
Per il terzo trimestre del 2024, ASM prevede un fatturato di €740-780 milioni, con il fatturato del secondo semestre atteso in aumento di circa il 15% rispetto al primo semestre. L'azienda rimane fiduciosa riguardo ai propri obiettivi a medio termine per il 2025 e il 2027, anticipando una continua eccessiva performance nel mercato delle attrezzature per fabbriche di wafer.
ASM International N.V. (ASMIY) reportó resultados sólidos para el segundo trimestre de 2024, con nuevos pedidos de €755 millones, un aumento del 56% interanual a moneda constante. Los ingresos alcanzaron €706 millones, un 6% más que en el segundo trimestre de 2023, ligeramente por encima de la guía. La compañía vio una fuerte demanda de tecnologías gate-all-around (GAA) y high-bandwidth memory (HBM). El margen de beneficio bruto ajustado mejoró al 49,8%, mientras que el margen de resultado operativo ajustado disminuyó al 25,8%.
Para el tercer trimestre de 2024, ASM proyecta ingresos de €740-780 millones, con ingresos del segundo semestre que se espera aumenten alrededor del 15% en comparación con la primera mitad. La compañía se mantiene confiada en sus objetivos a medio plazo para 2025 y 2027, anticipando un rendimiento superior continuo en el mercado de equipos para fábricas de obleas.
ASM International N.V. (ASMIY)는 2024년 2분기 강력한 실적을 보고했으며, 새로운 주문액이 7억 5500만 유로로, 연간 56% 증가했습니다 (환율 변동 고려). 매출은 7억 600만 유로에 도달하였으며, 2023년 2분기 대비 6% 증가하였고, 전망치보다 약간 높은 수치입니다. 이 회사는 게이트 올 어라운드(GAA) 및 고대역폭 메모리(HBM) 기술에 대한 강력한 수요를 보았습니다. 조정된 총 이익률은 49.8%로 향상되었고, 조정된 운영 결과 마진은 25.8%로 감소했습니다.
2024년 3분기에는 ASM이 매출을 7억 4000만-7억 8000만 유로로 예상하고 있으며, 하반기 매출은 상반기 대비 약 15% 증가할 것으로 예상하고 있습니다. 이 회사는 2025년과 2027년을 위한 중기 목표에 대해 자신감을 유지하며, 웨이퍼 팹 장비 시장에서의 지속적인 우수 실적을 예상하고 있습니다.
ASM International N.V. (ASMIY) a annoncé des résultats solides pour le deuxième trimestre 2024, avec de nouvelles commandes s'élevant à 755 millions d'euros, soit une augmentation de 56 % d'une année sur l'autre à devises constantes. Le chiffre d'affaires a atteint 706 millions d'euros, soit une augmentation de 6 % par rapport au deuxième trimestre 2023, légèrement au-dessus des prévisions. L'entreprise a constaté une forte demande pour les technologies gate-all-around (GAA) et high-bandwidth memory (HBM). La marge brute ajustée s'est améliorée à 49,8 %, tandis que la marge de résultat opérationnel ajustée a diminué à 25,8 %.
Pour le troisième trimestre 2024, ASM prévoit un chiffre d'affaires de 740 à 780 millions d'euros, avec une augmentation prévue d'environ 15 % du chiffre d'affaires du second semestre par rapport au premier semestre. L'entreprise reste confiante quant à ses objectifs à moyen terme pour 2025 et 2027, anticipant une poursuite de sa performance supérieure sur le marché des équipements de fabrication de wafers.
ASM International N.V. (ASMIY) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, mit neuen Aufträgen von 755 Millionen Euro, was einem Anstieg von 56 % im Vergleich zum Vorjahr bei konstanten Währungen entspricht. Der Umsatz erreichte 706 Millionen Euro, was einem Anstieg von 6 % im Vergleich zu Q2 2023 entspricht und leicht über den Vorgaben liegt. Das Unternehmen verzeichnete eine starke Nachfrage nach Gate-All-Around (GAA) und Hochbandbreiten-Speicher (HBM) Technologien. Die bereinigte Bruttomarge verbesserte sich auf 49,8 %, während die bereinigte operative Ergebnisrate auf 25,8 % fiel.
Für das dritte Quartal 2024 prognostiziert ASM einen Umsatz von 740-780 Millionen Euro, wobei ein Umsatz im zweiten Halbjahr von etwa 15 % über dem der ersten Hälfte erwartet wird. Das Unternehmen bleibt zuversichtlich für seine mittelfristigen Ziele für 2025 und 2027 und erwartet weiterhin eine Überdurchschnittliche Leistung im Markt für Wafer-Fab-Ausrüstung.
- New orders increased by 56% YoY to €755 million, driven by strong GAA and HBM demand
- Revenue grew 6% YoY to €706 million, exceeding guidance
- Adjusted gross profit margin improved to 49.8% from 49.0% in Q2 2023
- Q3 2024 revenue projected to increase to €740-780 million
- Second-half revenue expected to grow around 15% compared to first half
- Silicon carbide (SiC) Epi sales expected to increase by double-digit percentage in 2024
- Adjusted operating result margin decreased to 25.8% from 26.9% in Q2 2023
- One-off tax charge impacted operating result margin by 1.2%
- Sales from China expected to drop in the second half compared to first half
Almere, The Netherlands
July 23, 2024, 6 p.m. CET
Strong Q2 bookings supported by GAA and HBM demand
ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q2 2024 results (unaudited).
Financial highlights
| € million | Q2 2023 | Q1 2024 | Q2 2024 |
| New orders | 485.8 | 697.9 | 755.4 |
| yoy change % at constant currencies | ( | | |
| Revenue | 669.1 | 639.0 | 706.1 |
| yoy change % at constant currencies | | ( | |
| Gross profit margin % | | 52.9 % | |
| Adjusted gross profit margin 1 | | | |
| Operating result | 170.7 | 187.1 | 177.6 |
| Operating result margin % | | | |
| Adjusted operating result 1 | 180.1 | 191.8 | 182.3 |
| Adjusted operating result margin 1 | | | |
| Net earnings | 151.2 | 173.1 | 159.0 |
| Adjusted net earnings 1 | 160.7 | 178.9 | 164.7 |
1 Adjusted figures are non-IFRS performance measures (previously referred to as "normalized"). Refer to Annex 3 for a reconciliation of non-IFRS performance measures.
- New orders of
€755 million in Q2 2024 increased by56% at constant currencies (increased by55% as reported) mainly driven by strong demand for gate-all-around (GAA) and high-bandwith memory (HBM). - Revenue of
€706 million increased by6% at constant currencies (also6% as reported) from Q2 of last year and slightly above the guidance (€660 -700 million). - Adjusted gross profit margin increased to
49.8% , up from49.0% in Q2 of last year, due to mix and strong China sales. - Adjusted operating result margin decreased to
25.8% , compared to26.9% in Q2 last year. The margin % was unfavorably impacted by1.2% as a result of a one-off tax charge related to accelerated vesting of previously granted performance shares. - Revenue for Q3 2024 is projected to increase to
€740 -780 million. Revenue for the second half is expected to increase around15% compared to the first half. - In Q2 2024 we paid
€135 million in dividends to ASM shareholders and bought back€59 million of our own shares as part of€150 million share buyback program that started on May 15, 2024.
Comment
“ASM continued its solid performance in the second quarter”, said Hichem M’Saad, CEO of ASM. “Revenue in the second quarter amounted to
Bookings increased to
Also, in memory, we saw strong growth in bookings benefiting from investments in DRAM HBM applications.
In the silicon-based power/analog/wafer segment, bookings were at a decent level, despite the generally slow demand in this market. Silicon carbide (SiC) Epi bookings were also at a relatively strong level in Q2.
Q2 adjusted gross margin increased from
Outlook
While conditions in end markets continue to be mixed, the recovery of the wafer fab equipment is gradually picking up pace, as AI demand is fueling investments in HBM DRAM and in leading-edge logic/foundry. For 2024, a slight increase in WFE spending is expected, followed by a stronger increase in 2025.
We expect revenue in the third quarter of 2024, at constant currencies, to be in a range of
We project ASM’s revenue in the second half to increase around
Despite softening market conditions, we still expect our silicon carbide (SiC) Epi sales to increase by a double-digit percentage in 2024, supported by the contribution from newly won customers.
We remain confident about the mid-term targets for 2025 and 2027 that we provided in our 2023 Investor Day, and we expect ASM will continue to outperform the WFE market during this timeframe.
Interim financial report
ASM International N.V. (Euronext Amsterdam: ASM) today also publishes its Interim Financial Report for the six month period ended June 30, 2024.
This report includes an Interim Management Board Report, including ESG update, and condensed consolidated interim financial statements prepared in accordance with IAS 34 (Interim Financial Reporting). The Interim Financial Report comprises regulated information within the meaning of the Dutch Financial Markets Supervision Act (“Wet op het Financieel Toezicht”) and is available in full on our website www.asm.com.
Share buyback program
On May 14, 2024, ASM announced the start of the
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, pandemics, epidemics 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, July 24, 2024, 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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FAQ
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