ASM INTERNATIONAL N.V. REPORTS FIRST QUARTER 2022 RESULTS
ASM International N.V. reports strong Q1 2022 results, with record revenue and orders.
New orders reached €706 million, reflecting a 65% increase year-on-year at constant currencies. Revenue grew by 31% to €516.9 million. However, the gross profit margin slightly decreased to 47.8%, down from 49.5% in Q1 2021. Operating results also improved to €143 million, and normalized net earnings totaled €146 million. Looking forward, ASM expects Q2 revenue between €540-570 million, as supply chain conditions remain challenging.
- Record new orders of €706 million for Q1 2022, up 65% year-on-year at constant currencies.
- Revenue for Q1 2022 increased to €516.9 million, a 31% growth compared to Q1 2021.
- Operating results improved to €143 million, a 15% increase year-on-year.
- Normalized net earnings reached €146 million for Q1 2022.
- Gross profit margin declined to 47.8% in Q1 2022 from 49.5% in the same quarter last year.
- Supply chain conditions are expected to remain tight in Q2.
Almere, The Netherlands
April 20, 2022, 6 p.m. CET
ASM International N.V. (Euronext Amsterdam: ASM) today reports its first quarter 2022 operating results (unaudited).
Record high revenue and orders in Q1, continued revenue growth expected for the rest of the year
FINANCIAL HIGHLIGHTS
EUR million | Q1 2021 | Q4 2021 | Q1 2022 |
New orders | 410.6 | 644.9 | 705.7 |
YoY change % as reported / at constant currencies | 23 % / 31 % | 70 % / 70 % | 72 % / 65 % |
Revenue | 394.0 | 491.3 | 516.9 |
YoY change % as reported / at constant currencies | 21 % / 29 % | 42 % / 40 % | 31 % /25 % |
Gross profit margin % | 49.5 % | 47.0 % | 47.8 % |
Operating result | 124.5 | 131.3 | 143.0 |
Operating result margin % | 31.6 % | 26.7 % | 27.7 % |
Share in income of investments in associates (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013) | 13.9 | 25.8 | 23.7 |
Amortization intangible assets (resulting from the sale of ASMPT stake in 2013) | (3.0) | (3.2) | (3.2) |
Net earnings | 122.5 | 134.9 | 142.5 |
Normalized net earnings (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013 and result from sale of ASMPT shares) | 125.5 | 138.1 | 145.7 |
- New orders of
€706 million for the first quarter 2022 increased by65% at constant currencies compared to the same period last year (72% as reported). - Year-on-year revenue growth for the first quarter 2022 was
€25 % at constant currencies (31% as reported). - Gross profit margin of
47.8% in the first quarter 2022 was lower compared to49.5% in the same quarter last year which reflected an exceptionally strong mix. - Operating result for the first quarter 2022 improved from
€125 million last year to€143 million this year driven again by strong revenue growth. - Normalized net earnings for the first quarter 2022 were
€146 million .
COMMENT
“ASM started the year with a strong performance, with again record quarterly levels of orders, revenue and results,” said Benjamin Loh, President and Chief Executive Officer of ASM International. “In the first quarter, our company delivered revenue of
OUTLOOK
Supply chain conditions are expected to remain tight in the second quarter. For Q2 at constant currencies, we expect revenue of
ANNUAL GENERAL MEETING OF SHAREHOLDERS
On April 1, 2022, ASMI published the agenda for the 2022 Annual General Meeting of Shareholders (AGM), to be held on May 16, 2022, which, as also earlier announced, includes amongst others, the proposals to:
- appoint Mr. Hichem M’Saad as additional member of the Management Board;
- change the remuneration policy for the Management Board and Supervisory Board;
- re-appoint Mr. Marc de Jong as member of the Supervisory Board;
- declare a regular dividend of
€2.50 per common share over 2021; and - approve the annual accounts of 2021.
Please refer to the AGM documents available on our website for more detailed information.
About ASM International
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 ASMI'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 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.
ASM International N.V will host an investor conference call and webcast on Thursday, April 21, 2022, at 3:00 p.m. Continental European Time (9:00 a.m. – US Eastern Time).
Conference call participants should pre-register using the link below to receive the Dial-In Numbers, Direct Event Passcode and unique Registrant ID, which will be needed to access the conference call.
Online registration for the conference call: http://emea.directeventreg.com/registration/9926845
A simultaneous audio webcast and replay will be accessible at www.asm.com.
CONTACT
Investor and media contact:
Victor Bareño
T: +31 88 100 8500
E: victor.bareno@asm.com
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