ASM reports first quarter 2024
- New orders in Q1 2024 increased by 10% to €698 million compared to last year.
- Revenue for Q1 2024 was €639 million, meeting the top end of the guidance range.
- Gross profit margin improved to 52.9%, with an operating result margin of 29.3%.
- Q2 2024 revenue is projected to be in the range of €660-700 million.
- ASM expects a 10% or more revenue increase in the second half of 2024.
- 2024 is predicted to be another growth year for ASM.
- None.
Almere, The Netherlands
April 23, 2024, 6 p.m. CET
Solid start of the year, Q1 orders supported by GAA and HBM
ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q1 2024 results (unaudited).
Financial highlights
€ million | Q1 2023 | Q4 2023 | Q1 2024 |
New orders | 647.4 | 677.5 | 697.9 |
yoy change % at constant currencies | ( | ( | |
Revenue | 710.0 | 632.9 | 639.0 |
yoy change % at constant currencies | | ( | ( |
Gross profit margin % | 49.4 % | 47.2 % | 52.9 % |
Adjusted gross profit margin 1 | 51.1 % | 47.9 % | 52.9 % |
Operating result | 204.2 | 131.5 | 187.1 |
Operating result margin % | 28.8 % | 20.8 % | 29.3 % |
Adjusted operating result 1 | 221.2 | 141.0 | 191.8 |
Adjusted operating result margin 1 | 31.2 % | 22.3 % | 30.0 % |
Net earnings | 380.4 | 90.9 | 173.1 |
Adjusted net earnings 1 | 183.0 | 100.3 | 178.9 |
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
€698 million in Q1 2024 increased by10% at constant currencies (increased by8% as reported), supported by healthy GAA 2nm orders, and a strong increase in memory orders, mainly for HBM-related DRAM applications. - Revenue of
€639 million decreased by8% at constant currencies (decreased by10% as reported) from Q1 of last year but came in at the high end of guidance (€600 -640 million). - Adjusted gross profit margin increased to
52.9% , up from51.1% in Q1 of last year, on the back of a generally positive mix, and in particular a continued strong contribution from China sales, which increased to a quarterly record. - Adjusted operating result margin decreased to
30.0% , compared to31.2% in Q1 last year. This was mainly explained by the decrease in revenue and partly offset by the increase in gross profit margin, while the increase in operating expenses was relatively moderate in Q1. - Revenue for Q2 2024 is projected to increase to
€660 -700 million. Revenue in H2 is expected to increase by10% or more compared to H1 2024. Full year 2024 is expected to be another year of growth for ASM.
Comment
“ASM started the year on a solid footing”, said Benjamin Loh, CEO of ASM. “Revenue in the first quarter came in at
Bookings increased to
Gross margin increased to
Outlook
While market conditions are still mixed in the first part of the year, we expect the recovery in wafer fab equipment (WFE) spending to gradually pick up speed in the remainder of the year. We expect revenue in the second quarter of 2024, at constant currencies, to increase to a range of
We now project ASM’s revenue in the second half to increase
In part supported by previously announced new customer wins we still expect our silicon carbide (SiC) Epi sales to increase by a meaningful double-digit percentage in 2024. However, this growth will be somewhat slower than we expected at the start of the year, as some SiC customers have recently been pushing out new investments.
We reiterate our revenue target for 2025 (range of
Annual General Meeting
On March 26, 2024, ASM published the agenda, convocation, and other materials for the 2024 Annual General Meeting (AGM), to be held on May 13, 2024, in Almere, which as also earlier announced, includes, amongst other things, approvals of:
- the annual accounts of 2023;
- the proposal to declare a regular dividend of
€2.75 per common share; - the reappointment of Mr. Lamouche and the appointment of Ms. Micki and Mr. Van den Brink as members of the Supervisory Board;
- the appointment of Ernst & Young Accountants LLP as auditor for the financial year 2025;
- a change of the remuneration policy for, and remuneration of, the Supervisory Board;
- a proposal to withdraw common shares; and,
- an amendment to ASM’s articles of association.
Please refer to the AGM documents available on our website for more detailed information.
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, April 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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