ASML reports EUR 2.8 billion sales in Q3, expects EUR 3 billion sales in Q4

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Algemeen advies 17/10/2018 07:48
VELDHOVEN, the Netherlands, October 17, 2018 - ASML Holding N.V. (ASML) today publishes its 2018 third-quarter results.

Q3 net sales of EUR 2.78 billion, net income EUR 680 million, gross margin 48.1 percent
ASML expects Q4 2018 net sales of about EUR 3.0 billion and a gross margin around 48 percent

(Figures in millions of euros unless otherwise indicated) Q2 2018 Q3 2018
Net sales 2,740 2,776
...of which Installed Base Management sales 1) 654 695
New lithography systems sold (units) 50 51
Used lithography systems sold (units) 8 2
Net bookings 2) 1,952 2,200
Gross profit 1,187 1,336
Gross margin (%) 43.3 48.1
Net income 584 680
EPS (basic; in euros 1.37 1.60
End-quarter cash and cash equivalents and short-term investments 2,980 2,948

(1) Installed Base Management sales equals our net service and field option sales.

(2) Net bookings do not include High-NA EUV orders. Q3 bookings include 1 EUV system to be shipped to collaborative Research Center (imec) which will not be recognized in revenue.

A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com

CEO Statement
"Our third-quarter sales were as expected, and we booked system orders worth a total of 2.2 billion euros. Our gross margin was slightly above our expectations, reflecting the strength of our DUV and Applications business and progress in EUV profitability.

We shipped and recognized revenue for five EUV systems in the third quarter. In addition, we received five EUV orders. We expect to ship a total of 18 EUV systems this year. Our 2019 shipment plan is 30 systems as the first customers are about to start high volume production using EUV. We have made significant progress in the execution of our roadmap, accelerating the introduction of the higher-productivity system NXE:3400C, offering more than 155 wafers per hour. Shipment of this system is expected to start in the second half of 2019.

We currently see strong demand for our products in Logic and Memory continuing in 2019, which supports our Logic customers' advanced nodes production schedule. In the Memory segment, we see strong momentum continuing, as evidenced by our Q3 order intake," said ASML President and Chief Executive Officer Peter Wennink.

Q3 Product Highlights
In our EUV program, all systems shipped to customers meet specifications for high volume manufacturing. The progress in availability of EUV systems supports our customers' announced EUV ramp.
In our DUV lithography business, the introduction of the TWINSCAN NXT:2000i into the market is making significant progress and will be used for high-volume manufacturing in the 7-nanometer Logic and advanced DRAM nodes. Furthermore, the strong greenfield investments (in China and in other regions) will result in significant demand for ASML's dry TWINSCAN scanners across all wavelengths.
In our Applications business, we have seen adoption of YieldStar 375 in 3D NAND manufacturing.

Outlook
For the fourth-quarter of 2018, ASML expects net sales of about EUR 3.0 billion, and a gross margin around 48 percent. R&D costs of about EUR 420 million, SG&A costs of about EUR 135 million. Our target effective annualized tax rate is around 14 percent.

Update Share Buyback Program

As part of ASML's financial policy to return excess cash to shareholders through dividends and regularly timed share buybacks, in January 2018 ASML announced its intention to purchase up to EUR 2.5 billion of shares to be executed within the 2018-2019 time frame. ASML intends to cancel these shares after repurchase, with the exception of up to 2.4 million shares which will be used to cover employee share plans.

Through September 30, 2018, ASML has acquired 4.7 million shares under this program for a total consideration of EUR 801 million.

The current program may be suspended, modified or

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