ASML reports Q3 results as guided and remains on track for record 2015 sales

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Beleggingsadvies 14/10/2015 07:11
. Two new lithography scanners launched in the last quarter
VELDHOVEN, the Netherlands, October 14, 2015 - ASML Holding N.V. (ASML) today publishes its 2015 third-quarter results.

Q3 net sales of EUR 1.55 billion, gross margin 45.4 percent, in line with guidance
ASML guides Q4 2015 net sales at approximately € 1.4 billion and a gross margin of around 45%
Both the TWINSCAN NXT immersion lithography platform and the NXE Extreme Ultraviolet (EUV) platform upgraded for next-generation chip production

(Figures in millions of euros unless otherwise indicated) Q2 2015 Q3 2015
Net sales 1,654 1,549
...of which service and field option sales 520 574
Other income (Co-Investment Program) 21 21
New systems sold (units) 34 39
Used systems sold (units) 7 5
Average Selling Price (ASP) of net system sales 27.7 22.2
Net bookings* 1,523 904
Systems backlog* 3,015 2,880
Gross profit 754 703
Gross margin (%) 45.6 45.4
Net income 370 322
EPS (basic; in euros) 0.86 0.75

End-quarter cash and cash equivalents and short-term investments 2,520 2,681

*) For the adjusted definition of our net bookings and systems backlog see footnote 4 of our US GAAP Consolidated Financial Statements.

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

CEO Statement
"We reported third-quarter sales and gross margin that were in line with our guidance, with a strong showing of the memory segment at more than 50 percent of system sales as well as record service and field option sales. ASML continues to support our customers' technology roadmaps through product innovations as evidenced by our new NXT:1980 immersion system which provides around 30 percent overlay and 10 percent throughput improvement. These systems started shipping in Q3 with the ramp starting this quarter," ASML President and Chief Executive Officer Peter Wennink said.

"In Extreme Ultraviolet (EUV) lithography, we continue to make progress towards our 2015 productivity and availability targets. We have proven the capability both to expose 1,000 wafers per day and, in a manufacturing readiness test, to expose 15,000 wafers in four weeks. We have also achieved a four-week average availability of more than 70 percent at multiple customer sites. The first shipment of our fourth-generation EUV lithography system, the NXE:3350B, is in progress, with two more expected to ship in Q4.

"Compared to our expectation of three months ago, foundry customers are slightly more cautious with their investment plans. As a result, we expect Q4 sales below the Q3 level, but we remain on track for a record year in terms of sales. Despite slightly lower deliveries to our logic customers in Q3 and Q4, this segment clearly remains committed to ramp the 10 nanometer node, which we expect to start in Q2 2016. Currently, our memory customers indicate that their system demand will continue at a healthy level throughout the first half of 2016, albeit somewhat below the Q3 level."

Q3 Product Highlights

Shipment of the first two TWINSCAN NXT:1980 systems. Demonstrating a more than 30 percent improvement in overlay to 1.2 nanometer (nm) and a 40 percent improvement in focus uniformity to less than 10 nm, the NXT:1980 supports increasingly demanding multiple-patterning performance requirements while boosting throughput by 10 percent to 275 wafers per hour.
In Holistic Lithography, leading customers are using our full suite of process window enhancement solutions to optimize both scanner settings and full-chip mask patterns in immersion multiple patterning for the best yield in 1x nm node production. They have also evaluated our NXE source-mask optimization software for EUV imaging of critical layers in development of the next generation devices. It has demonstrated substantial improvement in process window, CD uniformity and pattern placement for both 7 and 5 nm node logic and 1x nm node memory.
The first NXE:3350B EUV system is being shipped. The system achieves an overlay of 1.0 nanometers, a 50 percent improvement over the NXE:3300B, and also features a lens with a higher transmission, which means it generates higher throughput from a given EUV power source.

Outlook
For the fourth-quarter of 2015, ASML expects net sales at approximately € 1.4 billion, a gross margin of around 45%, R&D costs of about € 270 million, other income of about € 20 million -- which consists of contributions from participants of the Customer Co-Investment Program --, SG&A costs of about € 90 million and an effective annualized tax rate of around 11%.

Update Share Buyback Program

As part of ASML's policy to return excess cash to shareholders through dividend and regularly timed share buybacks, ASML in January 2015 announced its intention to purchase up to 3.3 million shares in 2015-2016 to cover employee stock and stock option plans (ESOPs). In addition, ASML announced its intention to purchase up to EUR 750 million of shares in 2015-2016 under this program, which it intends to cancel upon repurchase.

On July 14, 2015, ASML completed the purchase of 3.3 million shares for ESOPs for a total amount of EUR 314.9 million. In addition, from July 16, 2015 to September 27, 2015, ASML has acquired 1.3 million shares which will be cancelled for a total consideration of EUR 111.2 million. In total ASML has acquired 4.6 million shares under the program for a total consideration of EUR 426.1 million.

The share buyback program may be suspended, modified or discontinued at any time. All transactions under this program will be published on ASML's website (www.asml.com/investors).

tijd 09.17
ASML EUR 72,50 -5,39 vol. 469.000





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