ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2013 RESULTS

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Beleggingsadvies 01/11/2013 06:52
ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its third quarter 2013 operating results (unaudited) in accordance with US GAAP.

Following the close of the sale on March 15, 2013 of a 12% share in ASMPT, the entity in which the Back-end segment is organized, ASMI's shareholding is reduced to 40.08%. As a consequence, as from March 15, 2013 the results of ASMPT are deconsolidated. From that date onwards the net result of ASMPT is reported on the line 'result from investments'. In the second quarter of 2013 a purchase price allocation took place resulting in the recognition and subsequent amortization of certain intangible assets.

FINANCIAL HIGHLIGHTS
The pro-forma figures show ASMI numbers whereby ASMPT is deconsolidated.
EUR million
Pro-forma
Q3 2012 Q2 2013 Q3 2013
New orders 64.3 128.4 112.2
Net sales 96.1 128.6 116.4
Gross profit margin % 31.4 % 39.3 % 39.1 %
Operating results (1.6 ) 16.2 11.6
Result from investments (excl. amortization and fair value purchase price allocation) 13.3 9.2 10.8
Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments - (40.8 ) (17.2 )
Net earnings 4.9 (23.4 ) (0.9 )Normalized net earnings (excl. remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments) 4.9 17.4 16.3

Net sales for the third quarter 2013 decreased with 9% compared to the second quarter and increased with 21% year-on-year, mainly driven by (PE)ALD sales which were subsequently higher than in the comparable period last year, but below the Q2 level.

Result from operations for the third quarter 2013 includes restructuring costs of €1.0 million compared to €0.7 million included in the second quarter.

COMMENT
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:

"Q3 was again a strong quarter for ASMI. Sales came in 9% lower than the very strong second quarter, slightly better than expected. Our book to bill ratio remained at 1.0. Both sales and order intake were driven by (PE)ALD demand in the most advanced technology nodes. Margins remained healthy, leading to a 10% operating result. We also saw strong improvement in our operational cash flow due to lower working capital requirements for the quarter. Our result from investments excluding 'PPA-effects' improved due to better results in ASMPT".

OUTLOOK
Our sales in Q4, on a currency comparable level, are expected to show a single digit increase compared to Q3. Q4 order intake, on a currency comparable level, is expected to show a low double digit increase as compared to Q3.








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