ASML reports €4.4 billion net sales and €1.3 billion net income in Q1 2021

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Overig advies 21/04/2021 10:28
VELDHOVEN, THE NETHERLANDS, APRIL 21, 2021

- Today ASML Holding NV (ASML) has published its 2021 first-quarter results.
- Q1 net sales of €4.4 billion, gross margin of 53.9%, net income of €1.3 billion
- Q1 net bookings of €4.7 billion

ASML expects Q2 2021 net sales between €4.0 billion and €4.1 billion and a gross margin around 49%

(Figures in millions of euros unless otherwise indicated) Q4 2020 Q1 2021
Net sales 4,254 4,364
... of which Installed Base Management sales1 1,056 1,235

New lithography systems sold (units) 73 73
Used lithography systems sold (units) 7 7

Net bookings2 4,238 4,740

Gross profit 2,212 2,352
Gross margin (%) 52.0 53.9
Net income 1,351 1,331
EPS (basic; in euros) 3.23 3.21

End-quarter cash and cash equivalents and short-term investments 7,351 4,656

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

(2) Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems).

Numbers have been rounded for readers' convenience. A complete summary of US GAAP Consolidated Statements of Operations is available here.

CEO statement and outlook
"Our first-quarter sales came in at €4.4 billion, which is above our guidance. The gross margin came in at 53.9%, also well above our guidance. The primary driver for higher revenue and gross margin was the increased Installed Base business. Due to the current high-demand environment, customers are utilizing software upgrades to increase capacity as quickly as possible. Our first-quarter net bookings came in at €4.7 billion, including €2.3 billion from EUV systems.


"Compared to three months ago, we are seeing a significant increase in demand across all market segments and our product portfolio. The build-up of the digital infrastructure with secular growth drivers such as 5G, AI and High-Performance Computing solutions fuels demand for advanced and mature nodes in Logic as well as Memory. We now expect revenue growth towards 30% in 2021 compared to last year," said ASML President and CEO Peter Wennink.

ASML expects second-quarter revenue between €4.0 billion and €4.1 billion with a gross margin around 49%, R&D costs of €650 million, and SG&A costs of €175 million. The estimated annualized effective tax rate is expected to be between 14% and 15% for 2021.


Products and business highlights
In our EUV business, we improved transmission of the pellicle to 90%, supporting higher output in high-volume manufacturing for our customers.


In our DUV business, we achieved over 300 wafers per hour at ASML on a TWINSCAN NXT:1470. This is almost a 50% improvement versus the previous model (XT:1460).

We completed the 100th DUV SNEP (System Node Extension Package) upgrade at a customer. The SNEP product offers customers a low-cost solution elevating system performance to align with our more advanced technologies, thereby extending the lifetime of the system.

We achieved the milestone of the 1,000th shipment of a TWINSCAN KrF system.


In our Applications business, as demand for scanners continues to increase in both EUV and DUV, we expect demand for scanner control applications to grow in 2021 as well. The newly released YieldStar 385 is beginning to ramp up across our customer base.

Share buyback program update
As part of its financial policy to return excess cash to its shareholders through growing dividends and share buybacks, in January 2020, ASML announced a three-year share buyback program to be executed within the 2020–2022 time frame. As part of this program, ASML intends to purchase shares up to €6 billion, which includes a total of up to 0.4 million shares to cover employee share plans. ASML intends to cancel the remainder of the shares repurchased. ASML purchased shares in Q1 for over €1.6 billion.


The expected cash generation enables the opportunity for continuation of significant share buybacks in the coming quarters, and therefore ASML expects an early completion of the current share buyback program.


Quarterly video interview, investor and media conference call
With this press release, ASML has published a video interview in which CEO Peter Wennink discusses the 2021 first-quarter results and outlook for 2021. This can be viewed on the Q1 results page.

tijd 14.14
ASML EUR 534,20 +22,20 vol. 370.000



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