ASML Holding NV (ASML) (NASDAQ:ASML) (Amsterdam:ASML) today publishes 2012 first quarter results.
- Q1 confirms ASML is on track for EUR 2.4 billion net sales in first half 2012
- Net sales expected to be stable in Q3 at H1 levels
|Q1 2012||Q4 2011|
|...of which service and field option sales||202||218|
|New systems sold (units)||47||35|
|Used systems sold (units)||5||6|
|Net bookings, excluding EUV||865||710|
|Net bookings, excluding EUV (units)||36||37|
|ASP of booked systems, excluding EUV||24.0||19.2|
|Systems backlog, excluding EUV||1,598||1,733|
|Systems backlog, excluding EUV (units)||56||71|
|Gross margin excluding EUV||43.3%||42.4%|
|End-quarter cash and cash equivalents||2,953||2,732|
|EPS (in euro)||0.68||0.69|
|(Figures in millions of euros unless otherwise indicated)|
First Quarter 2012 Highlights
- A TWINSCAN NXT:1950i has surpassed the productivity milestone of more than 4,500 wafers in a single day at a customer manufacturing site, just six months after we set the record of more than 4,000 wafers per day.
- As part of our Holistic Lithography portfolio, our computational lithography unit Brion introduced Tachyon Flexible Mask Optimization (Tachyon FMO) which enables the seamless use of multiple Optical Proximity Correction (OPC) techniques in a single mask tapeout.
- Of our new Extreme Ultraviolet (EUV) lithography platform, all six NXE:3100 systems are now operational and printing wafers; the revenue for the sixth system installed in Q1 2012 was recognized in Q1 2012, one quarter earlier than expected.
- The number of exposed wafers on NXE:3100 systems increased to about 9,000 wafers.
- The NXE:3100 systems have achieved on-product overlay of 6 nm as well as dedicated chuck overlay of less than 2 nm.
- An EUV light source supplier has demonstrated 30 Watts at a high duty cycle with acceptable dose control for a sustained period of time. In addition, it demonstrated 50 Watts of raw power, successfully applying pre-pulse technology.
- Assembly and integration of our new NXE:3300B EUV scanners - the volume production successor of the NXE:3100 - is ongoing, with first shipment expected in the fourth quarter of 2012 and revenue recognition expected starting early in 2013; to date a total of 11 NXE:3300B systems have been ordered; semiconductor device production using EUV is expected to begin in 2013.
“Our financial results in the first quarter were in line with guidance, supporting our expectation for first half 2012 net sales of about EUR 2.4 billion. We see sales stability at current Q1 levels for the next two quarters with clear indications that the Logic segment will continue its strong demand trend for the remainder of the year,” said Eric Meurice, President and Chief Executive Officer of ASML. “The sales trend is driven mainly by demand from Foundries and Integrated Device Manufacturers (IDMs), which will represent the majority of our sales in the next two quarters. The demand for 28 nanometer (nm) from this Logic segment continues to be large and structural; it will be accompanied by the start of pre-production capacity for 20 nm. Later in the year, we expect to see technology demand for sub-20 nm NAND memory and sub-30 nm DRAM memory. Our sales will come mainly from TWINSCAN NXT:1950i immersion technology and will be complemented by a sustained KrF capacity build in Logic as the new nodes require the capacity build-up of the full range of layers. Our EUV technology has made significant progress as evidenced by the press release highlights: we continue to improve the efficiency of the system to reach our objective of 60 wafers per hour in the second half of 2012. We are preparing the shipments of the first 11 production systems on order, the NXE:3300B, from Q4 2012 to the summer of 2013. These units will serve our customers in their production recipe development. We have now started the negotiation of a new batch of orders for EUV systems, targeted mainly for customer production ramps,” Meurice said.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.