The second quarter net bookings came in at 43 systems valued at €949 million, excluding EUV. Our booked average selling price came in at €22 million with the quarter’s booking profile seeing a significant moderation and Foundry orders at 36% of total orders, half of that, slightly half of what they were in the previous quarter. The balance of orders was almost evenly split between IDM’s NAND and DRAM. Our order backlog at the end of the second quarter was €1.5 billion excluding EUV by the way totaling 55 systems with a strong average selling price of €27.3 million.
The backlog profile at the end of the quarter changed as combined memory moved upwards to 36% of total versus 23% at the end of the prior quarter. Most of that change coming from DRAM as it moved from 2% to 14% off the backlog; reminding you by the way that this change is already four high end units divided over three customers.
As to the outlook, we estimate second half sales coming in between €2.2 billion and €2.4 billion with the third quarter estimate at €1.2 billion and gross margin of 43%. R&D and SG&A expenses will be about €145 million for R&D and €60 million for SG&A which is slightly above the previous quarters as we decided to upgrade and invest in our IT infrastructure throughout the remainder of the year.
The second half looks to be sustained by an increase of system shipments supporting NAND shrink plans and by a low, but relatively stable level of DRAM system shipments. We see a lower 28 and 32 nanometer Logic shipments in the second half compared with the first half and we see IDM’s coming in slightly higher when compared to the first half of this year.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV