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ASML Announces 2012 Fourth Quarter And Full Year Results In Line With Guidance

ASML Holding N.V. (ASML) today publishes 2012 fourth-quarter results and full year results:

                 
  Q4 2012   Q3 2012   FY2012   FY2011
Net sales 1,023 1,229 4,732 5,651
...of which service and field option sales 257 229 930 767
New systems sold (units) 25 32 146 195
Used systems sold (units) 9 8 24 27
 
Net bookings, excluding EUV 667 831 3,312 2,909
Net bookings, excluding EUV (units) 32 33 144 134
ASP of booked systems, excluding EUV 20.9 25.2 23.0 21.7
Systems backlog, excluding EUV 1,214 1,340 1,214 1,733
Systems backlog, excluding EUV (units) 46 48 46 71
Gross margin 41.1 43.2 42.4 43.3
 
End-quarter cash and cash equivalents and short-term investments 2,698 6,159 2,698 2,732
Net income 298 275 1,146 1,467
EPS (in euro) 0.66 0.65 2.70 3.45
Adjusted EPS* (in euro)   0.73   0.67   2.80   3.45
(Figures in millions of euros unless otherwise indicated)

* Adjusted EPS is a non-GAAP measure which adjusts EPS for the temporary share increase in Q4 and Q3 2012 due to the Customer Co-Investment Program.¹

Outlook

“2012 fourth-quarter and full year sales and profit came in as expected, making the year our second best ever. The high level of sales was mainly supported by the large 28-32 nanometer (nm) capacity investment made by the Foundry industry, while Memory capacity investments represented only 25 percent of total net sales, never really picking up, as its major driver, the PC business, shrunk compared to 2011. We plan net sales for 2013 at a similar level to that of 2012, with a slow Q1 start, recovering in Q2 and a relatively large second half. This full-year perspective is supported by two engines that are less dependent on macroeconomic circumstances: Firstly, there is a strategic technology transition need for very lithography-intensive 14-20 nm foundry and logic nodes, which will enable the next generation portable products, for which all semiconductor architecture leaders have designs pending and need initial capacity. Secondly, ASML will ship its first NXE:3300B EUV tool in Q2 targeting for a maximum of 11 potential shipments in 2013, representing a net sales value of around EUR 700 million. We are encouraged by the latest EUV development performance as we have now demonstrated a stable 40 Watts of EUV source power against a production target of 105 Watts. Also, the source design was tested successfully at up to 60 Watts for debris mitigation. Furthermore, the NXE:3300B first system has shown good overlay and imaging performance. We expect the DRAM and NAND Flash memory segments to continue investing at a minimum level in 2013, generating an upside revenue opportunity for ASML if the PC business picks up with good related Solid State Drive attach rates,” said Eric Meurice, President and Chief Executive Officer of ASML.

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