ASML's Profits Rise as Sales Double

ASML, the Dutch maker of semiconductor equipment, said third-quarter earnings rose strongly as sales more than doubled.
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VELDHOVEN, the Netherlands (

TheStreet

) --

ASML

(ASML) - Get Report

, the Dutch maker of semiconductor equipment, said third-quarter earnings rose strongly as sales morw than doubled.

ASML reported net income of €269 million ($375.9 million) vs. €20 million a year earlier and €239 million in the second quarter of 2010.

Forecasts had called for earnings of €246 million, according to

Reuters

.

Third-quarter sales jumped to €1.18 billion from €555 million in the same period in 2009.

ASML, which makes lithography systems, said third-quarter net bookings were valued at €1.3 billion, with 60 systems including 42 new and 18 used systems shipped, leading to a systems backlog valued at €2.69 billion as of Sept. 26.

ASML said it expects bookings in the fourth quarter to exceed third-quarter levels, "confirming our potential for 2011 sales growth," said CEO Eric Meurice, in a statement Wednesday.

Meurice said ASML believes there is higher structural demand for its products and the company plans to increase its quarterly research and development budget to €140 million from €125 million in the second quarter.

ASML's report follows earnings Tuesday from chip giant

Intel

(INTC) - Get Report

which saw its third-quarter net income rise 59% on a revenue increase of 18%.

-- Written by Joseph Woelfel

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Joseph Woelfel

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