ASM INTERNATIONAL N.V. REPORTS SECOND QUARTER 2022 RESULTS
20 Luglio 2022 - 06:00PM
ASM INTERNATIONAL N.V. REPORTS SECOND QUARTER 2022 RESULTS
Almere, The Netherlands
July 20, 2022, 6 p.m.
CET ASM International
N.V. (Euronext Amsterdam: ASM) today reports its second quarter
2022 operating results (unaudited).
Record high orders and revenue in Q2
with continued revenue growth expected for the rest of the
year
FINANCIAL HIGHLIGHTS
EUR million |
Q2 2021 |
Q1 2022 |
Q2 2022 |
New orders |
515.7 |
705.7 |
942.7 |
YoY change % as
reported / at constant currencies |
73% / 86% |
72% / 65% |
83% / 73% |
Revenue |
411.7 |
516.9 |
559.5 |
YoY change % as
reported / at constant currencies |
20% / 29% |
31% / 25% |
36% / 30% |
Gross profit
margin % |
48.1% |
47.8% |
47.5% |
Operating
result |
118.4 |
143.0 |
147.6 |
Operating result
margin % |
28.7% |
27.7% |
26.4% |
Share in income
of investments in associates (excluding amortization intangible
assets resulting from the sale of ASMPT stake in 2013) |
19.3 |
23.7 |
26.9 |
Amortization
intangible assets (resulting from the sale of ASMPT stake in
2013) |
(3.0) |
(3.2) |
(3.4) |
Net earnings |
108.4 |
142.5 |
160.4 |
Normalized net earnings (excluding amortization intangible assets
resulting from the sale of ASMPT stake in 2013 and result from sale
of ASMPT shares) |
111.4 |
145.7 |
163.8 |
- Record high new orders of €943 million for the second quarter
2022 increased by 73% at constant currencies compared to the same
period last year (83% as reported).
- Year-on-year revenue growth for the second quarter 2022 was 30%
at constant currencies (36% as reported).
- Gross profit margin of 47.5% in the second quarter 2022 was
slightly lower compared to 48.1% in the same quarter last year
which had a stronger mix.
- Operating result for the second quarter 2022 improved from €118
million last year to €148 million this year driven again by strong
revenue growth, which was partly offset by an increase in operating
expenses.
- Normalized net earnings for the second quarter 2022 were €164
million and included a translation profit of €26 million compared
to a translation loss of €2 million in Q2 2021 and a translation
gain of €9 million in Q1 2022.
COMMENT
“ASM again delivered a very strong quarter, with
record high orders, revenue and results,” said Benjamin Loh,
President and Chief Executive Officer of ASM International. “In the
second quarter, revenue increased by 30% at constant currencies to
€560 million, at the higher end of the guided range of €540-570
million, as our team, in close cooperation with suppliers and
customers, demonstrated again solid execution in the face of
continued difficult supply chain conditions. While parts of the
semiconductor end-markets, mainly PCs and smartphones, recently
slowed down impacted by weakening macro-economic trends, the
overall demand for wafer fab equipment continues to be strong and
broad based. Our order intake surged by 73% at constant currencies
to a new record high of €943 million in Q2. Our orders were boosted
by robust new node spending in the logic/foundry segment and our
recent wins in memory, particularly for ALD gap-fill in 3D-NAND and
continued adoption of HKMG in DRAM. R&D and SG&A further
increased in Q2 as we continue to invest in the growth of our
company and prepare for substantially higher expected revenue
levels, evidenced by the increases in order intake. At the same
time, operating profits improved by 25% and free cash flow amounted
to a healthy level of €121 million in Q2.Finally, we are very
excited with the recent announcement that we reached an agreement
to acquire LPE, which will add another high-growth business to
ASM’s portfolio.”
OUTLOOK
Supply chain conditions have improved at a
slower pace than previously projected and, as a result, are
expected to remain challenging in the third quarter. For Q3, at
constant currencies, we expect revenue of €570-600 million.
Supported by a record high order backlog, we still project an
improvement in our sales in the second half compared to the first
half. Assuming some improvement in the supply situation towards the
end of the year, we expect revenue in Q4 to be higher than in Q3.
As supply constraints will limit the extent of the increase in our
shipments in the second half, we expect our order backlog to remain
at an elevated level as we exit 2022. We remain confident to
outperform the earlier communicated expectation of mid to high
teens percentage increase for wafer fab equipment (WFE) spending in
2022, although it is likely that WFE growth this year will be more
towards the lower end of this range due to the industry-wide supply
chain constraints.
AGREEMENT TO ACQUIRE LPE
On July 18, 2022, ASM announced an agreement to
acquire all outstanding shares of LPE S.p.A. (“LPE”), a
manufacturer of epitaxial reactors for silicon carbide (SiC) and
silicon, based in Italy. The acquisition will complement ASM’s
leading position in silicon epitaxy solutions for the power
electronics, analog and wafer markets with LPE’s offering of
advanced SiC epitaxy tools.ASM will finance the transaction using a
combination of cash and shares, representing an enterprise value of
€425 million, on a cash and debt free basis, at the date of
signing. An additional amount of up to €100 million will be paid by
way of an earn out based on certain performance metrics over a
two-year period after the closing of the transaction. The earn outs
are to be paid out exclusively in cash. The transaction is subject
to FDI and anti-trust approval in a limited number of countries and
other customary closing conditions which are expected to be met by
the long stop date of November 10, 2022. Further reference is made
to the press release issued on July 18, 2022.
INTERIM FINANCIAL REPORT
ASM International N.V. (Euronext Amsterdam: ASM)
today also publishes its Interim Financial Report for the six month
period ended June 30, 2022.
This report includes an Interim Management Board
Report and condensed consolidated interim financial statements
prepared in accordance with IAS 34 (Interim Financial Reporting).
The Interim Financial Report comprises regulated information within
the meaning of the Dutch Financial Markets Supervision Act (“Wet op
het Financieel Toezicht”) and is available in full on our website
www.asm.com.
About ASM International
ASM International N.V., headquartered in Almere,
the Netherlands, and its subsidiaries design and manufacture
equipment and process solutions to produce semiconductor devices
for wafer processing, and have facilities in the United States,
Europe, and Asia. ASM International's common stock trades on the
Euronext Amsterdam Stock Exchange (symbol ASM). For more
information, visit ASM's website
at www.asm.com
Cautionary Note Regarding Forward-Looking
Statements: All matters discussed in this press release, except for
any historical data, are forward-looking statements.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. These include, but are not limited to,
economic conditions and trends in the semiconductor industry
generally and the timing of the industry cycles specifically,
currency fluctuations, corporate transactions, financing and
liquidity matters, the success of restructurings, the timing of
significant orders, market acceptance of new products, competitive
factors, litigation involving intellectual property, shareholders
or other issues, commercial and economic disruption due to natural
disasters, terrorist activity, armed conflict or political
instability, changes in import/export regulations, epidemics and
other risks indicated in the Company's reports and financial
statements. The Company assumes no obligation nor intends to update
or revise any forward-looking statements to reflect future
developments or circumstances.
This press release contains inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
ASM International will host the quarterly
earnings conference call and webcast on Thursday, July 21, 2022, at
3:00 p.m. CET.
Conference call participants should pre-register
using this link to receive the dial-in
numbers and a personal PIN, which are required to access the
conference call.
A simultaneous audio webcast, and replay will be
accessible at
www.asm.com/investors/webcasts-presentations/2022/second-quarter-earnings.
CONTACT
Investor and media contact:Victor BareñoT: +31
88 100 8500E: investor.relations@asm.com
- 20220720 - Financial results Q2 2022
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