ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2020 RESULTS
25 Febbraio 2021 - 6:00PM
ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2020 RESULTS
Almere, The Netherlands
February 25, 2021, 6 p.m. CET
ASM International N.V. (Euronext
Amsterdam: ASM) today reports its fourth quarter 2020 operating
results (unaudited) in accordance with IFRS.
Strong quarterly results driven by
continued logic/foundry demand
FINANCIAL HIGHLIGHTS
EUR million |
Q4 2019 |
Q3 2020 |
Q4 2020 |
New orders |
429.0 |
303.4 |
378.7 |
Revenue |
400.6 |
314.6 |
346.6 |
Gross profit
margin % |
51.5 |
49.9 |
45.2 |
Operating
result |
130.9 |
83.9 |
77.5 |
Result from
investments (excluding amortization intangible assets resulting
from the sale of ASMPT stake in 2013) |
6.4 |
6.3 |
27.1 |
Amortization
intangible assets (resulting from the sale of ASMPT stake in
2013) |
(3.5) |
(3.0) |
(3.0) |
Net earnings |
104.5 |
58.1 |
79.1 |
Normalized net earnings (excluding amortization intangible assets
resulting from the sale of ASMPT stake in 2013 and result from sale
of ASMPT shares) |
108.0 |
61.2 |
82.1 |
- New orders at €379 million were 25% above the level of last
quarter.
- Revenue for the fourth quarter 2020 was €347 million and
increased 10% compared to the previous quarter due to stronger
market demand.
- Gross profit margin was 45.2% in Q4 2020 compared to 49.9% in
the previous quarter which had an exceptionally strong mix.
- Operating result was €78 million compared to €84 million in the
previous quarter, mainly due to mix effects and higher R&D and
SG&A costs.
- Normalized net earnings for the fourth quarter 2020 were €82
million, €21 million higher compared to Q3 2020, due to the higher
contribution of ASMPT, mainly caused by one-off effects.
COMMENT
“2020 was another year of strong performance for
our company. In a year dominated by the COVID-19 pandemic, the
global ASM team demonstrated tremendous commitment and execution,”
said Benjamin Loh, President and Chief Executive Officer of ASM
International. “In the fourth quarter, we realized revenue of €347
million which was at the high end of the guidance of €330-350
million and up 10% from the level in Q3. The revenue level was
again driven by continuous high demand in the logic/foundry
segment. Our Q4 order intake, at €379 million, was up 25% from the
level in Q3 and substantially higher than our guidance of €340-360
million, driven by strong demand in logic/foundry. For the full
year, revenue was €1,328 million, a year-on-year increase,
excluding the litigation proceeds in 2019, of 18%.”
OUTLOOK
For Q1, on a currency comparable level, we
expect revenue of €380-€400 million, while we expect our revenue in
Q2 to be at the same level. Q1 bookings, on a currency comparable
level, are also expected to be in the range of €380-€400
million.
Based upon the current market developments, the
wafer fab equipment (WFE) market is expected to grow by a mid-teens
percentage in 2021. While it is currently too early to provide
guidance for the second half of the year, ASM is well positioned
for another year of healthy growth in 2021.
SHARE BUYBACK PROGRAM
On June 2, 2020, ASMI announced the start of the €100 million
share buyback program. As of December 31, 2020, 63.8% of the share
buyback program was completed at an average share price of
€132.63.
DIVIDEND PROPOSAL
ASMI will propose to the forthcoming Annual General Meeting of
Shareholders (AGM) 2021, to declare a regular dividend of €2.00 per
common share over 2020. The regular dividend increases 33% compared
to the regular dividend paid over 2019 (€1.50 regular dividend,
excluding €1.50 extraordinary dividend).
About ASM International
ASM International NV, headquartered in Almere,
the Netherlands, its subsidiaries and participations design and
manufacture equipment and materials used to produce semiconductor
devices. ASM International, its subsidiaries and participations
provide production solutions for wafer processing (Front-end
segment) as well as for assembly & packaging and surface mount
technology (Back-end segment) through facilities in the United
States, Europe, Japan and Asia. ASM International's common stock
trades on the Euronext Amsterdam Stock Exchange (symbol ASM). For
more information, visit ASMI'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 N.V will host an investor
conference call and webcast on Friday, February 26, 2021, at 15:00
p.m. Continental European Time (9:00 a.m. – US Eastern Time).
The teleconference dial-in numbers are as
follows:
- United
States: +1
646 7413 167
-
International:
+44 (0) 8444 819 752
- The Netherlands: +31 (0) 20 79 566
14
- Access
Code:
9692511
A simultaneous audio webcast and replay will be
accessible at www.asm.com.
CONTACT
Investor and media contact:
Victor BareñoT: +31 88 100 8500E: victor.bareno@asm.com
- 20210225 - Financial results Q4 2020
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