Tuesday, July 27, 2021

ASM International Reports 2nd Quarter Results

ASM INTERNATIONAL N.V. REPORTS SECOND QUARTER 2021 RESULTS, Almere, The Netherlands, July 27, 2021 [LINK]

  • New orders of €516 million for the second quarter 2021 increased by 73% compared to the same period last year. This is consistent with our announcement on July 1, 2021, that order intake in the second quarter clearly exceeded the previous guidance.
  • Year-on-year revenue growth for the second quarter 2021 was 29% at constant currencies (20% as reported).
  • Gross profit margin of 48.1% was close to last year’s margin of 48.3%.
  • Operating result for the second quarter 2021 improved from €88 million last year to €118 million this year mainly driven by strong revenue growth.
  • Normalized net earnings for the second quarter 2021 were €111 million, a significant improvement compared to same quarter last year.

COMMENT

“Our company delivered again a strong quarter,” said Benjamin Loh, President and Chief Executive Officer of ASM International. “Order intake surged to a new quarterly record of €516 million on the back of continued strong logic/foundry demand and our ALD product leadership. As already announced on 1 July, 2021, the order intake exceeded the previous guidance of €420-440 million, mainly driven by customers pulling in orders into Q2 that were previously expected to be received in Q3. Compared to the same period last year, sales in the second quarter increased by 29% at constant currencies and 20% as reported. Revenue, at €412 million, was slightly above the high end of the guidance of €390-410 million. While we benefited from our expanded manufacturing capacity in Singapore, supply chain conditions further tightened during the quarter, also due to new lockdown measures in parts of Southeast Asia. Thanks to great efforts by ASM’s team and our supply chain partners, we were still able to meet customer requirements.”

OUTLOOK

For Q3, on a currency comparable level, we expect sales of €400-430 million. Q3 bookings, on a currency comparable level, are expected to be in a range of €510-530 million, and also include orders that are planned to be shipped in 2022. Continued tight supply chain conditions are reflected in our sales guidance for Q3 and, based on the current visibility, are also expected to have some impact in Q4, although we do expect Q4 sales to increase compared to the level in Q3. Based upon the current market developments, the wafer fab equipment (WFE) market is expected to grow by a high twenties to low thirties percentage in 2021.



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