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23.07.2019 18:00
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ASM INTERNATIONAL N.V. REPORTS SECOND QUARTER 2019 RESULTS
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Almere, The Netherlands
July 23, 2019, 6 p.m. CET
ASM INTERNATIONAL N.V. REPORTS
SECOND QUARTER 2019 RESULTS
ASM International N.V. (Euronext Amsterdam: ASM) today reports its second quarter 2019 operating results (unaudited) in accordance with IFRS.
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FINANCIAL HIGHLIGHTS
| EUR million | Q2 2018 | Q1 2019 | Q2 2019 | |||
| New orders | 175.9 |
| 235.0 |
| 373.1 |
|
| Net sales | 208.7 |
| 248.8 |
| 363.3 |
|
| Gross profit margin % | 42.1 | % | 41.3 | % | 59.0 | % |
| Operating result | 38.3 |
| 47.0 |
| 150.2 |
|
| Result from investments (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013) | 21.6 |
| 3.1 |
| 2.0 |
|
| Amortization intangible assets (resulting from the sale of ASMPT stake in 2013) | (3.0 | ) | (3.4 | ) | (3.4 | ) |
| Net earnings | 59.4 |
| 49.4 |
| 121.6 |
|
| Normalized net earnings (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013 and result from sale of ASMPT shares) | 62.4 |
| 52.8 |
| 125.0 |
|
• New orders were €373 million. Excluding €103 million related to the patent litigation settlement new orders were €270 million.
• Net sales for the second quarter 2019 were €363 million. Excluding €103 million related to the patent litigation settlement, net sales were €260 million and increased 5% compared to the previous quarter.
• Gross profit margin was 59.0% in Q2 2019 and 42.8% excluding the patent litigation settlement compared to 41.3% in the previous quarter.
• Operating result increased to €150 million. Excluding the patent litigation settlement operating result was stable at €47 million compared to the previous quarter.
• Normalized net earnings, including the patent litigation settlement, for the second quarter 2019 increased by €72 million compared to Q1 2019. Besides the positive impact of the patent litigation settlement net earnings in Q2 were negatively impacted by adverse currency effects and the increase in taxes due to the full utilization of the remaining net operating losses in the Netherlands. Results from investments decreased to €2 million.
COMMENT
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:
"In Q2 we realized sales of €363 million. Excluding the €103 million related to the reported patent litigation settlement, the sales of €260 million showed a 25% sales increase year-on-year, reaching the highest level ever, driven by continuous high demand in the logic/foundry segment. Our order intake, at €373 million (€270 million excluding the patent litigation settlement) was again very strong. Sales as well as order intake were above our guidance of respectively €230-250 million and €240-260 million. The high order intake in Q2 was led by logic. Our cash position in the quarter increased substantially and still excludes the cash proceeds from the litigation settlement which will come in in the next quarters. Based on this we today announced the authorization of a new €100 million share buyback program."
OUTLOOK
For Q3, on a currency comparable level, we expect sales of €250-270 million while bookings, on a currency comparable level, are expected to also be in the range of €250-270 million. For 2019, general expectations are now that the wafer fab equipment (WFE) market will decline with a high teens percentage. While expectations for the memory-segment have further weakened, the healthy demand in the logic and foundry segments in the first half is expected to continue in the second half of 2019. Based upon this current market view, we maintain our expectation to meaningfully outperform the WFE market in 2019.
SHARE BUYBACK PROGRAM
ASMI announced today that its Management Board authorized the repurchase of up to €100 million of the Company's common shares within the 2019-2020 time frame. This buyback program will be executed by intermediaries and will end as soon as the aggregate purchase price of the common shares acquired by ASMI has reached €100 million.
On May 20, 2019 the General Meeting of Shareholders authorized ASMI for a period of 18 months to acquire common shares up to 10% of its then issued capital.
The repurchase program is part of ASMI's commitment to use excess cash for the benefit of its shareholders.
ASMI further announces that the withdrawal of 5 million treasury shares has become effective as of July 23, 2019. As of that date, the number of issued shares is 51,297,394.
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