Almere, The Netherlands
October 26, 2021, 6 p.m. CET
Record quarterly order intake driven by continued strong logic/foundry demand
ASM International N.V. (Euronext Amsterdam: ASM) today reports its third quarter 2021 operating results (unaudited) in accordance with IFRS.
FINANCIAL HIGHLIGHTS
EUR million Q3 2020 Q2 2021 Q3 2021
New orders 303.4 515.7 624.5
Revenue 314.6 411.7 432.9
Gross profit margin % 49.9 48.1 47.2
Operating result 83.9 118.4 117.3
Operating result margin % 26.7 28.7 27.1
Result from investments (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013) 6.3 19.3 27.6
Amortization intangible assets (resulting from the sale of ASMPT stake in 2013) (3.0) (3.0) (3.1)
Net earnings 58.1 108.4 128.9
Normalized net earnings (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013 and result from sale of ASMPT shares) 61.2 111.4 132.0
New orders of €625 million for the third quarter 2021 increased by 106% as reported compared to the same period last year.
Year-on-year revenue growth for the third quarter 2021 was 38% at constant currencies (38% as reported).
Gross profit margin of 47.2% was lower compared to the relatively strong level of 49.9% in the same quarter last year.
Operating result for the third quarter 2021 improved from €84 million last year to €117 million this year mainly driven by strong revenue growth.
Normalized net earnings for the third quarter 2021 were €132 million, a significant improvement compared to the same quarter last year.
COMMENT
“ASMI continued its strong growth path in the third quarter,” said Benjamin Loh, President and Chief Executive Officer of ASM International. “Order intake surged to a new quarterly record of €625 million and was driven by continued strong logic/foundry demand and in part also by orders for shipment in 2022. As already announced on September 28, 2021, order intake exceeded previous guidance of €510-530 million. Compared to the same period last year, sales in the third quarter increased by 38%. Revenue, at €433 million, was slightly above the high end of the guidance of €400-430 million, despite continued tight supply chain conditions during the quarter. We are currently seeing some improvements but overall supply chain conditions are expected to remain challenging in Q4. Thanks to our team for another quarter of strong execution and to our suppliers and customers for their continued solid support and cooperation.”
OUTLOOK
For Q4, on a currency comparable level, we expect sales of €470-500 million. Q4 bookings, on a currency comparable level, are expected to be around €600 million. Starting 2022, we will stop providing guidance on order intake as it has become clear in the last two quarters in which actual order intake was significantly higher than guided that it is increasingly more challenging in the current environment to provide a meaningful outlook. With a continued strong momentum in the second half of the year, the wafer fab equipment (WFE) market is expected to grow by a mid-to-high thirties percentage in 2021.
SHARE BUYBACK PROGRAM
On July 28, 2021, ASMI announced the start of the €100 million share buyback program. As of September 30, 2021, 56.4% of the share buyback program was completed at an average share price of €328.07.
ASMI INVESTOR DAY 2021