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Today ASML Holding NV (ASML) has published its 2022 second-quarter results. Q2 net sales of €5.4 billion, gross margin of 49.1%, net income of €1.4 billion. Record quarterly net bookings in Q2 of €8.5 billion. ASML expects Q3 2022 net sales between €5.1 billion and €5.4 billion and a gross margin between 49% and 50%. Expected sales growth for the full year of around 10%.
The value of fast shipments*in 2022 leading to delayed revenue recognition into 2023 is expected to increase from around €1 billion to around €2.8 billion.
"Our second-quarter net sales came in at €5.4 billion with a gross margin of 49.1%. Demand from our customers remains very strong, as reflected by record net bookings in the second quarter of €8.5 billion, including €5.4 billion from 0.33 NA and 0.55 NA EUV systems as well as strong DUV bookings.
"Some customers are indicating signs of slowing demand in certain consumer-driven market segments, yet we still see strong demand for our systems, driven by global megatrends in automotive, high-performance computing, and green energy transition. While we are still planning to ship a record number of systems this year, increasing supply chain constraints cause delayed starts. Therefore, we are increasing the planned number of fast shipments throughout the remainder of this year in order to supply our customers with the necessary capacity expansions.
"ASML expects third-quarter net sales between €5.1 billion and €5.4 billion with a gross margin between 49% and 50%. ASML expects R&D costs of around €810 million and SG&A costs of around €235 million. For the full year, we expect a revenue growth of around 10%. This growth is lower than previously guided as a result of an increase in the number of fast shipments expected in the remainder of 2022, the revenue for which will be delayed into 2023 at an amount of around €2.8 billion. With the combination of this delayed revenue recognition, the extra costs related to the planned increase in output capacity and certain inflationary trends, we expect the full year 2022 gross margin to be between 49% and 50%," said ASML President and Chief Executive Officer Peter Wennink.
Products and business highlights
In our DUV business, we shipped the first NXT KrF system - the TWINSCAN NXT:870 - to a customer. With a 27% increase in throughput capability, we take a major step in responding to the industry's demand for KrF tools and wafer output. The NXT platform provides opportunities to further increase productivity.
In our Applications business, we completed the first eScan1100 multi-beam system installation at a customer site and are currently starting customer evaluation.
In our EUV High-NA business, we received both the first High-NA mechanical projection optics and illuminator as well as the new wafer stage from suppliers. These modules will be used for initial testing and integration, an important step for the EXE:5000 program.
Update share buyback program and introduction of quarterly dividend
In the second quarter we purchased around €1.2 billion worth of shares under the current 2021-2023 share buyback program. Details of this program as well as transactions pursuant thereto are published on ASML's website (www.asml.com/investors).
Following the significant growth of our dividend amounts over the past year, ASML has revised its dividend policy to provide for dividend payments on a quarterly basis, starting with an interim dividend of €1.37 per ordinary share that will be made payable on August 12, 2022. Full details are published on ASML's website.
Quarterly video interview and investor call
With this press release, ASML has published a video interview in which CEO Peter Wennink discusses the 2022 second-quarter results and outlook for 2022. This video and the transcript can be viewed on www.asml.com.
An investor call for both investors and the media will be hosted by CEO Peter Wennink and CFO Roger Dassen on July 20, 2022 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on the Q2 2022 results page.
View at TechPowerUp Main Site
The value of fast shipments*in 2022 leading to delayed revenue recognition into 2023 is expected to increase from around €1 billion to around €2.8 billion.
"Our second-quarter net sales came in at €5.4 billion with a gross margin of 49.1%. Demand from our customers remains very strong, as reflected by record net bookings in the second quarter of €8.5 billion, including €5.4 billion from 0.33 NA and 0.55 NA EUV systems as well as strong DUV bookings.
"Some customers are indicating signs of slowing demand in certain consumer-driven market segments, yet we still see strong demand for our systems, driven by global megatrends in automotive, high-performance computing, and green energy transition. While we are still planning to ship a record number of systems this year, increasing supply chain constraints cause delayed starts. Therefore, we are increasing the planned number of fast shipments throughout the remainder of this year in order to supply our customers with the necessary capacity expansions.
"ASML expects third-quarter net sales between €5.1 billion and €5.4 billion with a gross margin between 49% and 50%. ASML expects R&D costs of around €810 million and SG&A costs of around €235 million. For the full year, we expect a revenue growth of around 10%. This growth is lower than previously guided as a result of an increase in the number of fast shipments expected in the remainder of 2022, the revenue for which will be delayed into 2023 at an amount of around €2.8 billion. With the combination of this delayed revenue recognition, the extra costs related to the planned increase in output capacity and certain inflationary trends, we expect the full year 2022 gross margin to be between 49% and 50%," said ASML President and Chief Executive Officer Peter Wennink.
Products and business highlights
In our DUV business, we shipped the first NXT KrF system - the TWINSCAN NXT:870 - to a customer. With a 27% increase in throughput capability, we take a major step in responding to the industry's demand for KrF tools and wafer output. The NXT platform provides opportunities to further increase productivity.
In our Applications business, we completed the first eScan1100 multi-beam system installation at a customer site and are currently starting customer evaluation.
In our EUV High-NA business, we received both the first High-NA mechanical projection optics and illuminator as well as the new wafer stage from suppliers. These modules will be used for initial testing and integration, an important step for the EXE:5000 program.
Update share buyback program and introduction of quarterly dividend
In the second quarter we purchased around €1.2 billion worth of shares under the current 2021-2023 share buyback program. Details of this program as well as transactions pursuant thereto are published on ASML's website (www.asml.com/investors).
Following the significant growth of our dividend amounts over the past year, ASML has revised its dividend policy to provide for dividend payments on a quarterly basis, starting with an interim dividend of €1.37 per ordinary share that will be made payable on August 12, 2022. Full details are published on ASML's website.
Quarterly video interview and investor call
With this press release, ASML has published a video interview in which CEO Peter Wennink discusses the 2022 second-quarter results and outlook for 2022. This video and the transcript can be viewed on www.asml.com.
An investor call for both investors and the media will be hosted by CEO Peter Wennink and CFO Roger Dassen on July 20, 2022 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on the Q2 2022 results page.
View at TechPowerUp Main Site
