ASML Holding N.V. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Net sales were EUR 6.7 billion, roughly in line with guidance.
  • Gross margin reached 51.9%, above expectations due to favorable DUV mix and one-off cost benefits.
  • Net income was EUR 1.9 billion, with EPS at EUR 4.81.
  • Backlog remained strong at over EUR 35 billion despite lower bookings.
  • ASML expects full-year 2023 revenue to grow around 30% versus 2022, maintaining strong performance despite an industry downcycle.

Operational and Financial Performance

  • System Sales:
    • EUR 5.3 billion in net system sales.
    • Logic represented 76%, Memory 24%.
    • 10 EUV systems shipped; 11 recognized for EUR 1.9 billion in revenue.
  • Installed Base Management: EUR 1.4 billion, in line with expectations.
  • Order Bookings:
    • EUR 2.6 billion in net system bookings (EUR 0.5 billion EUV, EUR 2.1 billion non-EUV).
    • Bookings moderated as customers manage cash flow and delay orders.
    • No High-NA orders this quarter.
  • Gross Margin: 51.9%, up from guidance due to mix and cost effects.
  • OpEx: R&D EUR 992 million, SG&A EUR 288 million.

Q4 2023 Outlook

  • Net sales expected between EUR 6.7–7.1 billion.
  • Installed Base Management expected at EUR 1.4 billion.

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Operator: Good day and thank you for standing by. Welcome to the ASML 2023 Third Quarter Financial Results Conference Call on October 18th, 2023. At this time, all participants are in a listen-only mode. After the speakers' introduction, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference call over to Mr. Skip Miller. Please go ahead. Skip Miller: Thank you, operator. Welcome everyone. This is Skip Miller, Vice President of Investor Relations at ASML. Joining me today on the call are ASML's CEO, Peter Wennink and our CFO, Roger Dassen. The subject of today's call is ASML's 2023 third quarter results. The length of this call will be 60 minutes and questions will be taken in the order that they are received. This call is also being broadcast live over the Internet at asml.com. A transcript of management's opening remarks and a replay of the call will be available on our website shortly following the conclusion of this call. Before we begin, I'd like to caution listeners that comments made by management during this conference call will include forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve material risks and uncertainties. For a discussion of risk factors, I encourage you to review the Safe Harbor statement contained in today's press release and the presentation found on our website at asml.c

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