ASM INTERNATIONAL N.V. REPORTS FIRST QUARTER 2019 RESULTS
Almere, The Netherlands
April 24, 2019, 6 p.m. CET
ASM International N.V. (Euronext Amsterdam: ASM) today reports its first quarter 2019 operating results (unaudited) in accordance with IFRS.
FINANCIAL HIGHLIGHTS
EUR million Q1 2018 Q4 2018 Q1 2019
New orders 206.5 301.6 235.0
Net sales 159.0 254.7 248.8
Gross profit margin % 37.8 % 41.7 % 41.3 %
Operating result 11.8 46.2 47.0
Result from investments (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013) 16.3 6.1 3.1
Amortization intangible assets (resulting from the sale of ASMPT stake in 2013) (3.8 ) (2.4 ) (3.4 )
Net earnings 15.0 43.7 49.4
Normalized net earnings (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013 and result from sale of ASMPT shares) 18.8 46.1 52.8
New orders received of €235 million, driven by foundry and logic.
Net sales for the first quarter 2019 were €249 million, a decrease of 2% compared to the previous quarter.
Gross profit margin was 41.3% in Q1 2019 compared to 41.7% in the previous quarter. Deviations are mainly due to mix differences.
Operating result increased to €47 million.
Normalized net earnings for the first quarter 2019 increased by €7 million compared to Q4 2018, despite only €3 million result from investments.
COMMENT
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:
"In Q1 we realized sales of €249 million, a 56% sales increase year-on-year and, again, a strong order intake of €235 million. Sales were slightly above our guidance of €225-245 million. Our order intake exceeded the €200-220 million that we indicated earlier. The high order intake was again driven by logic and foundry, reflecting our solid position in these industry segments."
OUTLOOK
For Q2, on a currency comparable level, we expect sales of €230-250 million while bookings, on a currency comparable level, are expected to be in the range of €240-260 million. For 2019, general expectations are still that the wafer fab equipment (WFE) market will decline with a mid to high teens percentage. Logic and foundry, as compared to the memory segment, are expected to stay healthy in 2019. Based upon this current market view, we expect to meaningfully outperform the WFE market in 2019.
ANNUAL GENERAL MEETING OF SHAREHOLDERS
On April 4, 2019, ASMI published the agenda for the 2019 Annual General Meeting of Shareholders (AGM), to be held on May 20, 2019, which, as also earlier announced, includes the following financial matters:
proposal to declare a dividend of €1.00 per common share; and
proposal to cancel 5 million treasury shares.
Please refer to the AGM documents available on our website for more detailed information.