ASML misses by EUR 0.08, misses on revs; guides Q4 revs below consensus; guides FY25 revs below consensus
11:21 AM ET 10/15/24 | Briefing.com
Reports Q3 (Sep) earnings of EUR 5.28 per share, EUR 0.08 worse than the FactSet Consensus of EUR 5.36; revenues rose 11.9% year/year to EUR 7.47 bln vs the EUR 7.87 bln FactSet Consensus.Quarterly net bookings in Q3 of EUR 2.6 billion of which EUR 1.4 billion is EUV. "Our third-quarter total net sales came in at EUR 7.5 billion, above our guidance, driven by more DUV and Installed Base Management sales. The gross margin came in at 50.8%, within guidance.Co issues downside guidance for Q4, sees Q4 revs of EUR 8.8-9.2 bln vs. EUR 9.8 bln FactSet Consensus.Co issues downside guidance for FY25, sees FY25 revs of EUR 30-35 bln vs. EUR 39.37 bln FactSet Consensus."While there continue to be strong developments and upside potential in AI, other market segments are taking longer to recover. It now appears the recovery is more gradual than previously expected. This is expected to continue in 2025, which is leading to customer cautiousness. Regarding Logic, the competitive foundry dynamics have resulted in a slower ramp of new nodes at certain customers, leading to several fab push outs and resulting changes in litho demand timing, in particular EUV. In Memory, we see limited capacity additions, with the focus still on technology transitions supporting the HBM and DDR5 AI-related demand.
"We expect fourth-quarter total net sales between 8.8 billion and 9.2 billion with a gross margin between 49% and 50% which includes the recognition of the first two High NA systems upon customer acceptance, reflecting progress on imaging, overlay and contrast. ASML expects R&D costs of around 1.1 billion and SG&A costs of around 300 million. We expect full-year 2024 total net sales of around 28 billion. Based on the recent market dynamics as mentioned above, we expect our 2025 total net sales to grow to a range between 30 billion and 35 billion, which is the lower half of the range that we provided at our 2022 Investor Day. We expect a gross margin between 51% and 53%, which is below the range we then provided, mainly related to the delayed timing of EUV demand," said ASML President and Chief Executive Officer Christophe Fouquet. An interim dividend of 1.52 per ordinary share will be made payable on November 7, 2024 (same as last quarter). In the third quarter, we did not purchase any shares under the current 2022-2025 share buyback program."Related stocks: NVMI, KLAC, AMAT, LRCX, CAMT, ARM, ONTO, ENPH, VECO, FORM, ACLS, AMD, NVDA, LSCC, SMH, AVGO, MPWR, SOXX, KLIC, MU, AMKR, NXPI, ADI, INTC, INDI, TSM, TXN, TER, MXL, MCHP, AMBA, UMC, TSEM, IMOS, ON, PLAB, GFS, HIMX, QCOM, SWKS |
