ASML Clocks 35% Top-Line Growth In Q2; Cuts FY22 Revenue Forecast

  • ASML Holding N.V. ASML reported a second-quarter FY22 net sales growth of 35% year-on-year to €5.4 billion.
  • The Q1 net bookings were €8.5 billion versus €8.3 billion a year ago. 
  • The gross margin contracted 180 bps Y/Y to 49.1%.
  • GAAP EPS was €3.54 versus €2.52 a year earlier.
  • ASML held €4.4 billion in cash and equivalents.
  • Buybacks & Dividends: In Q2, ASML bought €1.2 billion in shares under the current 2021-2023 share buyback program.
  • ASML revised its dividend policy to provide for dividend payments quarterly, starting with an interim dividend of €1.37 per ordinary share that will be made payable on August 12.
  • Outlook: ASML sees Q3 net sales of €5.1 billion - €5.4 billion and a 49% - 50% gross margin.
  • ASML revised sales growth expectations for 2022 from 20% to 10% due to higher fast shipments expected in the remainder of 2022, the revenue for which will be delayed.
  • CEO Peter Wennink said, "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."
  • "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%," added Wennink.
  • Price Action: ASML shares traded lower by 0.40% at $496.35 in the premarket on the last check Wednesday.
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