ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2017 RESULTS
(Thomson Reuters ONE) -
Almere, The Netherlands
October 31, 2017
ASM INTERNATIONAL N.V. REPORTS
THIRD QUARTER 2017 RESULTS
ASM International N.V. (Euronext Amsterdam: ASM) today reports its third quarter
2017 operating results (unaudited) in accordance with IFRS.
FINANCIAL HIGHLIGHTS
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Quarter
EUR million Q3 2016 Q2 2017 Q3 2017
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New orders 122.6 205.9 160.4
Net sales 144.2 202.0 185.3
Gross profit margin % 44.2 % 43.7 % 40.0 %
Operating result 16.8 37.7 25.7
Result from investments (excluding amortization
intangible assets resulting from the sale of the 12%
stake of ASMPT) 26.7 30.9 32.1
Amortization intangible assets resulting from the sale
of the 12% stake of ASMPT (6.7 ) (7.3 ) (5.4 )
Net earnings 33.1 132.1 42.2
Normalized net earnings (excluding amortization
intangible assets resulting from the sale of the 12%
stake of ASMPT and result from sale and dilution of
ASMPT stake) 39.8 55.6 47.6
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· New orders at ?160 million were 22% below the Q2 2017 level and 31% above
last year's Q3 level.
· Net sales for the third quarter 2017 were ?185 million, a decrease of 8%
compared to the previous quarter. Year-on-year net sales increased with 28%.
· Operating result decreased to ?26 million. This reduction is mainly related
to the newly introduced products which are temporarily impacting the gross
margin and had an effect of ?9 million in Q3.
· Normalized net earnings for the third quarter 2017 decreased by ?8 million
compared to the second quarter 2017. The financing result included ?8 million
negative effects from currencies compared to ?11 million negative effects in the
second quarter. The result from investments increased with ?1 million.
COMMENT
Commenting on the results, Chuck del Prado, President and Chief Executive
Officer of ASM International said: "In Q3, we realized sales of ?185 million and
an order intake of ?160 million, well in line with our guidance. The sales
included several deliveries of Intrepid Epitaxy and new PECVD applications. The
initial margin on these newly introduced products is relatively low, as earlier
indicated, and impacted our gross margin in the quarter with 5 percentage
points. We expect our gross margin to normalize again in the course of 2018."
OUTLOOK
We continue to expect a clear year-on-year improvement in the single wafer ALD
market in 2017, with demand in the Logic/Foundry segment remaining healthy and a
strong increase in the 3D-NAND segment.
For Q4, on a currency comparable level, we expect sales of ?190-210 million and
an order intake of ?170-190 million.
In 2017, the company benefits from a very strong wafer fab equipment market. For
2018, market watchers currently expect this market to increase with a low to mid
single digit percentage. We aim to outgrow the wafer fab equipment market in
2018.
SHARE BUYBACK PROGRAM
On October 26, 2016, ASMI announced a share buyback program for the repurchase
of up to ?50 million of the company's common shares within the 2016-2017 time
frame. On March 2, 2017, ASMI announced that its Management Board authorized an
increase in this program to ?100 million. The 2016-2017 program started on
December 13, 2016 and was completed on August 31, 2017. Under the 2016-2017
program 1,997,522 shares were repurchased at an average price of ?50.06.
On April 24, 2017, ASMI announced a partial sale of its ASMPT stake, whereby
ASMI indicated to use the proceeds of approximately ?245 million for a new share
buyback program. The start of this new program for a total amount of ?250
million was announced on September 22, 2017. ASMI has the intention to reduce
its capital by withdrawing the repurchased shares after having received the
approval from its shareholders. The repurchase program is part of ASMI's
commitment to use excess cash for the benefit of its shareholders. On September
30, 2017, 5.0% of the program was completed at an average share price of ?52.44.
During the Annual General Meeting of Shareholders of May 22, 2017 the Board was
authorized to acquire up to 10% of ASMI shares for a period of 18 months. During
the same meeting it was approved to cancel 1.5 million treasury shares.This
became effective as of August 1, 2017.
About ASM International
ASM International NV, headquartered in Almere, the Netherlands, its subsidiaries
and participations design and manufacture equipment and materials used to
produce semiconductor devices. ASM International, its subsidiaries and
participations provide production solutions for wafer processing (Front-end
segment) as well as for assembly & packaging and surface mount technology (Back-
end segment) through facilities in the United States, Europe, Japan and Asia.
ASM International's common stock trades on the Euronext Amsterdam Stock Exchange
(symbol ASM). For more information, visit ASMI's website at www.asm.com.
Cautionary Note Regarding Forward-Looking Statements: All matters discussed in
this press release, except for any historical data, are forward-looking
statements. Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those in the forward-
looking statements. These include, but are not limited to, economic conditions
and trends in the semiconductor industry generally and the timing of the
industry cycles specifically, currency fluctuations, corporate transactions,
financing and liquidity matters, the success of restructurings, the timing of
significant orders, market acceptance of new products, competitive factors,
litigation involving intellectual property, shareholders or other issues,
commercial and economic disruption due to natural disasters, terrorist activity,
armed conflict or political instability, epidemics and other risks indicated in
the Company's reports and financial statements. The Company assumes no
obligation nor intends to update or revise any forward-looking statements to
reflect future developments or circumstances.
ASM International will host an investor conference call and web cast on
Wednesday, November 1, 2017 at 15:00 Continental European Time (10:00 a.m. - US
Eastern Time).
The teleconference dial-in numbers are as follows:
· United States: +1 646 254 3360
· International: +44 (0)20 3427 1918
· The Netherlands: +31 (0)20 716 8257
· Access Code: 7553803
A simultaneous audio webcast and replay will be accessible at www.asm.com.
CONTACT
Investor contact:
Victor Bareño
T: +31 88 100 8500
E: victor.bareno(at)asm.com
Media contact:
Ian Bickerton
T: +31 625 018 512
Press Release Third Quarter 2017 Results:
http://hugin.info/132090/R/2146174/822917.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ASM International NV via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 31.10.2017 - 17:59 Uhr
Sprache: Deutsch
News-ID 566030
Anzahl Zeichen: 9067
contact information:
Town:
Almere
Kategorie:
Business News
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