AMSTERDAM: ASML Holding NV, a leading supplier in the semiconductor industry, has released its financial results for the first quarter of 2024. For the first quarter, ASML’s total net sales reached €5.3 billion, with a gross margin of 51.0%. The net income for the quarter stood at an impressive €1.2 billion.

The company’s quarterly net bookings were valued at €3.6 billion, with €656 million attributed to Extreme Ultraviolet (EUV) lithography systems.

Looking ahead, ASML forecasts total net sales for the second quarter of 2024 to be in the range of €5.7 billion to €6.2 billion, maintaining a gross margin between 50% and 51%. The company also anticipates that the total net sales for the entire year will mirror the figures from 2023.

A comparison with the previous quarter’s results shows a shift in sales dynamics. The fourth quarter of 2023 saw total net sales of €7.237 billion, which have adjusted to €5.290 billion in the first quarter of 2024. Installed Base Management sales also saw a decrease from €1.555 billion in Q4 2023 to €1.324 billion in Q1 2024.

The number of new lithography systems sold experienced a drop, with 113 units sold in Q4 2023 compared to 66 units in Q1 2024. Similarly, sales of used lithography systems fell from 11 units to 4 units in the same period.

Net bookings, which indicate the company’s future revenue potential, decreased from €9.186 billion in the last quarter of 2023 to €3.611 billion in the first quarter of 2024. However, the company maintained a consistent gross margin, slightly dipping from 51.4% to 51.0%.

The net income also saw a reduction from €2.048 billion in Q4 2023 to €1.224 billion in Q1 2024, with earnings per share (EPS) decreasing from €5.21 to €3.11. The end-quarter cash and cash equivalents, along with short-term investments, were reported at €5.406 billion, down from €7.010 billion at the end of 2023.

ASML’s performance in the first quarter demonstrates the company’s resilience and continued leadership in the semiconductor industry, despite the fluctuations in sales and bookings. The company remains optimistic about its growth trajectory for the remainder of the year.

“Our first-quarter total net sales came in at €5.3 billion, at the midpoint of our guidance, with a gross margin of 51.0% which is above guidance, primarily driven by product mix and one-offs.

“We expect second-quarter total net sales between €5.7 billion and €6.2 billion with a gross margin between 50% and 51%. ASML expects R&D costs of around €1,070 million and SG&A costs of around €295 million.

Our outlook for the full year 2024 is unchanged, with the second half of the year expected to be stronger than the first half, in line with the industry’s continued recovery from the downturn. We see 2024 as a transition year with continued investments in both capacity ramp and technology, to be ready for the turn in the cycle,” said ASML President and Chief Executive Officer Peter Wennink.

ASML Holding NV reports strong growth in 2023, expects similar sales in 2024