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25.02.2021 18:00
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ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2020 RESULTS
Schriftzug "News" (Symbolbild).
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Almere, The Netherlands
February 25, 2021, 6 p.m. CET
ASM International N.V. (Euronext Amsterdam: ASM) today reports its fourth quarter 2020 operating results (unaudited) in accordance with IFRS.
Strong quarterly results driven by continued logic/foundry demand
FINANCIAL HIGHLIGHTS
| EUR million | Q4 2019 | Q3 2020 | Q4 2020 |
| New orders | 429.0 | 303.4 | 378.7 |
| Revenue | 400.6 | 314.6 | 346.6 |
| Gross profit margin % | 51.5 | 49.9 | 45.2 |
| Operating result | 130.9 | 83.9 | 77.5 |
| Result from investments (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013) | 6.4 | 6.3 | 27.1 |
| Amortization intangible assets (resulting from the sale of ASMPT stake in 2013) | (3.5) | (3.0) | (3.0) |
| Net earnings | 104.5 | 58.1 | 79.1 |
| Normalized net earnings (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013 and result from sale of ASMPT shares) | 108.0 | 61.2 | 82.1 |
- New orders at €379 million were 25% above the level of last quarter.
- Revenue for the fourth quarter 2020 was €347 million and increased 10% compared to the previous quarter due to stronger market demand.
- Gross profit margin was 45.2% in Q4 2020 compared to 49.9% in the previous quarter which had an exceptionally strong mix.
- Operating result was €78 million compared to €84 million in the previous quarter, mainly due to mix effects and higher R&D and SG&A costs.
- Normalized net earnings for the fourth quarter 2020 were €82 million, €21 million higher compared to Q3 2020, due to the higher contribution of ASMPT, mainly caused by one-off effects.
COMMENT
“2020 was another year of strong performance for our company. In a year dominated by the COVID-19 pandemic, the global ASM team demonstrated tremendous commitment and execution,” said Benjamin Loh, President and Chief Executive Officer of ASM International. “In the fourth quarter, we realized revenue of €347 million which was at the high end of the guidance of €330-350 million and up 10% from the level in Q3. The revenue level was again driven by continuous high demand in the logic/foundry segment. Our Q4 order intake, at €379 million, was up 25% from the level in Q3 and substantially higher than our guidance of €340-360 million, driven by strong demand in logic/foundry. For the full year, revenue was €1,328 million, a year-on-year increase, excluding the litigation proceeds in 2019, of 18%.”
OUTLOOK
For Q1, on a currency comparable level, we expect revenue of €380-€400 million, while we expect our revenue in Q2 to be at the same level. Q1 bookings, on a currency comparable level, are also expected to be in the range of €380-€400 million.
Based upon the current market developments, the wafer fab equipment (WFE) market is expected to grow by a mid-teens percentage in 2021. While it is currently too early to provide guidance for the second half of the year, ASM is well positioned for another year of healthy growth in 2021.
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SHARE BUYBACK PROGRAM
On June 2, 2020, ASMI announced the start of the €100 million share buyback program. As of December 31, 2020, 63.8% of the share buyback program was completed at an average share price of €132.63.
DIVIDEND PROPOSAL
ASMI will propose to the forthcoming Annual General Meeting of Shareholders (AGM) 2021, to declare a regular dividend of €2.00 per common share over 2020. The regular dividend increases 33% compared to the regular dividend paid over 2019 (€1.50 regular dividend, excluding €1.50 extraordinary dividend).
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, changes in import/export regulations, 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.
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
ASM International N.V will host an investor conference call and webcast on Friday, February 26, 2021, at 15:00 p.m. Continental European Time (9:00 a.m. – US Eastern Time).
The teleconference dial-in numbers are as follows:
- United States: +1 646 7413 167
- International: +44 (0) 8444 819 752
- The Netherlands: +31 (0) 20 79 566 14
- Access Code: 9692511
A simultaneous audio webcast and replay will be accessible at www.asm.com.
CONTACT
Investor and media contact:
Victor Bareño
T: +31 88 100 8500
E: victor.bareno@asm.com
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