ASM INTERNATIONAL N.V. REPORTS FIRST QUARTER 2017 RESULTS
Almere, The Netherlands
April 20, 2017
ASM INTERNATIONAL N.V. REPORTS
FIRST QUARTER 2017 RESULTS
ASM International N.V. (Euronext Amsterdam: ASM) today reports its first quarter 2017 operating results (unaudited) in accordance with IFRS.
ASMI results based on IFRS.
| || Quarter |
| EUR million || Q1 2016 || Q4 2016 || Q1 2017 |
| New orders || 163.8 || || 176.9 || || 204.2 || |
| Net sales || 142.4 || || 172.6 || || 144.5 || |
| Gross profit margin % || 43.9 || % || 44.9 || % || 43.5 || % |
| Operating result || 18.8 || || 29.9 || || 14.8 || |
| Result from investments (excluding amortization intangible assets resulting from the sale of the 12% stake of ASMPT) || 6.3 || || 18.4 || || 35.4 || |
| Amortization intangible assets resulting from the sale of the 12% stake of ASMPT || (6.8 || ) || (7.0 || ) || (5.8 || ) |
| Net earnings || 5.4 || || 61.5 || || 35.9 || |
| Normalized net earnings (excluding amortization intangible assets resulting from the sale of the 12% stake of ASMPT) || 12.2 || || 68.5 || || 41.6 || |
· New orders at €204 million were 15% above the Q4 2016 level.
· Net sales for the first quarter 2017 were €144 million, a decrease of 16% compared to the previous quarter. Year-on-year net sales increased with 1%.
· Normalized net earnings for the first quarter 2017 were €42 million compared to €69 million in the fourth quarter 2016. Operating result decreased to €15 million. The financing result included €7 million negative effects from currencies compared to €19 million positive effects in the fourth quarter. The result from investments increased with €17 million.
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said: "In Q1 we realized sales of €144 million, which was at the high end of our guidance. The order intake for Q1, at €204 million, came in better than forecasted and was the highest level ever. This was supported by an increasing contribution from the 3D NAND segment. We also saw in Q1 the first high volume manufacturing order intake for our Intrepid tool, an Epitaxy tool addressing the CMOS market."
The single wafer ALD market dropped in 2016, although not as much as we earlier expected. This is caused by a few smaller segments of the ALD market where we have not been engaged, mainly in non-patterning related DRAM. As a result, our single wafer ALD market share decreased. Our ALD revenue in 2016 ended up well in line with the assessment we made in July 2016. 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 Q2 we expect a sales level of €180-200 million, on a currency comparable level. The order intake in Q2 is expected to remain at a high level of €190-210 million, also on a currency comparable level.
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.
On May 25, 2016, the Annual General Meeting of Shareholders authorized ASMI to acquire shares for a period of 18 months. The repurchase program is part of ASMI's commitment to use excess cash for the benefit of its shareholders.
The 2016-2017 share buyback program started on December 13, 2016. On March 31, 2017, 36.5% of the program was completed at an average share price of €46.61.
As per March 31, 2017 ASMI held 4.32 million treasury shares, which is more than sufficient to cover our outstanding options and restricted/performance shares. Hence, as announced on March 2, 2017, ASMI proposes to the Annual General Meeting, to be held on May 22, 2017, to cancel 1.5 million treasury shares.
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 Friday, April 21, 2017 at 15:00 Continental European Time (9:00 a.m. - US Eastern Time).
The teleconference dial-in numbers are as follows:
· United States: +1 646 254 3363
· International: +44 (0)20 3427 1904
· The Netherlands: +31 (0)20 716 8257
· Access Code: 8413062
A simultaneous audio webcast and replay will be accessible at www.asm.com.
T: +31 88 100 8500
Ian Bickerton Press Release First Quarter 2017 Results
T: +31 625 018 512