ASML reports €6.7 billion net sales and €2.0 billion net income in Q1 2023
Sales growth expectations for 2023 unchanged
VELDHOVEN, the Netherlands, April 19, 2023 – today ASML Holding NV (ASML) has published its 2023 first-quarter results.
Q1 net sales of €6.7 billion, gross margin of 50.6%, net income of €2.0 billion
Quarterly net bookings in Q1 of €3.8 billion2 of which €1.6 billion is EUV
ASML expects Q2 2023 net sales between €6.5 billion and €7.0 billion and a gross margin between 50% and 51%
ASML expects 2023 net sales to grow over 25% compared to 2022
(Figures in millions of euros unless otherwise indicated) Q4 2022 Q1 2023
Net sales 6,430 6,746
...of which Installed Base Management sales 1 1,682 1,404
New lithography systems sold (units) 95 96
Used lithography systems sold (units) 11 4
Net bookings 2 6,316 3,752
Gross profit 3,311 3,413
Gross margin (%) 51.5 50.6
Net income 1,817 1,956
EPS (basic; in euros) 4.60 4.96
End-quarter cash and cash equivalents and short-term investments 7,376 6,653
(1) Installed Base Management sales equals our net service and field option sales
(2) Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.
CEO statement and outlook
"Our first-quarter net sales came in at €6.7 billion with a gross margin of 50.6% – both above our guidance due to higher than expected EUV and DUV revenue from faster installation and earlier acceptance of systems in the quarter.
"We continue to see mixed signals on demand from the different end-market segments as the industry works to bring inventory to more healthy levels. Some major customers are making further adjustments to demand timing while we also see other customers absorbing this demand change, particularly in DUV at more mature nodes. The overall demand still exceeds our capacity for this year and we currently have a backlog of over €38.9 billion. Our focus continues to be on maximizing system output.
"We expect second-quarter net sales between €6.5 billion and €7.0 billion with a gross margin between 50% and 51%. ASML expects R&D costs of around €990 million and SG&A costs of around €275 million For 2023, ASML expects continued strong growth with a net sales increase of over 25% and a slight improvement in gross margin, relative to 2022," said ASML President and Chief Executive Officer Peter Wennink.
Update share buyback program and dividend proposal
In the first quarter we purchased around €400 million worth of shares under the current 2022-2025 program.
ASML intends to declare a total dividend for the year 2022 of €5.80 per ordinary share, which is a 5.5% increase compared to 2021. Recognizing the three interim dividends of €1.37 per ordinary share each paid in 2022 and 2023, this leads to a final dividend proposal to the Annual General Meeting of €1.69 per ordinary share.
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