ASML reports €21.2 billion net sales and €5.6 billion net income in 2022, expects expect the market to rebound in the second half of the year.
ASML headquartered in Veldhoven, the Netherlands, is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips.
Today ASML Holding NV (ASML) has published its 2022 fourth-quarter and full-year results.
- Q4 net sales of €6.4 billion, gross margin of 51.5%, net income of €1.8 billion
- Quarterly net bookings in Q4 of €6.3 billion2 of which €3.4 billion is EUV
- 2022 net sales of €21.2 billion, gross margin of 50.5%, net income of €5.6 billion
- ASML expects 2023 net sales to grow over 25% compared to 2022
- ASML expects Q1 2023 net sales between €6.1 billion and €6.5 billion and a gross margin between 49% and 50%
- The value of fast shipments* in 2022 leading to delayed revenue recognition into 2023 is around €3.1 billion
- ASML intends to declare a total dividend for the year 2022 of €5.80 per ordinary share; a 5.5% increase compared to 2021.
*A fast shipment process skips some of the testing in our factory. Final testing and formal acceptance then takes place at the customer site. This leads to a deferral of revenue recognition for those shipments until formal customer acceptance, but does provide our customers with earlier access to wafer output capacity.
| (Figures in millions of euros unless otherwise indicated) | Q3 2022 | Q4 2022 | FY 2021 | FY 2022 |
|---|---|---|---|---|
| Net sales | 5,778 | 6,430 | 18,611 | 21,173 |
| …of which Installed Base Management sales (Installed Base Management sales equals our net service and field option sales.) | 1,524 | 1,682 | 4,958 | 5,743 |
| New lithography systems sold (units) | 80 | 95 | 286 | 317 |
| Used lithography systems sold (units) | 6 | 11 | 23 | 28 |
| Net bookings (Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.) | 8,920 | 6,316 | 26,240 | 30,674 |
| Gross profit | 2,994 | 3,311 | 9,809 | 10,700 |
| Gross margin (%) | 51.8 | 51.5 | 52.7 | 50.5 |
| Net income | 1,701 | 1,817 | 5,883 | 5,624 |
| EPS (basic; in euros) | 4.29 | 4.60 | 14.36 | 14.14 |
| End-quarter cash and cash equivalents and short-term investments | 3,363 | 7,376 | 7,590 | 7,376 |
CEO Peter Wennink statement and outlook
“Our fourth-quarter net sales came in around the midpoint of our guidance at €6.4 billion. The gross margin of 51.5% was above our guidance due to additional upgrades and insurance settlement for last year’s ASML Berlin fire.
“For ASML, 2022 was another strong year ending with total net sales for the year of €21.2 billion, gross margin of 50.5% and a record backlog at the end of 2022 of €40.4 billion.
“We continue to see uncertainty in the market caused by inflation, rising interest rates, risk of recession and geopolitical developments related to export controls. However, our customers indicate that they expect the market to rebound in the second half of the year. Considering our order lead times and the strategic nature of lithography investments, demand for our systems therefore remains strong.
“For 2023, ASML expects continued strong growth with a net sales increase of more than 25% and a slight improvement in gross margin, relative to 2022. We expect first-quarter net sales between €6.1 billion and €6.5 billion with a gross margin between 49% and 50%. ASML expects R&D costs of around €965 million and SG&A costs of around €285 million,” said ASML President and Chief Executive Officer Peter Wennink.