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ASML Updates its Expected Q1 2020 Results as a Result of The COVID-19 Impact

ASML Updates its Expected Q1 2020 Results as a Result of The COVID-19 Impact

Enterprise & IT Apr 15,2020 0

ASML Holding NV, the supplier of chip manufacturing equipment of Samsung Electronics and Taiwan Semiconductor Manufacturing Co, refrained from providing a guidance on the second quarter amid uncertainty following the coronavirus pandemic.

The Dutch company, which produces extreme ultraviolet-lithography equipment, added it sees a strong order intake and currently no change in demand.

“The demand outlook is currently unchanged and we have not encountered any push-outs or cancellations this year. Despite the challenging circumstances, to date we have been able to continue ASML’s operations,” said Chief Executive Officer Peter Wennink.

However, “there is significant uncertainty about how the current COVID-19 crisis will impact the global GDP development, end markets, our manufacturing capability and supply chain,” he added.

ASML shipped four EUV systems in the quarter but was only able to recognize revenue for two systems.

“Until now the COVID-19 outbreak has had limited impact on ASML’s manufacturing capability. Also, from a customer point of view, we have not seen a reduction in the demand for our systems this year. However, three COVID-19 related effects have impacted our Q1 financial results. First, we have experienced some delays in DUV shipments to Wuhan, China as well as to other customers due to shipment and travel restrictions regarding COVID-19. Second, we have experienced some issues in our supply chain, which for now have been solved. Combined with longer than initially planned cycle times for the first NXE:3400C models in final configuration, this has resulted in some delays in shipment. Third, due to concerns around the continued ability to ship systems in the current circumstances, some customers have asked us to expedite the delivery of EUV systems by shipping the systems before the normal Factory Acceptance Tests (FAT). The implication of this is a delay in our revenue recognition as final acceptance will now take place after successful installation at the customer site. We currently expect revenue in the first quarter to be between €2.4 billion and €2.5 billion, with a gross margin between 45% and 46%. We expect the revenue that we were not able to recognize for Q1 as a result of the issues listed above, to shift to Q2 and Q3 of this year."

ASML President and CEO Peter Wennink

Due to the uncertainties regarding COVID-19, ASML has decided not to execute any share buybacks in Q2 2020. This decision follows the pause in the execution of the program in the first quarter, after having already performed share buybacks under the new program for an amount of approximately €507 million.

The company will continue to monitor the situation and will provide more information in its Q1 2020 earnings report on April 15, 2020.

Tags: ASMLfinance
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