ASML’s Q1 2024: €5.3B in Net Sales and €1.2B in Net Income

Strong financial performance with total net sales of €5.3 billion and a gross margin of 51.0%
Positive outlook for the second quarter of 2024 with expected net sales between €5.7 billion and €6.2 billion
Continued investments in technology and capacity to prepare for the anticipated upturn in the market

ASML Holding NV (ASML), the leading provider of advanced lithography systems for the semiconductor industry, has released its first-quarter results for 2024. The company reported total net sales of €5.3 billion, with a gross margin of 51.0% and a net income of €1.2 billion. In addition, ASML achieved net bookings of €3.6 billion in Q1, including €656 million from the European Union.

Looking ahead to the second quarter of 2024, ASML expects total net sales to range between €5.7 billion and €6.2 billion, with a gross margin between 50% and 51%. The company also anticipates R&D costs of approximately €1,070 million and SG&A costs of around €295 million. ASML’s outlook for the full year remains unchanged, with the second half of 2024 expected to be stronger as the industry continues to recover from the recent downturn.

ASML President and CEO Peter Wennink commented on the results, stating, “Our first-quarter performance was in line with our guidance, with total net sales of €5.3 billion and a gross margin of 51.0%. The higher gross margin was primarily driven by product mix and one-off factors. Looking ahead, we expect continued investments in capacity ramp and technology as we prepare for the turn in the cycle.”

In addition to the financial results, ASML announced updates to its share buyback program and dividend proposal. The company plans to declare a total dividend for 2023 of €6.10 per ordinary share, representing a 5.2% increase compared to the previous year. This includes three interim dividends of €1.45 per ordinary share paid in 2023 and 2024, leading to a final dividend proposal of €1.75 per ordinary share.

During the first quarter, ASML repurchased approximately €400 million worth of shares under its current share buyback program, which runs from 2022 to 2025. More information about the share buyback program and dividend proposal can be found on ASML’s website.

To provide further insights into the company’s performance, ASML has released a video interview with CFO Roger Dassen discussing the first-quarter results and the outlook for 2024. The interview, along with a transcript, is available on ASML’s website. Additionally, ASML will host an investor call on April 17, 2024, featuring CEO Peter Wennink, CFO Roger Dassen, and incoming CEO Christophe Fouquet. Details for the call can be found on the company’s website.

ASML’s strong financial results and positive outlook reflect its position as a key player in the semiconductor industry. With continued investments in technology and capacity, ASML is well-prepared for the anticipated upturn in the market.

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Background Information

About ASML: ASML is an innovation leader in the global semiconductor industry. ASML provide chipmakers with hardware, software and services to mass produce patterns on silicon through lithography. Their lithography systems use ultraviolet light to create billions of tiny structures on silicon that together make up a microchip. Founded in 1984 in the Netherlands with just a handful of employees, ASML hass now grown to over 40,000 employees, 143 nationalities and more than 60 locations around the world.