Solid Q2 results; Q3 guidance in line with expectations
This morning, ASML reported Q2 2018 revenue of EUR2.740bn, with EBIT of EUR689m (EBIT margin of 25.2%), yielding EPS of EUR1.37, i.e. well above Street's expectations (at EUR1.20). The company sold one more EUV tool than expected. However, Q3 2018 sales guidance is broadly in line with consensus at EUR2.750bn at mid-point, and ASML reiterated its guidance for 20 EUV shipments in 2018. The higher gross margin expected in Q3 implies less EUV sales contribution in Q3 compared to Q2 2018. We maintain our Neutral recommendation.ASM International is an equipment supplier mainly to the semiconductor manufacturing industry. Co. designs, manufactures and sells equipment and services to its customers for the production of semiconductor devices, or integrated circuits. Co.'s front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. Co.'s back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested.
ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.
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