ASM International Strong results, although FX headwinds impact earnings and outlook
ASMi reported strong 1Q25 results, with negative effects from FX and impairments. ASMi reported 1Q25 revenues of € 839m, in line with CSS expectations. Orders increased with to € 834m, 2% above CSS expectations. Gross profit margin was significantly above our and CSS expectations, due to a strong customer and product mix. The outperformance of the GPm drove a higher than expected adj. EBIT of € 266m, 12% above CSS. Adjusted net income was below CSS due to FX. ASMi changed the outlook to a 10-20% revenue increase y/y at constant FX. Overall mixed results, we expect a slight negative effect due to the negative impact of FX on the FY25 outlook. We maintain our TP of € 486 and Buy 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.
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