ASM reports first quarter 2024 - Seite 2

• New orders of €698 million in Q1 2024 increased by 10% at constant currencies (increased by 8% as reported), supported by healthy GAA 2nm orders, and a strong increase in memory orders, mainly for HBM-related DRAM applications.
• Revenue of €639 million decreased by 8% at constant currencies (decreased by 10% as reported) from Q1 of last year but came in at the high end of guidance (€600-640 million).
• Adjusted gross profit margin increased to 52.9%, up from 51.1% in Q1 of last year, on the back of a generally positive mix, and in particular a continued strong contribution from China sales, which increased to a quarterly record.
• Adjusted operating result margin decreased to 30.0%, compared to 31.2% in Q1 last year. This was mainly explained by the decrease in revenue and partly offset by the increase in gross profit margin, while the increase in operating expenses was relatively moderate in Q1. 
• Revenue for Q2 2024 is projected to increase to €660-700 million. Revenue in H2 is expected to increase by 10% or more compared to H1 2024. Full year 2024 is expected to be another year of growth for ASM.

Comment

“ASM started the year on a solid footing”, said Benjamin Loh, CEO of ASM. “Revenue in the first quarter came in at €639 million, which was a decrease of 8% compared to the same quarter of last year. Revenue was at the top end of our guidance of €600-640 million.

Bookings increased to €698 million, up 10% at constant currencies from the first quarter 2023. Bookings again included a healthy level of tool orders related to the gate-all-around (GAA) 2nm technology node. Current traction confirms our expectation that the GAA migration is going to be a strong driver for ASM. Memory bookings showed a solid increase compared to a lower level of last year, for the larger part driven by HBM-related demand for high-performance DRAM applications. In addition, bookings from the Chinese market remained at a strong level in the first quarter. Order intake in power/analog/wafer (excluding silicon carbide Epi) continued to be relatively low, reflecting the soft conditions in this market segment. 

Gross margin increased to 52.9% compared to 51.1% in the first quarter of last year, on the back of a generally positive mix, and in particular continued strong sales from China with above-average profitability. The operating profit margin decreased slightly from 31.2% to 30.0%. Operating expenses increased by a moderate 3% compared to the first quarter of last year.”