Almere, The Netherlands
April 23, 2015
ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) today reports its first quarter 2015 operating results (unaudited) in accordance with US GAAP.
FINANCIAL HIGHLIGHTS
Quarter
EUR million Q1 2014 Q4 2014 Q1 2015
New orders 172.1 154.4 158.3
Net sales 150.7 124.3 162.0
Gross profit margin % 43.7 % 43.0 % 43.3 %
Operating result 32.5 13.4 28.5
Result from investments (excl. Amortization intangible assets resulting from the sale of the 12% stake of ASMPT) 5.7 8.9 13.4
Amortization intangible assets resulting from the sale of the 12% stake of ASMPT (5.4 ) (6.0 ) (6.6 )
Net earnings 27.1 21.0 60.0
Normalized net earnings (excl. Amortization intangible assets resulting from the sale of the 12% stake of ASMPT) 32.5 27.0 66.6
Net sales for the first quarter 2015 were €162 million, an increase with 30% compared to the previous quarter. Year-on-year net sales increased with 7%.
New orders at €158 million were 3% above the Q4 2014 level.
Normalized net earnings for the first quarter 2015 increased by €40 million compared to the fourth quarter 2014, mainly due to a more than doubling of the operating result and a €20 million higher currency effect on cash held in foreign currencies, especially US dollar. The result from investments increased with €4 million.
COMMENT
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:
"2015 started strongly for ASMI. We realized revenues of €162 million, 30% above the Q4 level, with again a gross margin of above 43%. (PE)ALD demand remained strong across a broad customer base. Our order intake remained healthy and was with €158 million at the high end of our expected range."
OUTLOOK
On a currency comparable level we expect Q2 sales to be between €180 and €200 million, while the Q2 order intake is expected to be in the range of €160-180 million. For the second half of 2015 the current visibility remains limited.
SHARE BUYBACK PROGRAM
On October 29, 2014, ASMI announced a share buyback program, to purchase up to an amount of €100 million of its own shares within the 2014-2015 time frame. On March 31, 2015 of the total program 60% has been repurchased of which 31% was repurchased in Q1 2015. Further details as well as a weekly update of the share repurchases under this program can be found on our website (www.asm.com/investors).