Published: 23:58 CET 28-10-2015 /GlobeNewswire /Source: ASM International NV / : ASM /ISIN: NL0000334118
ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS
Almere, The Netherlands
October 28, 2015
ASM International N.V. (Euronext Amsterdam: ASM) today reports its third quarter 2015 operating results (unaudited) in accordance with US GAAP.
FINANCIAL HIGHLIGHTS
Quarter
EUR million
Q3 2014
Q2 2015
Q3 2015
New orders
156.2
166.6
148.1
Net sales
122.2
201.0
162.0
Gross profit margin %
43.2
%
45.1
%
43.7
%
Operating result
17.2
42.1
23.2
Result from investments (excl. Amortization intangible assets resulting from the sale of the 12% stake of ASMPT)
30.7
20.7
8.1
Amortization intangible assets resulting from the sale of the 12% stake of ASMPT
(5.7
)
(6.8
)
(6.7
)
Net earnings
54.6
39.9
35.7
Normalized net earnings (excl. Amortization intangible assets resulting from the sale of the 12% stake of ASMPT)
60.2
46.7
42.4
· Net sales for the third quarter 2015 were €162 million, a decrease of 19% compared to the previous quarter. Year-on-year net sales increased with 33%.
· New orders at €148 million were 11% below the Q2 2015 level.
· Normalized net earnings for the third quarter 2015 decreased by €4.3 million compared to the second quarter 2015. While operating result, due to the lower activity level, dropped by €19 million, the financing result included more favorable effects from currencies when compared to the second quarter. Moreover Q3 included €9 million one-off benefits due to tax refunds in Korea from previous years related to higher tax exemptions than originally assumed. The result from investments decreased with €12.6 million.
COMMENT
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:
"Q3 revenues at €162 million were in line with our guidance, and, although 19% lower than Q2, still at the same level as Q1, our second best quarter ever. Order intake, at €148 million, came in at the high end of our guidance. Our gross profit margin of 44% remained at a solid level. Our company performance in combination with a healthy cash situation has led to today's announcement to start another €100 million share buy-back program.
OUTLOOK
For Q4 we expect sales between €125 and €145 million, on a currency comparable level. Orders are expected to come in at a level of €120 to €140 million, also on a currency comparable level. Our current visibility is that equipment bookings for next technology node investments in logic/foundry will start in the course of the first half of 2016