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ASML (NASDAQ: ASML) Reports 2021 Revenue of €18.6 Billion and Net Profit of €5.9 Billion. Sales Growth of Around 20% Expected for 2022
VELDHOVEN, The Netherlands, January 19, 2022 – ASML Holding NV (ASML) today released its results for the fourth quarter and full year 2021.
- Net sales of 5.0 billion euros in the fourth quarter, gross margin of 54.2%, net income of 1.8 billion euros
- Net bookings of 7.1 billion euros in the 4th quarter2
- 2021 turnover of 18.6 billion euros, gross margin of 52.7%, net profit of 5.9 billion euros
- ASML forecasts first-quarter 2022 net sales of between €3.3 billion and €3.5 billion and a gross margin of around 49%
- Approximately 2 billion euros of sales that are expected to be delivered in the first quarter are not included in this figure and will be accounted for in subsequent quarters once formal customer acceptance tests have been completed in the field.
- ASML expects 2022 net sales to increase by approximately 20% compared to 2021. The expected impact of a partial building fire at our Berlin site is included in this figure. Based on our current knowledge, we believe we can manage the consequences of this fire without significant impact on the production of our system for 2022.
- ASML intends to declare a total dividend over 2021 of €5.50 per ordinary share (100% increase over the previous year)
|(Figures in millions of euros unless otherwise indicated)||Q3 2021||Q4 2021||FISCAL YEAR 2020||FISCAL YEAR 2021|
|…of which Installed Base Management revenue 1||1,130||1,522||3,662||4,958|
|New lithography systems sold (units)||72||72||236||286|
|Used lithography systems sold (units)||seven||ten||22||23|
|Net reservations 2||6,179||7,050||11,292||26,240|
|Gross margin (%)||51.7||54.2||48.6||52.7|
|EPS (basic; in euros)||4.27||4.39||8.49||2:36 p.m.|
|Quarter-end cash and cash equivalents and short-term investments||4,456||7,590||7,351||7,590|
(1) Installed Base Management revenue corresponds to our net sales of services and options in the field.
(2) Net reservations from our systems include all customer orders from the system for which written authorizations have been accepted. Beginning in Q4 2021 and for fiscal year 2021, this includes EUV 0.55 NA (High-NA) systems. We have not restated comparable periods for previously received EUV 0.55 NA (High-NA) customer orders.
Figures have been rounded for the convenience of readers. A complete summary of the consolidated income statements in accordance with US GAAP is available at www.asml.com
CEO statement and outlook“Our fourth quarter net sales were €5.0 billion, in line with our guidance. Gross margin of 54.2% was higher than expected due to strong revenue Our net bookings in the fourth quarter were €7.1 billion, of which €2.6 billion came from EUV 0.33 NA and 0.55 NA systems.
“Total net revenue for the year was €18.6 billion, including €6.3 billion from 42 EUV systems. For ASML, 2021 has been a year of strong growth in a dynamic environment.
“We are experiencing more demand for our systems than our production capacity can handle. The very high demand in end markets is putting pressure on our customers to produce more wafers. In order to support our customers, we provide high-productivity upgrade solutions for their installed base, and we are reducing cycle time in our factory to ship more systems.One way to reduce cycle time is to use a fast shipping process that skips some of the testing at our factory Final testing and formal acceptance then takes place at the customer This leads to a deferral of revenue recognition for these shipments until formal acceptance by the customer, but offers our customers faster access to wafer production capacity.
“ASML expects first-quarter net sales of between €3.3 billion and €3.5 billion with a gross margin of approximately 49%. ASML expects R&D costs of approximately €760 million and general and administrative expenses of approximately €210 million in the first quarter is due to a significant number of rapid shipments, which translates into approximately €2 billion in revenue transfer expected from the first quarter to subsequent quarters. EUV in 2023 – we expect revenue growth of around 20%,” said ASML Chairman and CEO Peter Wennink.
Products and highlights
- In our EUV business, we received an order for the TWINSCAN EXE:5000 in the fourth quarter. We have already received four orders in 2018.
In early 2022, we received the first order for the next generation, TWINSCAN EXE:5200, marking the next step on the path to introducing 0.55 NA EUV.
- In our DUV business, the XT:860N shipped to its first customer in late 2021. This KrF system offers improved performance and a lower cost per exposure.
In 2022, we will add KrF to the NXT platform with the introduction of the NXT:870, which will allow us to take a significant step forward in terms of productivity and cost of ownership, building on the existing experience on this ArFi and ArF dry platform.
- In our Applications business, delivery of the first eScan1100 multi-beam inspection system designed for large-scale manufacturing is expected in the coming weeks. With 25 beams (5×5), we expect the eScan1100 to increase throughput up to 15 times over single electron beam inspection tools for targeted in-line defect inspection applications.
Dividend proposal and update of the share buyback program ASML intends to declare a total dividend in respect of 2021 of €5.50 per ordinary share. Taking into account the interim dividend of €1.80 per ordinary share paid in November 2021, this leads to a final dividend proposal to the General Meeting of €3.70 per ordinary share. The 2021 total dividend is an increase of 100% compared to the 2020 total dividend of €2.75 per ordinary share.
As part of its financial policy to return excess cash to its shareholders through increasing annualized dividends and regularly scheduled share buybacks, ASML is running a share buyback program which started on July 22, 2021 and is due to close by December 31, 2023. Under this program, ASML intends to repurchase shares up to an amount of €9 billion, of which we expect a total of up to €9 billion. to 0.45 million shares will be used to cover employee share ownership plans. ASML intends to cancel the remainder of the repurchased shares. In the fourth quarter, we purchased approximately €2.5 billion of shares under the ongoing program.
The share buyback program will be executed within the limits of the existing authorization granted by the Annual General Meeting of Shareholders (AGM) of April 29, 2021 and the authorization that will be granted by future General Meetings. The share buyback program may be suspended, modified or terminated at any time. All transactions made under this program will be published on the ASML website (www.asml.com/investors) on a weekly basis.
|Media Relations Contact Information||Investor Relations Contacts|
|Monique Mols +31 6 5284 4418||Skip Miller +1 480 235 0934|
|Brittney Wolff Zatezalo +1 408 483 3207||Marcel Kemp +31 40 268 6494|
|Karen Lo +886 36 23 6639||Pierre Cheang +886 3 659 6771|
Quarterly video interview, press conference and investor callAlong with this press release, ASML has released a video interview in which CEO Peter Wennink discusses fourth quarter and full year 2021 results and outlook for 2022. This video and transcript can be viewed at www.asml.com.
CEO Peter Wennink and CFO Roger Dassen will host a virtual press conference in Veldhoven on January 19, 2022 at 11:00 a.m. CET, which will be accessible via live webcast at www.asml.com.
An investor call for investors and the media will be hosted by CEO Peter Wennink and CFO Roger Dassen on January 19, 2022 at 3:00 p.m. Central European Time / 9:00 a.m. Eastern US Time. Details can be found on our website.