In This Article:
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Revenue: EUR779 million, a new quarterly high, up 6% year-on-year at constant currencies.
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Spares and Service Sales: Grew by 45% year-on-year at constant currencies.
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Equipment Revenue: Increased 22% year-on-year at constant currencies, led by ALD product line.
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Gross Margin: 49.4%, up from 48.9% in Q3 2023.
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SG&A Expenses: Decreased 1% year-on-year.
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Net R&D Expenses: Increased by 36% year-on-year and 60% compared to the second quarter.
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Operating Profit Margin: Increased to 28.2%, up from 25.3% in the same period last year.
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Currency Translation Loss: EUR48 million in Q3.
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Order Intake: EUR815 million, up 30% year-on-year at constant currencies.
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Cash Position: EUR747 million, up from EUR637 million in the previous quarter.
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Free Cash Flow: EUR242 million in the quarter.
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CapEx: EUR13 million during the third quarter.
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Share Buybacks: EUR93 million spent during the third quarter.
Release Date: October 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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ASM International NV (ASMIY) reported a new quarterly revenue high of EUR 779 million, which was at the upper end of their guidance.
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Spares and service sales grew by 45% year-on-year, driven by stronger-than-expected demand from China.
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The equipment revenue increased by 22% year-on-year, led by the ALD product line, which accounted for the majority of equipment sales.
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Gross margin improved to 49.4%, up from 48.9% in the previous year, due to favorable mix effects.
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ASM International NV (ASMIY) achieved a strong free cash flow of EUR 242 million, contributing to an increase in cash reserves to EUR 747 million.
Negative Points
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Net R&D expenses increased by 36% year-on-year, driven by headcount growth and higher amortization charges.
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The company experienced a currency translation loss of EUR 48 million in Q3, compared to gains in previous quarters.
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Results from investments decreased significantly, reflecting a downturn in the back-end equipment market.
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Bookings from China dropped somewhat year-on-year and compared to Q2, despite being slightly higher than anticipated at the start of the year.
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The power analog wafer segment sales were down significantly year-to-date, reflecting soft demand in industrial and automotive end markets.
Q & A Highlights
Q: Can you provide more details on the gate-all-around transition and its impact on next year's visibility? A: Hichem M'Saad, CEO: While we limit our comments to the full year 2025, it's too early to specify quarter-over-quarter trajectories. There is a relationship between backlog and sales, but it's not linear. We sometimes ship tools within the same quarter as they are ordered.