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By Scott Kanowsky
Investing.com -- ASM International NV (AS:ASMI) shares rose on Tuesday after the Dutch chipmaker raised its fourth-quarter sales guidance, citing a reduction in the expected impact of U.S. export restrictions on revenue from China.
The company said in a statement that it now anticipated that the regulations will have a negative impact of 15% - 25% on sales to China, down from its initial projection of 40% or more, following "extensive clarifications and subsequent internal reviews."
The new turnover projection in the country, along with a slightly higher conversion of backlog into shipments in other regions, led ASMI to boost its current quarter sales outlook to €630 million - €660M (€1 = $1.038), up from its prior estimate of €600M - €630M.
ASMI will report its results for the final three-month period of its 2022 fiscal year in February.
Washington's export restrictions, which were first introduced on October 7, prohibit American firms from shipping parts needed for semiconductor manufacturing in China. U.S. citizens and companies are also barred from giving their support, either directly or indirectly, to Chinese businesses that operate in advanced chipmaking.
Equipment sales to China are key for ASMI, accounting for more than a sixth of its total revenue in the first nine months of the year.
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