Net Income Plummeted to 1.8015 Trillion Won
Gross Profit Margin at 51%
Benningk CEO "Performance Will Rebound in the Second Half"
Dutch semiconductor equipment company ASML announced its first-quarter results for this year, which declined compared to the previous quarter.
On the 17th, ASML announced that its net sales for the first quarter of 2024 reached 5.29 billion euros (approximately 7.786 trillion KRW), with a net profit of 1.224 billion euros (1.8015 trillion KRW). The gross profit margin was 51.0%. Net sales fell sharply by 26.9%, and net profit plunged by 40.2% compared to the previous quarter.
First-quarter backlog sales reached 3.6 billion euros (approximately 5.3006 trillion KRW), including 656 million euros (about 965.8 billion KRW) from extreme ultraviolet (EUV) equipment. Backlog sales include total equipment sales orders and adjustments due to inflation.
ASML expects its second-quarter results, to be announced in July, to be in line with market forecasts. The company projects second-quarter net sales between 5.7 billion and 6.2 billion euros, with a gross profit margin of 50-51%. Research and development (R&D) expenses and selling, general and administrative (SG&A) expenses are expected to be approximately 1.07 billion euros and 295 million euros, respectively, ASML stated.
Peter Wennink, ASML CEO, analyzed, "The main factors behind this performance are the proportion of equipment recorded in sales and one-time effects," adding, "As the semiconductor industry continues to recover from the economic downturn phase, we expect second-half results to be better than the first half." He further noted, "We view 2024 as a transitional year, continuing investments in expanding production capacity and technology in preparation for an economic shift."
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