ASML reported record quarterly revenue for the second quarter of 2011. Sales were €1.529 billion, compared to €1,452 billion in the previous quarter. ASML shipped 63 systems shipped valued at €1.333 billion. Service and field option sales were at €196 million in the quarter. Order backlog were reported at €2.756 billion, made up of 105 systems with an ASP of €26.2 million.
“Our second quarter sales came in at record level, keeping us on track for another record year for ASML in 2011,” said Eric Meurice, President and Chief Executive Officer of ASML. “Sales were driven mainly by customer capacity build-ups for new technology nodes, with Logic Processors and Foundry representing 41% of systems sales, Flash memory 36% and DRAM memory 23%. We have now shipped more than 80 of our most advanced TWINSCAN NXT:1950i immersion systems. We are further extending the capability of this machine by introducing an improved imaging, overlay and productivity specification, so that customers will be able to expose up to 230 wafers per hour at the 22-nanometer (nm) node.”
ASML’s CEO said that the company had experienced a ‘pause’ in tool purchases earmarked for delivery in 2012. Meurice cited customers were hesitant at the moment to commit to purchases that would further expand capacity when the macro-economic conditions were unsure. Though node migrations would continue and therefore technology buys were expected, it was volume capacity buys that were the issue at the current time.
ASML expects net sales to be lower than analysts had expected for the third quarter. The lithography supplier guided sales of €1.4 billion, including two second generation EUV systems which represent total sales of around €80 million with zero profit margin.
Margins on EUV tools are not expected to climb to those levels currently seen on existing ArF tools for several years.
“Q2 2011 orders came in a couple of systems lower than expected at €840 million for standard systems excluding EUV,” Meurice said. “Our customers are currently taking some time to assess the semiconductor end-demand trends for 2012 before determining their overall capacity plans levels and timings.
All other sales (excluding EUV) are expected to have a gross margin in Q3 2011 of about 44 percent (about 42 percent for sales including EUV).
ASML reiterated that its sales expectation for 2011 would hit a record of over €5 billion, not including EUV.
“We therefore anticipate third quarter orders likely not to exceed €500 million. Our 2012 business will in any event be supported by the continuation of the ramp of 2x nm nodes in Logic, 2x nm nodes in NAND memory and 3x nm in DRAM memory, the aggressive and litho-intensive development efforts of sub-20 nm technologies, as well as the introduction of the first EUV volume production systems NXE:3300,” added Meurice.