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ASML posts robust Q1 2023 financial results with strong EUV lithography sales

Dutch semiconductor equipment maker ASML has reported a 90.8% year-on-year increase in sales for the first quarter of 2023, with revenues reaching €6.746bn. The company’s gross margin for the period was 50.6%, while its operating margin stood at 32.7%.

Demand for extreme ultraviolet (EUV) and deep ultraviolet (DUV) lithography tools continues to exceed ASML’s production capacity, even as some key customers adjust their acceptance timings. The firm’s backlog now stands at over €38.9bn.

EUV lithography equipment accounted for 54% of ASML’s Q1 system turnover, with 17 units shipped. Taiwan was the largest destination for the company’s products, receiving 49% of shipments, followed by South Korea at 26%, the US at 15%, China at 8%, and Japan at 1%.

ASML’s CEO Peter Wennink stated that the company plans to maximize production capacity to meet the strong demand. For Q2 2023, the firm expects sales to range between €6.5bn and €7bn, with a gross margin of 50-51%.

CFO Roger Dassen confirmed that ASML’s 2023 outlook remains unchanged, with the company anticipating year-on-year growth of 40% in the EUV business, 30% in the non-EUV business, and 5% in the service-related business.

Dassen also addressed the Dutch government’s recent announcement of restrictions on the export of advanced semiconductor manufacturing equipment, noting that ASML is awaiting further guidance from authorities. The regulations are expected to impact very advanced semiconductor manufacturing, with devices such as the NXT:2000 and later versions potentially requiring licenses.

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