ASM announces second quarter 2024 results - Seite 2

• New orders of €755 million in Q2 2024 increased by 56% at constant currencies (increased by 55% as reported) mainly driven by strong demand for gate-all-around (GAA) and high-bandwith memory (HBM).
• Revenue of €706 million increased by 6% at constant currencies (also 6% as reported) from Q2 of last year and slightly above the guidance (€660-700 million).
• Adjusted gross profit margin increased to 49.8%, up from 49.0% in Q2 of last year, due to mix and strong China sales.
• Adjusted operating result margin decreased to 25.8%, compared to 26.9% in Q2 last year. The margin % was unfavorably impacted by 1.2% as a result of a one-off tax charge related to accelerated vesting of previously granted performance shares.
• Revenue for Q3 2024 is projected to increase to €740-780 million. Revenue for the second half is expected to increase around 15% compared to the first half.
• In Q2 2024 we paid €135 million in dividends to ASM shareholders and bought back €59 million of our own shares as part of €150 million share buyback program that started on May 15, 2024.

Comment
“ASM continued its solid performance in the second quarter”, said Hichem M’Saad, CEO of ASM. “Revenue in the second quarter amounted to €706 million, which was an increase of 6% at constant currencies compared to the same quarter of last year, and slightly above the top end of our guidance of €660-700 million.
Bookings increased to €755 million, up 56% at constant currencies from the second quarter 2023. Logic/foundry bookings again included a solid level of tool orders related to the gate-all-around (GAA) 2nm technology node. The GAA node is still projected to move into high-volume manufacturing in the course of 2025, and we expect this to be a strong revenue driver for ASM. 

Also, in memory, we saw strong growth in bookings benefiting from investments in DRAM HBM applications. 
In the silicon-based power/analog/wafer segment, bookings were at a decent level, despite the generally slow demand in this market. Silicon carbide (SiC) Epi bookings were also at a relatively strong level in Q2.

Q2 adjusted gross margin increased from 49.0% last year to 49.8%. It decreased compared to the exceptional level of 52.9% in Q1 2024, which is explained by mix and lower sales from China. The adjusted operating profit margin decreased slightly to 25.8% in Q2 2024 compared to 26.9% in the same quarter last year, and would have been 27.0% excluding approximately 1.2% from a one-off tax charge included in SG&A expenses in Q2 2024.”