Press release - Veldhoven, the Netherlands, January 24, 2024
Today ASML Holding NV (ASML) has published its 2023 fourth quarter and full-year results.
Q4 net sales of €7.2 billion, gross margin of 51.4%, net income of €2.0 billion
Quarterly net bookings in Q4 of €9.2 billion2 of which €5.6 billion is EUV
2023 net sales of €27.6 billion, gross margin of 51.3%, net income of €7.8 billion
ASML expects 2024 net sales to be similar to 2023
ASML expects Q1 2024 net sales between €5.0 billion and €5.5 billion and a gross margin between 48% and 49%
(Figures in millions of euros unless otherwise indicated) | Q3 2023 | Q4 2023 | FY 2022 | FY 2023 |
---|---|---|---|---|
Net sales | 6,673 | 7,237 | 21,173 | 27,559 |
...of which Installed Base Management sales 1 | 1,365 | 1,555 | 5,743 | 5,620 |
New lithography systems sold (units) | 105 | 113 | 317 | 421 |
Used lithography systems sold (units) | 7 | 11 | 28 | 28 |
Net bookings | 2,6022 | 9,1862 | 30,6743 | 20,0403 |
Gross profit | 3,462 | 3,717 | 10,700 | 14,136 |
Gross margin (%) | 51.9 | 51.4 | 50.5 | 51.3 |
Net income | 1,893 | 2,048 | 5,624 | 7,839 |
EPS (basic; in euros) | 4.81 | 5.21 | 14.14 | 19.91 |
End-quarter cash and cash equivalents and short-term investments | 4,981 | 7,010 | 7,376 | 7,010 |
(1) Installed Base Management sales equals our net service and field option sales.
(2) Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.
(3) The sum of quarterly net bookings over the full year.
Numbers have been rounded for readers' convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on our website
CEO statement and outlook
"Our fourth-quarter net sales came in at €7.2 billion with a gross margin of 51.4%, both slightly above our guidance.
"ASML achieved another strong year in 2023 with 30% growth, ending with total net sales for the year of €27.6 billion, a gross margin of 51.3% and a backlog of €39 billion. We shipped the first modules of the first High NA EUV system, EXE:5000, to a customer before the end of the year.
"The semiconductor industry continues to work through the bottom of the cycle. Although our customers are still not certain about the shape of the semiconductor market recovery this year, there are some positive signs. Industry end-market inventory levels continue to improve and litho tool utilization levels are beginning to show improvement. Our strong order intake in the fourth quarter clearly supports future demand.
"We expect first-quarter net sales between €5.0 billion and €5.5 billion with a gross margin between 48% and 49%. ASML expects R&D costs of around €1,070 million and SG&A costs of around €300 million. In spite of the positive signs as described above, we maintain our conservative view for the total year and expect 2024 revenue to be similar to 2023. We also expect 2024 to be an important year to prepare for significant growth that we expect for 2025," said ASML President and Chief Executive Officer Peter Wennink.
Update dividend and share buyback program
ASML intends to declare a total dividend for the year 2023 of €6.10 per ordinary share, which is a 5.2% increase compared to 2022. An interim dividend of €1.45 per ordinary share will be made payable on February 14, 2024. Recognizing this interim dividend and the two interim dividends of €1.45 per ordinary share paid in 2023, this leads to a final dividend proposal to the General Meeting of €1.75 per ordinary share.
In the fourth quarter we did not purchase any shares under the current 2022-2025 share buyback program.
Details of the share buyback program as well as transactions pursuant thereto, and details of the dividend are published on ASML's website (www.asml.com/investors).
Quarterly video interview, investor call and annual press conference
With this press release, ASML has published a video interview in which CFO Roger Dassen discusses the 2023 fourth-quarter and full-year results and outlook for 2024. This video and the transcript can be viewed on www.asml.com.
CEO Peter Wennink and CFO Roger Dassen will host a press conference in Veldhoven on January 24, 2024, at 11:00 Central European Time, which will also be accessible via a live webcast on our website.
An investor call for both investors and the media will be hosted by CEO Peter Wennink and CFO Roger Dassen on January 24, 2024 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.
About ASML
US GAAP and IFRS Financial Reporting
ASML's primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in the United States of America. Quarterly US GAAP Consolidated Statements of Operations, Consolidated Statements of Cash Flows and Consolidated Balance Sheets are available on www.asml.com.
The Consolidated Balance Sheets of ASML Holding N.V. as of December 31, 2023, the related Consolidated Statements of Operations and Consolidated Statements of Cash Flows for the quarter and twelve months ended December 31, 2023 as presented in this press release are unaudited.
In addition to reporting financial figures in accordance with US GAAP, ASML also reports financial figures in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS') for statutory purposes. The most significant recurring differences between US GAAP and IFRS that affect ASML concerns the capitalization of certain product development costs and accounting for income taxes.
2023 Annual Reports
Regulated information
Forward Looking Statements
Contact information
- Monique Mols
- Head of Media Relations
- +31652844418
- Sarah de Crescenzo
- Media relations manager, US
- +19258998985
- Karen Lo
- Communications Taiwan
- +886 939788635
- Skip Miller
- Head Investor Relations Worldwide
- +1 480 235 0934
- Marcel Kemp
- Head Investor Relations Europe
- +31 40 268 6494
- Peter Cheang
- Head Investor Relations Asia
- +886 3 6596771