Q3 2024 ASML Holding NV Earnings Call Transcript
Key Points
- ASML Holding NV (ASML) reported total net sales of EUR7.5 billion for Q3 2024, exceeding the high end of their guidance.
- The company achieved a gross margin of 50.8%, which was within their guidance range.
- Installed Base Management sales surpassed expectations, reaching EUR1.54 billion due to higher service and upgrade revenue.
- ASML Holding NV (ASML) continues to make progress with their EUV technology, with significant improvements in throughput and performance.
- The company maintains a strong backlog of over EUR36 billion, indicating sustained demand for their products.
- ASML Holding NV (ASML) experienced a relatively low order intake in Q3 2024, reflecting a slow recovery in traditional end markets.
- The company faces pressure on free cash flow due to lower order intake and higher inventory levels.
- Gross margin for Q4 2024 is expected to be slightly lower than Q3, impacted by the revenue recognition of two high-NA systems.
- ASML Holding NV (ASML) anticipates a reduced growth curve in 2025, with revenue expected to be in the lower half of their previous guidance range.
- The company is cautious about China sales due to potential export controls and expects a normalization to 20% of total revenue in 2025.
Good day, and thank you for standing by. Welcome to the ASML 2024 third-quarter financial results conference call on October 15, 2024. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference call over to Mr. Skip Miller. Please go ahead.
Thank you, operator. Welcome, everyone. This is Skip Miller, Vice President, Investor Relations at ASML. Joining me today on the call are ASML's CEO, Christophe Fouquet; and our CFO, Roger Dassen.
The subject of today's call is ASML's 2024 third-quarter results. The length of this call will be 60 minutes, and the questions will be taken in the order that they are received. [This call] is also being broadcast live over the internet at asml.com. A transcript of management's opening remarks and a replay of the call will be available on our website shortly following the conclusion of this call.
Before we begin, I'd like to caution listeners that comments made by
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