Q3 2024 ASM International NV Earnings Call Transcript
Key Points
- ASM International NV (ASMIY) reported a new quarterly revenue high of EUR 779 million, which was at the upper end of their guidance.
- Spares and service sales grew by 45% year-on-year, driven by stronger-than-expected demand from China.
- The equipment revenue increased by 22% year-on-year, led by the ALD product line, which accounted for the majority of equipment sales.
- Gross margin improved to 49.4%, up from 48.9% in the previous year, due to favorable mix effects.
- ASM International NV (ASMIY) achieved a strong free cash flow of EUR 242 million, contributing to an increase in cash reserves to EUR 747 million.
- Net R&D expenses increased by 36% year-on-year, driven by headcount growth and higher amortization charges.
- The company experienced a currency translation loss of EUR 48 million in Q3, compared to gains in previous quarters.
- Results from investments decreased significantly, reflecting a downturn in the back-end equipment market.
- Bookings from China dropped somewhat year-on-year and compared to Q2, despite being slightly higher than anticipated at the start of the year.
- The power analog wafer segment sales were down significantly year-to-date, reflecting soft demand in industrial and automotive end markets.
Good afternoon. This is the chorus call conference operator. Welcome and thank you for joining the A SM International third quarter, 2024 earnings call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr Victor Vrio. How to invest relations. Please go ahead sir.
Thank you, operator. Good afternoon, and welcome, everyone, to our Q3 earnings call. I'm joined here today by our CEO, Hichem M'Saad; and our CFO, Paul Verhagen. ASM issued its third quarter 2024 results yesterday at 6:00 p.m. Central European Time. For those of you who have not yet seen the press release, it is available on our website, along with our latest investor presentation.
As always, we remind you that this conference call may contain information relating to ASM's future business and results in addition to historical information. For more information on the risk factors related to such forward-looking statements, please refer to our company's press releases and financial reports, which
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