Thread by @dnystedt

ASML 4th quarter 2022 beat analysts’ estimates
Net sales €6.4 billion vs estimate €6.38 billion
Gross margin 51.5% vs 54.2% in Q4 2021
Operating margin 33.0% vs 40.7%
Net profit €1.82 bln vs estimate €1.7 bln
EPS €4.60
Accelerated "fast shipments on DUV" in Q4
1/15 $ASML

2/15 Taiwan continued to be the main buyer of ASML systems in the 4th quarter.
ASML net system sales €4.748 billion in the 4th quarter versus €4.255 billion in the 3rd quarter $TSM $ASML

3/15
ASML’s 2022 sales rose 14% to €21.2 billion (US$23 billion), on continued strong demand.
Gross margin 50.5% versus 52.7% in 2021
Net profit €5.6 bln vs €5.88 bln
EPS of €14.14 vs €14.36
Lithography units sold: 345 vs 309
Net bookings €30.67 billion vs €26.24 billion

4/15 ASML EUV lithography systems
EUV system 2022 sales grew 12% to €7.0 billion
-Recognized 40 systems and Shipped 54
-All five EUV customers have placed High NA orders
(Likely TSMC, Samsung, Intel, SK Hynix, Micron)
$TSM $INTC $MU #Samsung #skhynix

5/15 DUV lithography:
-DUV system sales grew 13% to €7.7 billion
-Shipped new ArF immersion (NXT:2100i) and dry (NXT:870) models

-Metrology & Inspection systems sales grew 28% to €660 million
$ASML #semiconductor

6/15 Full Year 2022, net system sales were €15,430 million, up from €13,653 million in 2021.
ASML shipped less of its top product, 40 EUV machines vs 42 in 2021.
$ASML #semiconductor

7/15 ASML 2023 Outlook:
In the 1st quarter, ASML sees weak demand for PCs, smartphones, and “some lower growth rates in the data center domain” and as chip inventories rise, manufacturers are slowing production, said ASML CEO Peter Wennink, in a statement.
$ASML #semiconductor

8/15 ASML CEO
“We are seeing that the utilization rates of our tools is going down. Our customers are swiftly adapting their output to reduce inventory.”
$ASML #semiconductor

9/15 Despite overall tech sector weakness, “demand is still higher than what we can make,” he said, as ASML customers expect a recovery in the 2nd half of 2023 and want to be prepared for the upturn. $ASML #semiconductor

10/15 ASML 2023 1st quarter outlook
Sales between €6.1 billion and €6.5 billion
Gross margin 49%-50%, then “gradually increase throughout the year.”

11/15 ASML 2023 Outlook
-Sales in 2023 to grow 25% over 2022
-Net bookings to rise to €40 billion from €30.67 billion in 2022

12/15 ASML 2023 Output plan:
-60 EUV systems this year and
-375 DUV systems.
-Around 25% immersion of that 375.
-EUV business will probably grow about 40%
-non-EUV business about 30%
$ASML

13/15 ASML’s long term gross margin is on the trajectory (previously given)
-2025 will be between 54% and 56%
-2030 between 56% and 60%
CEO “So we’re well on track.”
$ASML

14/15 ASML will see higher costs as it builds out supply chain capacity for:
-90 EUV and 600 DUV systems by 2025-2026
-20 High-NA systems (next generation EUV) by 2027-2028.
-Sales could reach €30 billion to €40 billion by 2025.
-By 2030, sales could be €44 bln to €60 bln

15/15 Link asml.com/en/investors/f…