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ASML up 4.6% after Q2 beat, solid bookings, upbeat 2H15 outlook

Jul. 15, 2015 10:38 AM ETASML Holding N.V. (ASML) StockASMLBy: Eric Jhonsa, SA News Editor
  • "We expect to see continued overall business strength in the second half of 2015 due to increased demand from memory and foundry customers compared with our previous expectations," says ASML CEO Peter Wennink in his company's Q2 report. "Underpinned by an anticipated strong service business, this will allow for a stable business outlook at expected Q3 levels for the balance of the year with some upside opportunity."
  • The lithography equipment giant expects Q3 revenue of €1.5B-€1.6B ($1.64B-$1.75B), favorable to a $1.66B consensus at the midpoint. Bookings, meanwhile, rose 45% Y/Y in Q2 to €1.52B - below revenue of €1.65B, but above expectations. Q2 revenue of was above a €1.61B consensus.
  • Thanks to a volume purchasing deal with a U.S. client (almost certainly Intel), ASML took orders for 6 EUV systems in Q2, bringing its EUV backlog to 8. A new EUV plant has been opened in the Dutch city of Veldhoven.
  • Cowen's Tim Arcuri observes ASML nonetheless cut its 2015 EUV guidance, given it now expects 5 NXE:3350 EUV system shipments and no upgrades vs. prior guidance for 6 shipments and 1-3 upgrades. However, he adds Q2 bookings were far above his forecast of €900M.
  • ASML's results and guidance come amid a backdrop of low near-term expectations following Intel and TSMC's capex budget cuts.
  • Q2 results, PR

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