asml-holding-reports-net-profit-rise,-but-lowers-revenue-growth-guidance

ASML Holding reports net profit rise, but lowers revenue growth guidance

ASML Holding NV said Wednesday that second-quarter net profit rose, but lowered its full-year revenue growth guidance, due to revenue recognition delays from increased fast shipments.

Net profit for the quarter rose to 1.41 billion euros ($1.44 billion) from EUR695 billion for the same period last year, the Dutch maker of semiconductor equipment
ASML,
5.25%

ASML,
-1.22%

said.

Demand from customers remains strong, though increasing supply chain constraints have caused delayed starts, and it plans to increase the number of fast shipments–which skips some factory testing–to meet customer demand.

Net sales for the quarter came in at EUR5.43 billion compared with EUR3.53 billion for the year-earlier period.

Gross margin for the quarter was 49.1%, in-line with the company’s guidance of 49% to 50%.

After significant revenue growth, ASML revised its dividend policy and declared an initial quarterly dividend of EUR1.37 a share.

ASML said it has lowered full-year revenue growth guidance to 10%, from previous guidance of 20%.

“This growth is lower than previously guided as a result of an increase in the number of fast shipments expected in the remainder of 2022, the revenue for which will be delayed into 2023 at an amount of around EUR2.8 billion,” ASML President and Chief Executive Officer Peter Wennink said.

For the third quarter, ASML expects net sales of between EUR5.1 billion and EUR5.4 billion with a gross margin of between 49% and 50%.

Write to Joe Hoppe at joseph.hoppe@wsj.com