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Dutch Chip machinery maker ASML posts profit in third quarter
By Irina Waqar for CEOWORLD Magazine Updated:October 14, 2009
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Chip machinery maker ASML (NASDAQ:ASML) (AMS:ASML) booked net profit of €20m in the third quarter of this year, after three consecutive quarterly losses, the company said in a statement on Wednesday.
Turnover was also higher than analysts expected at €555m but was still 20% down on the year-earlier period.
The result was 73 percent lower than a 73-million-euro net profit recorded in the third quarter of 2008 but better than the 13.5 million euros predicted by analysts surveyed by Dow Jones Newswires.
Sales came to 555 million euros in the third quarter, down from 696 million euros in the same period last year but higher than sales of 277 million euros in the second, said a company statement.
Net sales for the fourth quarter are predicted to reach 550 million euros.
ASML said it had received 35 orders for chip making systems worth 777 million euros in the third quarter, nearly double from the second quarter.
“This level reflects accelerated technology investments … after a nine-month period of very low capital spending,” said ASML chief executive officer Eric Meurice, adding that fourth quarter orders were expected to be of at least similar value.
In particular, ASML sold more chip making systems than forecast, a sign that demand for chips is increasing. The company’s important clients include Intel Corporation (NASDAQ:INTC) and TSM, the Financieele Dagblad said.
Rabo Securities analyst Philip Scholte said he was looking for 22 new system bookings and 6 used systems bookings, leading to total bookings of 713 million euros.
ASML has been loss-making since the fourth quarter of last year after customers froze capital spending on falling demand for semiconductors, weak memory prices and restricted access to capital.
ASML’s customers include the world’s largest chip maker, Intel Corp. (INTC.O), and Taiwan Semiconductor Manufacturing (2330.TW), the world’s largest contract chip maker.
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