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Semiconductor equipment manufacturer ASML (ASML) beat analysts’ estimates for second quarter earnings on Wednesday, although sales were a bit weak. The ASML action jumped into the news.
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The Dutch company earned the equivalent of $ 3.04 per share on sales of $ 4.84 billion in the June quarter. Wall Street had predicted ASML earnings of $ 3 per share on sales of $ 4.93 billion. ASML publishes its financial results in euros. In local currency, ASML’s profits grew 41% year-on-year while sales increased 21%.
ASML now expects sales growth of around 35% in 2021. It previously targeted 30% growth this year.
For the current quarter, it expects sales of $ 6.24 billion, based on the midpoint of its outlook. Analysts were looking for $ 5.63 billion in the September quarter.
ASML action increases
On the stock market today, ASML stock rose 5.4% to 721.
“Demand continues to be high in all market segments and in our product portfolio,” Managing Director Peter Wennink said in a press release. “This reflects the market which is focused on increasing capacity to support the establishment of digital infrastructure. “
ASML, based in the Netherlands, manufactures advanced lithography equipment for etching tiny circuits onto semiconductors.
Cowen analyst Krish Sankar said ASML’s second quarter results were broadly in line with consensus estimates, while the company’s third quarter forecast was slightly better than seen. He said ASML’s bookings in the June quarter were “impressive”.
Sankar believes that the ASML stock is either outperforming or buying.
ASML stock is on IBD’s prestigious list of rankings. He is also on the IBD 50 and Global Leaders lists. In addition, the ASML share is part of the IBD Long-Term Leaders portfolio.
Follow Patrick Seitz on Twitter on @IBD_PSeitz for more articles on consumer technology, software, and semiconductor stocks.
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