ASM announces fourth quarter 2024 results

Financial Performance - ASM International reported Q4 2024 revenue of €809 million, representing a 27% year-on-year increase at constant currencies, and at the upper end of guidance [2][3] - New orders in Q4 2024 were €731 million, an 8% increase year-on-year at constant currencies, driven by demand for gate-all-around (GAA) and high-bandwidth memory (HBM) DRAM [3][4] - Adjusted gross profit margin improved to 50.3% in Q4 2024, up from 47.9% in Q4 2023, attributed to a strong product mix [3][4] Market Trends - The wafer fab equipment (WFE) market saw mixed performance in 2024, with AI-related segments growing strongly while other areas showed uneven results [5] - ASM experienced strong momentum in GAA-related applications, with total memory sales rebounding from 11% in 2023 to 25% in 2024 [5][6] - Sales in the Chinese market remained strong but showed a decline in the second half of 2024, impacting overall performance [5][8] Strategic Initiatives - The company is on track with its strategic targets, investing in innovation and expansion, including new facilities in Hwaseong, Korea, and Scottsdale, Arizona [7] - ASM achieved its target of 100% renewable electricity in 2024, contributing to a 52% reduction in combined Scope 1 and 2 GHG emissions [7] Future Outlook - For Q1 2025, ASM expects revenue in the range of €810-850 million, with a projected increase in Q2 compared to Q1 [8][9] - The company confirmed a revenue target of €3.2-3.6 billion for 2025, although market uncertainty limits more specific forecasts [9] - The outlook for the power/analog/wafer segments remains weak, while GAA-related sales are expected to see substantial growth [8][9] Shareholder Returns - ASM announced a new share buyback program of up to €150 million as part of its commitment to return excess cash to shareholders [10] - A proposal for a regular dividend of €3.00 per common share for 2024 will be presented at the 2025 Annual General Meeting, an increase from €2.75 per share in 2023 [11]