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ASML Posts Soft Q2 Guidance; EUR Spreads Flat

TECHNOLOGY



  • Net Sales missed by 3% though was just ahead of the guidance midpoint while operating income was 9% ahead with a gross margin of 51% vs. guidance of 48-49%. New bookings came in very soft, missing BBG consensus by 20% and RTRS consensus by 33%.
  • Q2 guidance was soft; net sales of EUR 5.7-6.2bn comes against BBG consensus of EUR 6.5bn though guidance on gross margin (50-51%) and R&D were broadly in line. 2024 and MT goals were confirmed with management expecting a stronger H2.
  • EUR spreads unchanged so far; not likely a spread mover given high rating and confirmed FY24/MT guidance. BBG headlines implying 5% equity loss pre-market.
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