By Adria Calatayud
ASML Holding NV said Wednesday that second-quarter net profit rose and raised its full-year revenue growth guidance, as it launched a share-buyback program of up to 9 billion euros ($10.60 billion) until the end of 2023.
Net profit for the quarter rose to EUR1.04 billion from EUR751 million for the same period last year, the Dutch maker of semiconductor equipment said.
Net sales for the quarter came in at EUR4.02 billion compared with EUR3.33 billion for the year-earlier period. Analysts expected quarterly sales of EUR4.09 billion, according to consensus numbers provided by FactSet and based on estimates by 17 analysts.
Gross margin for the quarter was 50.9%, higher than the company's guidance of 49% due to a higher proportion of revenue from software upgrades.
"We are working to maximize output and we currently expect net sales growth by around 35% in 2021 compared to last year with an expected gross margin between 51% and 52%," ASML President and Chief Executive Officer Peter Wennink said.
The company had previously said it expected full-year revenue growth of 30%.
For the third quarter, ASML expects net sales of between EUR5.2 billion and EUR5.4 billion with a gross margin of between 51% and 52%.
The company said its new buyback will start on Thursday and will be executed by Dec. 31, 2023. ASML said this program replaces its previous EUR6 billion buyback for the 2020-22 period, under which it repurchased shares worth EUR5.2 billion.
Write to Adria Calatayud at firstname.lastname@example.org
(END) Dow Jones Newswires
July 21, 2021 01:36 ET (05:36 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.