AMSTERDAM, Netherlands – Semiconductor equipment maker ASML Holding NV said Wednesday its first-quarter net profit nearly doubled as it sold more machines at higher prices.
The company earned 153 million euros ($208 million) in the quarter, up from 80 million euros over the first three months of 2006, but falling just short of analyst expectations of 154.8 million euros.
Sales rose 53 percent to 960 million euros ($1.3 billion), up from the year-ago level of 629 million euros, beating analysts expectations of 942.8 million euros.
The company confirmed its revenue-growth expectations for the full year. It also reiterated its commitment to return excess cash to shareholders by buying back stock.
ASML makes lithography machines, which are used to map out the circuitry of semiconductors. Customers include Intel Corp. and Samsung Electronics Co., among others.
The Veldhoven, Netherlands-based company, which competes with Nikon Corp. and Canon Inc., received 62 orders for systems during the first quarter with a total value of 911 million euros ($1.24 billion). This figure is seen as an indicator for the company’s future revenues.
Chief Executive Eric Meurice said the company’s order backlog of 2.16 billion euros ($2.9 billion) at the end of the first quarter, “will ensure a sustained sales level,” in the second quarter and “strong revenues in the second half of the year.” ASML had sales of 3.6 billion euros in 2006.
The company said it plans to ship 69 systems in the second quarter of this year, with an average sales price of 12 million euros ($16 million), compared with 77 systems at an average price of 11.2 million euros ($15 million) in the first quarter.
ASML shares rose 3.6 percent to 19.80 euros ($26.83) in Amsterdam.
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