FILE PHOTO-ASML logo is seen at the headquarters in Veldhoven, Netherlands June 16, 2023. REUTERS/Piroschka van de Wouw/File Photo
AMSTERDAM (Reuters) -Dutch semiconductor equipment maker ASML on Wednesday reported a second-quarter net profit of 1.9 billion euros ($2.1 billion) that beat analyst expectations, and increased its full-year sales forecasts.
Analysts had seen net profit at 1.82 billion euros on revenues of 6.74 billion euros, according to Refinitiv data.
That compares with net profit of 1.4 billion euros in the second quarter of 2022 on sales of 5.4 billion euros.
CEO Peter Wennink increased the company's full-year sales growth forecast to 30%, up from a previous forecast of 25%.
"Our customers across different market segments are currently more cautious due to continued macro-economic uncertainties, and therefore expect a later recovery of their markets," Wennink said in a statement.
"However, our strong backlog of around 38 billion euros provides us with a good basis to navigate these short-term uncertainties."
ASML dominates the market for lithography systems, machines that cost up to $200 million apiece and use lasers, lenses and mirrors to help create the minute circuitry of chips. It is a supplier to almost every compacter chip maker.
Wennink said that a downturn in some parts of the computer chip market appear to be bottoming., ASML's order backlog remains larger than the company can supply and it is in the process of expanding production.
ASML said computer chip makers who make the most advanced chips using ASML's most advanced EUV systems are slightly slowing the pace at which they want equipment delivered. That is because, while companies are engaged in expansions around the world, new fabs -- fabrication plants -- are not ready to receive EUV machines.
On customers who use ASML's second most advanced DUV product line, used for slightly older chips, are still demanding every tool they can get.
($1 = 0.8913 euros)
(Reporting by Toby Sterling; Editing by Kim Coghill and Tom Hogue)
