ASML Holding N.V. (ASML) reported that its first-quarter income before income taxes, on U.S. GAAP basis, decreased to 104.2 million euros from 323.5 million euros prior year. Profit was 96.2 million euros or 0.23 euros per share, compared to 282.0 million euros or 0.68 euros per share last year. Net sales were 892.1 million euros for the quarter, compared to 1.25 billion euros last year. Gross margin was 38.2 percent. ASML reiterated expectation for full-year 2013 sales at a level similar to that of 2012. For the second-quarter, ASML expects net sales of about 1.1 billion euros, and a gross margin of between 41 and 42 percent.
ASML's Supervisory Board announced it has decided upon the new leadership of the company, as the contract of Eric Meurice, President and Chief Executive Officer, ends next year. As of 1 July 2013, ASML's leadership will be comprised: Peter Wennink as President and Chief Executive Officer; Martin van den Brink as President and Chief Technology Officer. Frits van Hout and Frederic Schneider-Maunoury will continue as Executive Vice Presidents in the Board of Management. Eric Meurice will be Chairman of ASML Holding and act as adviser to the new leadership and the Supervisory Board until the end of his contract on 31 March 2014. Peter Wennink will act as interim Chief Financial Officer until a successor has been appointed.
The company continues to expect the previously announced acquisition of Cymer to close in the first half, following the recent clearance by the Antitrust Division of the United States Department of Justice and other regulators as well as the approval of the merger agreement by the Cymer shareholders.
ASML also announced its intention to purchase up to an amount of 1.0 billion euros of its own shares within the 2013-2014 timeframe, starting 18 April 2013. ASML said the company intends to continue to return excess cash to shareholders through increasing dividends and share buy back programs, thereby supporting its shareholders in their continued investment in the company.
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