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SEMI book-to-bill climbs
Mark Lapedus
4/21/2011 6:56 PM EDT
SAN JOSE, Calif. - North America-based manufacturers of semiconductor equipment posted a book-to-bill ratio of 0.95 in March, compared to 0.87 in February, according to SEMI.
The SEMI book-to-bill is a ratio of three-month moving averages of worldwide bookings and billings for North American-based semiconductor equipment manufacturers. A book-to-bill of 0.95 means that $95 worth of orders were received for every $100 of product billed for the month.
The three-month average of worldwide bookings in March 2011 was $1.62 billion. The bookings figure is 1.5 percent more than the final February 2011 level of $1.60 billion, and is 21.6 percent above the $1.33 billion in orders posted in March 2010.
The three-month average of worldwide billings in March 2011 was $1.70 billion. The billings figure is 7.6 percent less than the final February 2011 level of $1.84 billion, and is 54.4 percent more than the March 2010 billings level of $1.10 billion.
“The book-to-bill ratio improved in March based on slightly higher orders and lower billings,” said Stanley Myers, president and CEO of SEMI, in a statement. “Orders are over 20 percent higher than one year ago and we see industry investments remaining steady.”
Several companies posted results this week. Lam Research Corp. announced financial results for the quarter ended March 27, 2011. Revenue for the period was $809.1 million and net income was $182.2 million, or $1.45 per diluted share, compared to revenue of $870.7 million and net income of $221.9 million, or $1.78 per diluted share, for the December 2010 quarter. Shipments for the March 2011 quarter were $813 million compared to $892 million during the December 2010 quarter.
''Lam reported better March, but guided to worse June ($725-765 million/$1.00-1.14 vs. consensus $831 million/$1.39) led by foundry pushouts from June into the September timeframe,'' said C.J. Muse, an analyst with Barclays Capital, in a report. He cited TSMC and UMC for Lam's shortfall.
''Importantly, Lam outlined expectations for $32-34 billion in WFE in 2011 led by a resumption of strength from logic/foundry in 2H combined with ongoing strength in NAND offset partially by weakness in DRAM,'' he said.
Others are posted results. ATMI Inc. reported record revenues of $100.7 million, for the first quarter of 2011 compared with $85.3 million in the first quarter of 2010. Net income was $8.0 million, compared with $8.7 million for the first quarter last year. Earnings per diluted share were $0.25, compared with $0.27 per diluted share in the first quarter of 2010.
"The wafer start environment in the first quarter was slightly stronger than we expected it to be, and our base business reflected that strength across the product spectrum. We anticipate this trend to continue into the second quarter," said Doug Neugold, ATMI chairman, CEO and president, in a statement.
Cymer Inc. said revenue totaled $154.4 million compared to revenue of $113.8 million in the first quarter of 2010, and revenue of $146.9 million in the fourth quarter of 2010.
Net income totaled $28.8 million, equal to $0.94 per share (diluted), compared to net income of $16.0 million, equal to $0.53 per share (diluted) in the first quarter of 2010 and net income of $32.9 million, equal to $1.08 per share (diluted) in the fourth quarter of 2010. For Q2, revenue is expected to be approximately $157 million.
In a statement, Bob Akins, Cymer's CEO, said, "The first quarter of 2011 was a very productive period for the company. Key customer deep ultraviolet (DUV) selections awarded in the second half of 2010 began to translate into an increased level of light source shipments in the first quarter of 2011, and first quarter gross pulse utilization remained high. We continued to increase our extreme ultraviolet (EUV) investment, adding technical and operational capability in support of the development of our 3100 and 3300 source technology. We continued our focus on ramping our TCZ manufacturing capability to fulfill recently received orders."
Entegris Inc. recorded first-quarter sales of $203.1 million, an increase of 27 percent over the prior year, and 12 percent sequentially. Net income was $29.2 million, or $0.22 per share. For the fiscal second quarter ending July 2, 2011, the company expects sales to range from approximately $200 million to $210 million.
Gideon Argov, president and chief executive officer, said: ''New fab investment and semiconductor production levels remained high, which contributed to robust sales of our filtration and fluid handling products for advanced semiconductor processes. Sales of coatings and graphite products were also strong. On an operating basis, we achieved an adjusted operating margin approaching 20 percent of sales."
For the first quarter of fiscal 2011, Ultratech Inc. reported net sales of $47.4 million as compared to $27.5 million during the first quarter of fiscal 2010. Ultratech’s net income for the first quarter of 2011 was $7.9 million, or $0.30 per share (diluted), as compared to net income of $1.9 million, or $0.08 per share (diluted) for the same quarter last year. Arthur Zafiropoulo, chairman and CEO, stated, “We are pleased to announce another strong quarter of financial results that exceeded our expectations.
Singapore's STATS ChipPAC Ltd. announced results for the first quarter 2011. Revenue for the first quarter of 2011 increased by 5.5 percent to $409.4 million over the first quarter of 2010 and decreased by 3.1 percent from prior quarter.
Net income for the first quarter of 2011 was $6.3 million or $0.00 of net income per diluted ordinary share compared to net income of $27.5 million or $0.01 of net income per diluted ordinary share in the first quarter of 2010 and net income of $19.0 million or $0.01 of net income per diluted ordinary share in the prior quarter.
Tan Lay Koon, president and CEO of of STATS ChipPAC, said: “The first quarter of 2011 was a challenging one due to seasonally weaker demand and rising costs.''
Regarding the outlook, he said: “Our current business visibility is clouded by the potential disruptions to the semiconductor supply chain due to the Japan earthquake of March 2011. Based on current visibility, we expect net revenues in the second quarter of 2011 to be flat to mid single digit level increase from prior quarter, with adjusted EBITDA in the range of 21 percent to 26 percent of revenue. We expect capital expenditure2 in the second quarter of 2011 will be approximately $100 million to $110 million as our capital spending is front-end loaded to support customers’ forecast.”
The SEMI book-to-bill is a ratio of three-month moving averages of worldwide bookings and billings for North American-based semiconductor equipment manufacturers. A book-to-bill of 0.95 means that $95 worth of orders were received for every $100 of product billed for the month.
The three-month average of worldwide bookings in March 2011 was $1.62 billion. The bookings figure is 1.5 percent more than the final February 2011 level of $1.60 billion, and is 21.6 percent above the $1.33 billion in orders posted in March 2010.
The three-month average of worldwide billings in March 2011 was $1.70 billion. The billings figure is 7.6 percent less than the final February 2011 level of $1.84 billion, and is 54.4 percent more than the March 2010 billings level of $1.10 billion.
“The book-to-bill ratio improved in March based on slightly higher orders and lower billings,” said Stanley Myers, president and CEO of SEMI, in a statement. “Orders are over 20 percent higher than one year ago and we see industry investments remaining steady.”
Several companies posted results this week. Lam Research Corp. announced financial results for the quarter ended March 27, 2011. Revenue for the period was $809.1 million and net income was $182.2 million, or $1.45 per diluted share, compared to revenue of $870.7 million and net income of $221.9 million, or $1.78 per diluted share, for the December 2010 quarter. Shipments for the March 2011 quarter were $813 million compared to $892 million during the December 2010 quarter.
''Lam reported better March, but guided to worse June ($725-765 million/$1.00-1.14 vs. consensus $831 million/$1.39) led by foundry pushouts from June into the September timeframe,'' said C.J. Muse, an analyst with Barclays Capital, in a report. He cited TSMC and UMC for Lam's shortfall.
''Importantly, Lam outlined expectations for $32-34 billion in WFE in 2011 led by a resumption of strength from logic/foundry in 2H combined with ongoing strength in NAND offset partially by weakness in DRAM,'' he said.
Others are posted results. ATMI Inc. reported record revenues of $100.7 million, for the first quarter of 2011 compared with $85.3 million in the first quarter of 2010. Net income was $8.0 million, compared with $8.7 million for the first quarter last year. Earnings per diluted share were $0.25, compared with $0.27 per diluted share in the first quarter of 2010.
"The wafer start environment in the first quarter was slightly stronger than we expected it to be, and our base business reflected that strength across the product spectrum. We anticipate this trend to continue into the second quarter," said Doug Neugold, ATMI chairman, CEO and president, in a statement.
Cymer Inc. said revenue totaled $154.4 million compared to revenue of $113.8 million in the first quarter of 2010, and revenue of $146.9 million in the fourth quarter of 2010.
Net income totaled $28.8 million, equal to $0.94 per share (diluted), compared to net income of $16.0 million, equal to $0.53 per share (diluted) in the first quarter of 2010 and net income of $32.9 million, equal to $1.08 per share (diluted) in the fourth quarter of 2010. For Q2, revenue is expected to be approximately $157 million.
In a statement, Bob Akins, Cymer's CEO, said, "The first quarter of 2011 was a very productive period for the company. Key customer deep ultraviolet (DUV) selections awarded in the second half of 2010 began to translate into an increased level of light source shipments in the first quarter of 2011, and first quarter gross pulse utilization remained high. We continued to increase our extreme ultraviolet (EUV) investment, adding technical and operational capability in support of the development of our 3100 and 3300 source technology. We continued our focus on ramping our TCZ manufacturing capability to fulfill recently received orders."
Entegris Inc. recorded first-quarter sales of $203.1 million, an increase of 27 percent over the prior year, and 12 percent sequentially. Net income was $29.2 million, or $0.22 per share. For the fiscal second quarter ending July 2, 2011, the company expects sales to range from approximately $200 million to $210 million.
Gideon Argov, president and chief executive officer, said: ''New fab investment and semiconductor production levels remained high, which contributed to robust sales of our filtration and fluid handling products for advanced semiconductor processes. Sales of coatings and graphite products were also strong. On an operating basis, we achieved an adjusted operating margin approaching 20 percent of sales."
For the first quarter of fiscal 2011, Ultratech Inc. reported net sales of $47.4 million as compared to $27.5 million during the first quarter of fiscal 2010. Ultratech’s net income for the first quarter of 2011 was $7.9 million, or $0.30 per share (diluted), as compared to net income of $1.9 million, or $0.08 per share (diluted) for the same quarter last year. Arthur Zafiropoulo, chairman and CEO, stated, “We are pleased to announce another strong quarter of financial results that exceeded our expectations.
Singapore's STATS ChipPAC Ltd. announced results for the first quarter 2011. Revenue for the first quarter of 2011 increased by 5.5 percent to $409.4 million over the first quarter of 2010 and decreased by 3.1 percent from prior quarter.
Net income for the first quarter of 2011 was $6.3 million or $0.00 of net income per diluted ordinary share compared to net income of $27.5 million or $0.01 of net income per diluted ordinary share in the first quarter of 2010 and net income of $19.0 million or $0.01 of net income per diluted ordinary share in the prior quarter.
Tan Lay Koon, president and CEO of of STATS ChipPAC, said: “The first quarter of 2011 was a challenging one due to seasonally weaker demand and rising costs.''
Regarding the outlook, he said: “Our current business visibility is clouded by the potential disruptions to the semiconductor supply chain due to the Japan earthquake of March 2011. Based on current visibility, we expect net revenues in the second quarter of 2011 to be flat to mid single digit level increase from prior quarter, with adjusted EBITDA in the range of 21 percent to 26 percent of revenue. We expect capital expenditure2 in the second quarter of 2011 will be approximately $100 million to $110 million as our capital spending is front-end loaded to support customers’ forecast.”
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