November 1, 2013 / 12:16 AM / 4 years ago

ASMI profit misses analysts' estimates

2 Min Read

Oct 31 (Reuters) - Dutch semiconductor equipment maker ASM International NV on Friday reported lower-than-expected third-quarter net profit but said it expected higher sales in the fourth quarter.

Amsterdam-listed ASMI, which produces silicon chips, said quarterly normalized net profit more than tripled to 16.3 million euros ($22.2 million) from a year earlier, as sales rose 73.2 percent to 166.4 million euros.

ASMI had a weak comparative period to beat, having reported in 2012 a third-quarter profit decline of 94 percent to 4.9 million euros, weighed down by its chip processing and packaging businesses.

Analysts in a poll commissioned by Reuters had forecast third-quarter net profit of 18.7 million euros on sales of 111 million euros.

The company forecast a single-digit rise in fourth-quarter sales compared to third-quarter sales, with fourth-quarter order intake expected to be rise by low double-digits.

ASMI raised 422 million euros from the sale of a 12 percent stake in its Hong Kong-listed unit ASM Pacific Technology to institutional investors in March.

The sale left ASMI with a 40 percent stake in ASMPT, which consists of the back end - the dicing and packaging of microchips - of the business. ($1 = 0.7356 euros) (Reporting by Sara Webb in Amsterdam and Richa Naidu in Bangalore; Editing by Joseph Radford)

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