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Fairfield County Business Journal Earnings in brief
Earnings in brief
With semiconductor makers resuming capital spending once more, ASML Holding NV reported better-than-expected results in the second quarter.
ASML makes lithography systems that imprint circuitry on chips and flat panel displays, typically selling for more than $30 million each. The Netherlands-based company has a large manufacturing plant in Wilton with some 700 employees, making ASML the largest high-tech employer in Fairfield County.
In the second quarter, sales totaled nearly $1.4 billion, nearly quadruple their levels of a year ago and up 44 percent from the first quarter of 2010. ASML’s $304 million second-quarter profit easily erased its $132 million loss of a year ago.
ASML expects a slight increase in sales during the current quarter.
CEO Eric Meurice attributed the increases to chip foundries and device manufacturers “continued catch-up on under-investments” the past few years.
“We now expect full year 2010 sales to grow 10 to 15 percent above our historical peak sales of ($4.8 billion),” Meurice said in a statement. “This level of sales is expected to continue into 2011, barring a major macro-economic downturn … In order to support this strong structural demand we will add flexible manufacturing capacity. We will also increase our research and development.”
Student Loan Corp. posts loss
Following a second quarter in which it ended its long-running Federal Family Education Loan (FFEL) program, Student Loan Corp. announced net income of $20.8 million for the quarter, down from $25.3 million a year ago.
Student Loan Corp. has its headquarters in Stamford and is a subsidiary of New York City-based Citigroup Inc.
The company attributed the decrease in net income in part due to its decision to defer planned loan sales to the U.S. Department of Education through the Loan Purchase Commitment Program until later in the year.
“Following the passage of … the Health Care and Education Reconciliation Act of 2010, this quarter marks the end of the FFEL Program, a change which we anticipated and for which we believe we have fully prepared,” said Michael Reardon, CEO of the Student Loan Corp., in a statement. “In moving forward, we will continue to focus on our private education loan business. We believe the progress we’ve made in strengthening our balance sheet, through securing long-term funding … and refining our origination strategy to ensure profitable loan originations, have positioned us for success as we continue making this transition.”
Student Loan Corp.’s allowance for loan losses was $174 million as of June, up from $149 million last December.
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