STMicroelectronics Reports 2016 Fourth Quarter and Full Year Financial Results

  • Fourth quarter net revenues up 3.5% sequentially and 11.5% year-over-year
  • Fourth quarter gross margin of 37.5%, above our guidance, drives operating margin before impairment and restructuring(1) to 8.2%
  • 2016 net revenues of $6.97 billion; net income of $165 million, free cash flow(1) of $312 million

Geneva, January 26, 2017 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported financial results for the fourth quarter and full year ended December 31, 2016.

Fourth quarter net revenues totaled $1.86 billion, gross margin was 37.5%, and net earnings were $112 million or $0.13 per share.

"In the fourth quarter we continued to see sustained demand, resulting in revenues and gross margin better than the midpoint of our guidance. Net revenues grew 3.5% sequentially and 11.5% year-over-year; our gross margin of 37.5% increased substantially both sequentially and year-over-year," commented Carlo Bozotti, STMicroelectronics President and Chief Executive Officer.

"In 2016, revenues grew 1.1% compared to 2015. After a weak start to the year, reflecting both market and specific product transitions, revenues grew 6.5% in the second half of 2016 compared to the same period one year earlier. Importantly, by leveraging our strategic focus on Smart Driving and Internet of Things, we recorded year-over-year sales growth in the second half of 2016 across all of our product groups excluding discontinued businesses. Throughout 2016 we also further strengthened our technology and product portfolio, accelerating innovation and time-to-market to reinforce our leadership. Overall, we have improved our operating profitability through the combination of revenue growth, gross margin expansion and operating expense control."

U.S. GAAP

(Million US$)
Q4 2016 Q3 2016 Q4

2015
FY 2016 FY 2015
Net Revenues 1,859   1,797   1,668   6,973   6,897  
Gross Margin 37.5 % 35.8 % 33.5 % 35.2 % 33.8 %
Operating Income 129   90   25   214   109  
Net Income attributable to parent company 112   71   2   165   104  
Net cash from operating activities 378   330   245   1,039   842  


Non-U.S. GAAP(1)

(Million US$)
Q4

2016
Q3

2016
Q4
2015
FY

2016
FY

2015
Operating Income before impairment & restructuring charges 153 119 29 307 174
Free cash flow 135 100 148 312 327
Net financial position 513 464 494 513 494

(1) Non-U.S. GAAP measure. See Appendix for reconciliation to U.S. GAAP and additional information explaining why the Company believes these measures are important.

Quarterly Financial Summary by Product Group

Product Group Revenues
(Million US$)
Q4
2016
Q3
2016
Q4
2015
FY
2016
FY
2015
Automotive and Discrete Group (ADG) 716 704 637 2,813 2,731
Analog and MEMS Group (AMG) 436 403 370 1,584 1,671
Microcontrollers and Digital ICs Group (MDG) 610 587 614 2,285 2,292
Others (a) 97 103 47 291 203
Total 1,859 1,797 1,668 6,973 6,897

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