STMicroelectronics Reports 2019 Third Quarter Financial Results

PR No: C2923C

STMicroelectronics Reports 2019 Third Quarter Financial Results

  • Q3 net revenues $2.55 billion; gross margin 37.9%; operating margin 13.1%; net income $302 million
  • YTD net revenues $6.80 billion; gross margin 38.4%; operating margin 10.9%; net income $640 million
  • Business outlook at mid-point: Q4 net revenues up about 5.0% Q/Q and gross margin of about 38.2%

Geneva, October 24, 2019 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the third quarter ended September 28, 2019. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported third quarter net revenues of $2.55 billion, gross margin of 37.9%, operating margin of 13.1%, and net income of $302 million or $0.34 diluted earnings per share.

Jean-Marc Chery, STMicroelectronics President & CEO, commented:

  • “Third quarter net revenues grew 17.5% sequentially, above the mid-point of our guidance of 15.3%, driven by engaged customer programs and new products in, as expected, a soft legacy automotive and industrial market.
  • “Our third quarter operating margin was 13.1% and we returned to positive free cash flow while investing in key programs for our growth over the mid-term.
  • “ST’s fourth quarter outlook, at the mid-point, is for net revenues to grow sequentially about 5.0%, translating into year-over-year growth of about 1.2%; gross margin is expected to be about 38.2%, including about 120 basis points of unsaturation charges.
  • “For the full year 2019, we expect net revenues at the mid-point to be about $9.48 billion, accompanied by a double-digit operating margin performance.”

Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data) Q3 2019 Q2 2019 Q3 2018 Q/Q Y/Y
Net Revenues $2,553 $2,173 $2,522 17.5% 1.2%
Gross Profit $967 $830 $1,003 16.4% (3.6) %
Gross Margin 37.9% 38.2% 39.8% (30) bps (190) bps
Operating Income $336 $196 $398 70.8% (15.6) %
Operating Margin 13.1% 9.0% 15.8% 410 bps (270) bps
Net Income $302 $160 $369 88.5% (18.3) %
Diluted Earnings Per Share $0.34 $0.18 $0.41 88.9% (17.1) %

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