STMicroelectronics Reports Q4 and FY 2020 Financial Results

  • Q4 net revenues $3.24 billion; gross margin 38.8%; operating margin 20.3%; net income $582 million
  • FY net revenues $10.22 billion; gross margin 37.1%; operating margin 12.9%; net income $1.11 billion
  • Business outlook at mid-point: Q1 net revenues of $2.93 billion and gross margin of 38.5%

Geneva, January 28, 2021 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the fourth quarter ended December 31, 2020. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported fourth quarter net revenues of $3.24 billion, gross margin of 38.8%, operating margin of 20.3%, and net income of $582 million or $0.63 diluted earnings per share.

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

  • “As we announced on January 8, 2021, our Q420 net revenues increased 21.3% sequentially, 580 basis points above the high end of our outlook range. Our engaged customer programs in Personal Electronics , as well as continuous acceleration in demand, especially of Automotive products and Microcontrollers, were the main factors that contributed to this result . Fourth quarter gross margin was 30 basis points above the mid-point of our outlook range. On a sequential basis, our operating margin was up 800 basis points to 20.3% and free cash flow increased to $512 million.
  • “Based upon a stronger than expected second half of 2020, full year revenues increased 6.9% to $10.22 billion, with an operating margin of 12.9%.
  • “ST’s first quarter outlook, at the mid-point, is for net revenues of $2.93 billion, increasing year-over-year by 31.2% and decreasing sequentially by 9.5%; gross margin is expected to be about 38.5%.
  • For 2021, we plan to invest about $1.8 billion to $2.0 billion in CAPEX to support the strong market demand and our strategic initiatives.” 

Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data) Q4 2020 Q3 2020 Q4 2019 Q/Q Y/Y
Net Revenues $3,235 $2,666 $2,754 21.3% 17.5%
Gross Profit $1,254 $959 $1,081 30.8% 16.0%
Gross Margin 38.8% 36.0% 39.3% 280 bps -50 bps
Operating Income $657 $329 $460 99.6% 42.7%
Operating Margin 20.3% 12.3% 16.7% 800 bps 360 bps
Net Income $582 $242 $392 139.8% 48.4%
Diluted Earnings Per Share $0.63 $0.26 $0.43 142.3% 46.5%

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