STMicroelectronics Reports 2021 Second Quarter Financial Results

STMicroelectronics Reports 2021 Second Quarter Financial Results

  • Q2 net revenues $2.99 billion; gross margin 40.5%; operating margin 16.3%; net income $412 million
  • H1 net revenues $6.01 billion; gross margin 39.7%; operating margin 15.5%; net income $776 million
  • Business outlook at the mid-point: Q3 net revenues of $3.20 billion and gross margin of 41.0%

Geneva, July 29, 2021 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the second quarter ended July 3, 2021. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported second quarter net revenues of $2.99 billion, gross margin of 40.5%, operating margin of 16.3%, and net income of $412 million or $0.44 diluted earnings per share.

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

  • “Q2 net revenues and gross margin came in at the high-end of our business outlook range driven by continued strong demand globally.
  • “On a year-over-year basis, Q2 net revenues increased 43.4%. Q2 gross margin of 40.5% and operating margin of 16.3% improved 550 and 1,120 basis points, respectively, and net income increased 357.2% to $412 million.
  • “First half net revenues increased 39.1% year-over-year, driven by growth in all product groups, except the RF Communications sub-group. Operating margin was 15.5% and net income $776 million.
  • “ST’s third quarter outlook, at the mid-point, is for net revenues of $3.20 billion, increasing year-over-year and sequentially by 20.0% and 7.0%, respectively; gross margin is expected to be about 41.0%.
  • “We will now drive the Company based on a plan for FY21 revenues of $12.5 billion, plus or minus $100 million, a year-over-year increase of 22.3% at the mid-point. This growth is expected to be driven by strong dynamics in all the end markets we address and our engaged customer programs. Our CAPEX plan will now be about $2.1 billion for 2021.

Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data) Q2 2021 Q1 2021 Q2 2020 Q/Q Y/Y
Net Revenues $2,992 $3,016 $2,087 -0.8% 43.4%
Gross Profit $1,212 $1,175 $730 3.1% 66.1%
Gross Margin 40.5% 39.0% 35.0% 150 bps 550 bps
Operating Income $489 $440 $106 11.1% 358.8%
Operating Margin 16.3% 14.6% 5.1% 170 bps 1,120 bps
Net Income $412 $364 $90 13.1% 357.2%
Diluted Earnings Per Share $0.44 $0.39 $0.10 12.8% 340.0%

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