STMicroelectronics Reports 2019 Third Quarter Financial Results

Gross profit totaled $967 million, representing a year-over-year decrease of 3.6%. Gross margin of 37.9% decreased 190 basis points year-over-year, mainly impacted by price pressure and unsaturation charges. Third quarter gross margin was 40 basis points higher than the mid-point of the Company’s guidance, mainly due to a lower level of unsaturation charges. Third quarter gross margin includes about 110 basis points of unsaturation charges.

Operating income decreased 15.6% to $336 million, compared to $398 million in the year-ago quarter. The Company’s operating margin decreased 270 basis points on a year-over-year basis to 13.1% of net revenues, compared to 15.8% in the 2018 third quarter.

By product group, compared with the year-ago quarter:

Automotive and Discrete Group (ADG)

  • Revenue increased in Power Discrete and decreased in Automotive.
  • Operating profit decreased by 34.5% to $76 million. Operating margin was 8.5% compared to 12.8%.

Analog, MEMS and Sensors Group (AMS):

  • Revenue increased in Imaging, Analog and MEMS.
  • Operating profit increased by 26.1% to $198 million. Operating margin was 20.5% compared to 17.5%.

Microcontrollers and Digital ICs Group (MDG):

  • Revenue decreased in both Microcontrollers and Digital ICs.
  • Operating profit decreased by 9.2% to $108 million. Operating margin was 15.7% compared to 16.6%.

Net income and diluted earnings per share decreased to $302 million and $0.34, respectively, compared to $369 million and $0.41, respectively, in the year-ago quarter.

Cash Flow and Balance Sheet Highlights

        Trailing 12 Months
(US$ m) Q3 2019 Q2 2019 Q3 2018 Q3 2019 Q3 2018(1) TTM Change
Net cash from operating activities $429 $324 $373 $1,749 $1,775 (1.5)%
Free cash flow (non-U.S. GAAP) $170 $(67) $114 $399 $314 27.1%

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