STMicroelectronics Reports 2020 First Quarter Financial Results

Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2019, as filed with the SEC on February 26, 2020. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

About STMicroelectronics

ST is a global semiconductor leader delivering intelligent and energy-efficient products and solutions that power the electronics at the heart of everyday life. ST’s products are found everywhere today, and together with our customers, we are enabling smarter driving and smarter factories, cities and homes, along with the next generation of mobile and Internet of Things devices.

By getting more from technology to get more from life, ST stands for life.augmented.

In 2019, the Company’s net revenues were $9.56 billion, serving more than 100,000 customers worldwide.
Further information can be found at www.st.com.

For further information, please contact:

INVESTOR RELATIONS:
Céline Berthier
Group VP, Investor Relations
Tel: +41 22 929 58 12
celine.berthier@st.com

MEDIA RELATIONS:
Alexis Breton                                         
Corporate External Communications
STMicroelectronics
Tel: + 33 6 59 16 79 08
alexis.breton@st.com

STMicroelectronics N.V.    
CONSOLIDATED STATEMENTS OF INCOME    
(in millions of U.S. dollars, except per share data ($))    
     
  Three months ended
  March 28, March 30,
  2020 2019
  (Unaudited) (Unaudited)
     
Net sales   2,228   2,071
Other revenues   3   5
NET REVENUES   2,231   2,076
Cost of sales   (1,385)   (1,258)
GROSS PROFIT   846   818
Selling, general and administrative   (270)   (272)
Research and development   (375)   (368)
Other income and expenses, net   35   33
Impairment, restructuring charges and other related closure costs   (5)    -
Total operating expenses   (615)   (607)
OPERATING INCOME   231   211
Interest income, net   1   2
Other components of pension benefit costs   (3)   (3)
Income (loss) on equity-method investments   -   1
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST   229   211
Income tax expense   (39)   (32)
NET INCOME   190   179
Net income attributable to noncontrolling interest   2   (1)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY   192   178
     
EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   0.22   0.20
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   0.21   0.20
     
NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 916.7 903.0
     

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