STMicroelectronics Reports 2020 Second Quarter Financial Results

  

Net revenues totaled $2.09 billion, representing a year-over-year decrease of 4.0%. On a year-over-year basis, the Company recorded lower sales in Imaging, Automotive, and MEMS, partially offset by higher sales in Microcontrollers, Digital, Analog and Power Discrete. Year-over-year sales to Distribution increased 9.7% and to OEMs decreased 9.7%. On a sequential basis, net revenues decreased 6.5%, 380 basis points better than the mid-point of the Company’s guidance. By product group, revenues sequentially increased in MDG while ADG and AMS decreased.

Gross profit totaled $730 million, representing a year-over-year decrease of 12.2%. Gross margin of 35.0% decreased 320 basis points year-over-year, mainly due to unsaturation charges, including the impact of COVID-19 workforce related restrictions, and price pressure. Second quarter gross margin was 40 basis points higher than the mid-point of the Company’s guidance.

Operating income decreased 45.8% to $106 million, compared to $196 million in the year-ago quarter. The Company’s operating margin decreased 390 basis points on a year-over-year basis to 5.1% of net revenues, compared to 9.0% in the 2019 second quarter.

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

Automotive and Discrete Group (ADG)

  • Revenue decreased in Automotive and increased in Power Discrete.
  • Operating profit decreased by 77.5% to $16 million. Operating margin was 2.3% compared to 8.2%.

Analog, MEMS and Sensors Group (AMS):

  • Revenue decreased in MEMS and Imaging and increased in Analog.
  • Operating profit decreased by 24.1% to $56 million. Operating margin was 9.0% compared to 10.7%.

Microcontrollers and Digital ICs Group (MDG):

  • Revenue increased in both Microcontrollers and in Digital.
  • Operating profit increased by 160.6% to $117 million. Operating margin was 15.9% compared to 7.6%.

Unused capacity charges are included under the group “Others”.

Net income and diluted earnings per share decreased to $90 million and $0.10, respectively, compared to $160 million and $0.18, respectively, in the year-ago quarter.

Cash Flow and Balance Sheet Highlights

        Trailing 12 Months
(US$ m) Q2 2020 Q1 2020 Q2 2019 Q2 2020 Q2 2019 TTM Change
Net cash from operating activities 387 399 324 1,990 1,694 17.5%
Free cash flow (non-U.S. GAAP) 28 113 (67) 772 343 125.1%

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