STMicroelectronics Reports 2021 Third Quarter Financial Results
- Q 3 net revenues $ 3.20 billion; gross margin 4 1 . 6 %; operating margin 1 8.9 % ; net income $ 474 million
- YTD net revenues $ 9.20 billion; gross margin 40.4 %; operating margin 1 6.7 %; net income $ 1.25 b illion
-
B
usiness outlook at
the
mid-point:
Q
4
net
revenues
of $
3.40
billion and gross margin of
43.0
%
Geneva, October 2 8 , 202 1 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the third quarter ended October 2, 2021. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).
ST reported third quarter net revenues of $3.20 billion, gross margin of 41.6%, operating margin of 18.9%, and net income of $474 million or $0.51 diluted earnings per share.
Jean-Marc Chery, STMicroelectronics President & CEO, commented:
- “ Q3 net revenues came in substantially at the mid - point of our business outlook range , up 6.9% sequentially and up 19.9% on a year-over-year basis. Th e revenue performance was driven by strong global demand and by our engaged customer programs in Personal Electronic s . This was partially offset by lower than expected revenues in Automotive, caused by more severe than anticipated reduced operations at our Malaysian manufacturing facility due to the pandemic.
- “ Q3 gross margin of 41.6% came in 60 basis points higher than the mid-point. On a year-over-year basis , Q 3 operating margin of 18.9% improved from 12.3%, and net income nearly doubled to $474 million .
- “ F irst nine months net revenues increase d 31 .8 % year-over-year , driven by growth in all product groups , except the RF Communications sub-group . O perating margin was 1 6.7 % and net income $ 1.25 b illion.
- “ ST’s fourth quarter outlook, at the mid-point, is for net revenues of $ 3.40 billion, increasing s equentially by 6.3 % ; gross margin is expected to be about 4 3.0 % .
- “ For the full year 20 21 , we now expect net revenues at the mid-point to be about $ 12.6 billion , translating into 23.3 % year-over-year growth . The revenue growth planned for this year reflects continuing strong dynamics in all the end markets we address and our engaged customer programs. ”
Quarterly Financial Summary (U.S. GAAP)
(US$ m, except per share data) | Q 3 202 1 | Q 2 20 2 1 | Q 3 20 20 | Q/Q | Y/Y |
Net Revenues | $3,197 | $2,992 | $2, 666 | 6.9 % | 19.9 % |
Gross Profit | $1,330 | $1,212 | $959 | 9.8% | 38.7% |
Gross Margin | 41.6% | 40.5% | 36.0% | 110 bps | 560 bps |
Operating Income | $605 | $489 | $329 | 23.9% | 84.0% |
Operating Margin | 18.9% | 16.3% | 12.3 % | 260 bps | 660 bps |
Net Income | $474 | $412 | $242 | 15.1% | 95.6% |
Diluted Earnings Per Share | $0.51 | $0.44 | $0.26 | 15.9 % | 96. 2 % |