PR No: C3193C
STMicroelectronics Reports 2023 Second Quarter Financial Results
- Q 2 net revenues $ 4.3 3 billion; gross margin 49.0 %; operating margin 26.5 % ; net income $ 1.00 b illion
- H1 net revenues $ 8 . 5 7 billion; gross margin 4 9 . 3 %; operating margin 2 7 . 4 %; net income $ 2 . 05 billion
-
Business outlook at mid-point: Q
3
net revenues of $
4.38
billion and gross margin of
47.
5
%
Geneva, July 2 7 , 202 3 - 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 1, 2023. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).
ST reported second quarter net revenues of $4.33 billion, gross margin of 49.0%, operating margin of 26.5%, and net income of $1.00 billion or $1.06 diluted earnings per share.
Jean-Marc Chery, STMicroelectronics President & CEO, commented:
- “Q 2 net revenues of $ 4.3 3 billion came in above the midpoint of our business outlook range , and Q2 gross margin of 49.0% was in line with guidance .”
- “ Q2 net revenues increased 12.7 % year-over-year. The revenue performance continued to be driven by growth in Automotive and Industrial , partially offset by low er revenues in Personal Electronics. ”
- “On a year-over-year basis, gross margin increased to 49.0 % from 47.4%, operating margin increased to 26.5 % from 26.2 % and net income increased 15.5 % to $ 1.00 billion . ”
- “First half net revenues increased 16.1 % year-over-year , d riven by growth in all product sub- groups except the Analog and MEMS sub-groups . Operating margin was 27.4 % and net income was $ 2.05 billion. ”
- “ Our third quarter business outlook , at the mid-point , is for net revenues of $ 4.38 billion , increasing year-over-year by 1. 2 % and in creasing s equentially by 1. 1 % ; gross margin is expected to be about 47. 5 %. ”
- “ We will drive the Company based on a plan for FY23 revenues of $ 17. 4 billion , plus or minus $150 million, and a gross margin exceeding 48.0% . ”
Quarterly Financial Summary (U.S. GAAP)
| (US$ m, except per share data) | Q 2 202 3 | Q 1 202 3 | Q 2 20 2 2 | Q/Q | Y/Y |
| Net Revenues | $4,32 6 | $4,247 | $3, 837 | 1.9 % | 12. 7 % |
| Gross Profit | $2,119 | $2,110 | $1,819 | 0.5% | 16.5% |
| Gross Margin | 49.0% | 49.7% | 4 7 . 4 % | - 70 bps | 160 bps |
| Operating Income | $1,146 | $1,201 | $1,004 | -4.5% | 14.2% |
| Operating Margin | 26.5% | 28.3% | 2 6 . 2 % | - 180 bps | 30 bps |
| Net Income | $1,001 | $1,044 | $867 | -4.1% | 15.5% |
| Diluted Earnings Per Share | $1.06 | $1.10 | $0.92 | - 3. 6 % | 15.2 % |
