STMicroelectronics Reports 2023 Third Quarter Financial Results

PR No: C3210C

STMicroelectronics Reports 2023 Third Quarter Financial Results

  • Q3 net revenues $4.43 billion; gross margin 47.6%; operating margin 28.0%; net income $1.09 billion
  • YTD net revenues $13.00 billion; gross margin 48.7%; operating margin 27.6%; net income $3.14 billion
  • Business outlook at mid-point: Q4 net revenues of $4.30 billion and gross margin of 46%

Geneva, October 26, 2023 – STMicroelectronics N.V. (“ST”) (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 September 30, 2023. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported third quarter net revenues of $4.43 billion, gross margin of 47.6%, operating margin of 28.0%, and net income of $1.09 billion or $1.16 diluted earnings per share.

Jean-Marc Chery, ST President & CEO, commented:

  • “Q3 net revenues of $4 .43 billion came in above the midpoint of our business outlook range, and Q3 gross margin of 47.6 % was slightly above guidance.”
  • “Q3 net revenues increased 2.5 % year-over-year. As expected, the revenue performance was driven mainly by continued growth in Automotive, partially offset by lower revenues in Personal Electronics.”
  • “On a year-over-year basis, gross margin remained stable at 47.6 %, while, as expected, operating margin decreased to 28.0% from 29.4% and net income was stable at $ 1.09 billion.”
  • “First nine months net revenues increased 11.1 % year-over-year, driven by growth in ADG and MDG Product Groups, partially offset by a decline of AMS Product Group. Operating margin was 27.6 % and net income was $ 3.14 billion.”
  • “Our fourth quarter business outlook, at the mid-point, is for net revenues of $ 4.30 billion, declining year-over-year and sequentially by about 3%; gross margin is expected to be about 46 %.”
  • “The midpoint of this outlook translates into full year 2023 revenues of about $ 17.3 billion, representing 7.3% year-over-year growth and a gross margin of about 48.1%.”

Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data) Q3 2023 Q2 2023 Q3 2022 Q/Q Y/Y
Net Revenues $4,431 $4,326 $4,321 2.4% 2.5%
Gross Profit$2,109$2,119$2,059-0.5%2.4%
Gross Margin 47.6% 49.0% 47.6% -140 bps -
Operating Income$1,241$1,146$1,272 8.2% -2.4%
Operating Margin 28.0% 26.5% 29.4% 150 bps -140 bps
Net Income $1,090 $1,001 $1,099 8.9% -0.8%
Diluted Earnings Per Share $1.16 $1.06 $1.16 9.4% -

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