STMicroelectronics Reports 2020 Third 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

At ST, we are 46,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An independent device manufacturer, we work with our 100,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of the Internet of Things and 5G technology. 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
Head of Corporate External Communications
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
  September 26, September 28,
  2020 2019
  (Unaudited) (Unaudited)
     
Net sales                      2,663                    2,547
Other revenues                             3                           6
NET REVENUES                      2,666                    2,553
Cost of sales                    (1,707)                   (1,586)
GROSS PROFIT                         959                       967
Selling, general and administrative                       (273)                      (267)
Research and development                       (379)                      (362)
Other income and expenses, net                           24                          (2)
Impairment, restructuring charges and other related closure costs                           (2)                            -
Total operating expenses                       (630)                      (631)
OPERATING INCOME                         329                       336
Interest expense, net                           (9)                          (1)
Other components of pension benefit costs                           (2)                          (5)
Income (loss) on equity-method investments                             1                            -
Loss on financial instruments, net                         (26)                            -
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST                         293                       330
Income tax expense                         (50)                        (28)
NET INCOME                         243                       302
Net income attributable to noncontrolling interest                           (1)                            -
NET INCOME ATTRIBUTABLE TO PARENT COMPANY                         242                       302
     
EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS                        0.27                      0.34
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS                        0.26                      0.34
     
NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 921.5 900.1
     

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