• Q4 net revenues $3.24 billion; gross margin 38.8%; operating margin 20.3%; net income $582 million
• FY net revenues $10.22 billion; gross margin 37.1%; operating margin 12.9%; net income $1.11 billion
• Business outlook at mid-point: Q1 net revenues of $2.93 billion and gross margin of 38.5%

Geneva, January 28, 2021 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the fourth quarter ended December 31, 2020. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported fourth quarter net revenues of $3.24 billion, gross margin of 38.8%, operating margin of 20.3%, and net income of $582 million or $0.63 diluted earnings per share.

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

• “As we announced on January 8, 2021, our Q420 net revenues increased 21.3% sequentially, 580 basis points above the high end of our outlook range. Our engaged customer programs in Personal Electronics , as well as continuous acceleration in demand, especially of Automotive products and Microcontrollers, were the main factors that contributed to this result . Fourth quarter gross margin was 30 basis points above the mid-point of our outlook range. On a sequential basis, our operating margin was up 800 basis points to 20.3% and free cash flow increased to $512 million.
• “Based upon a stronger than expected second half of 2020, full year revenues increased 6.9% to $10.22 billion, with an operating margin of 12.9%.
• “ST’s first quarter outlook, at the mid-point, is for net revenues of $2.93 billion, increasing year-over-year by 31.2% and decreasing sequentially by 9.5%; gross margin is expected to be about 38.5%.
• “ For 2021, we plan to invest about $1.8 billion to $2.0 billion in CAPEX to support the strong market demand and our strategic initiatives.” 

Quarterly Financial Summary (U.S. GAAP)