STMicroelectronics Reports 2024 Third Quarter Financial Results

Gross profit totaled $1.23 billion, representing a year-over-year decrease of 41.8%. Gross margin of 37.8%, 20 basis points below the mid-point of ST’s guidance, decreased 980 basis points year-over-year, mainly due to product mix and, to a lesser extent, to sales price and higher unused capacity charges.

Operating income decreased 69.3% to $381 million, compared to $1.24 billion in the year-ago quarter. ST’s operating margin decreased 1,630 basis points on a year-over-year basis to 11.7% of net revenues, compared to 28.0% in the third quarter of 2023.

By reportable segment 1, compared with the year-ago quarter:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

Analog products, MEMS and Sensors (AM&S) segment:

  • Revenue decreased 13.3% mainly due to decreases in Imaging and in Analog.   
  • Operating profit decreased by 41.2% to $175 million. Operating margin was 14.8% compared to 21.8%.

Power and Discrete products (P&D) segment:

  • Revenue decreased 18.4%.
  • Operating profit decreased by 54.0% to $121 million. Operating margin was 15.0% compared to 26.5%. 

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

Microcontrollers (MCU) segment:

  • Revenue decreased 43.4% mainly due to a decrease in GP MCU.
  • Operating profit decreased by 78.2% to $116 million. Operating margin was 14.0% compared to 36.4%.

Digital ICs and RF products (D&RF) segment:

  • Revenue decreased 29.7% mainly due to a decrease in ADAS (automotive ADAS and infotainment).
  • Operating profit decreased by 49.5% to $114 million. Operating margin was 26.8% compared to 37.3%. 

Net income and diluted Earnings Per Share decreased to $351 million and $0.37 respectively compared to $1.09 billion and $1.16 respectively in the year-ago quarter.

Cash Flow and Balance Sheet Highlights

        Trailing 12 Months
(US$ m) Q3 2024 Q2 2024 Q3 2023 Q3 2024 Q3 2023 TTM Change
Net cash from operating activities 723 702 1,881 3,764 6,062 -37.9%
Free cash flow (non-U.S. GAAP) 2 136 159 707 813 1,725 -52.9%

Net cash from operating activities was $723 million in the third quarter compared to $1.88 billion in the year-ago quarter.

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