STMicroelectronics has reported U.S. GAAP financial results for the third quarter ended October 1, 2022. ST reported third quarter net revenues of $4.32 billion, gross margin of 47.6%, operating margin of 29.4%, and net income of $1.10 billion or $1.16 diluted earnings per share.
Jean-Marc Chery, STMicroelectronics President & CEO, commented:
- “Q3 net revenues of $4.32 billion and gross margin of 47.6% came in above the mid-point of our business outlook range, driven by continued strong demand for our product portfolio.
- “On a year-over-year basis, Q3 net revenues increased 35.2%, operating margin increased to 29.4% from 18.9%, and net income more than doubled to $1.10 billion.
- “First nine months net revenues increased 27.2% to $11.70 billion, driven by growth in all product groups and sub-groups. Operating margin was 26.9% and net income was $2.71 billion.
- “ST’s fourth quarter outlook, at the mid-point, is for net revenues of $4.40 billion, increasing year-over-year by 23.7% and sequentially by 1.8%; gross margin is expected to be about 47.3%.
- “The midpoint of this outlook translates into full year 2022 net revenues of about $16.10 billion, representing a 26.2% year-over-year growth and gross margin of about 47.3%, in line with the plan we outlined in July.”
ST’s net financial position (non-U.S. GAAP) was $1.46 billion at October 1, 2022 compared to $924 million at July 2, 2022 and reflected total liquidity of $4.09 billion and total financial debt of $2.63 billion.