ST’s 3Q financial report
23 November 2022
News
STMicroelectronics has reported a third quarter net revenue of $4,32 billion, a gross margin of 47,6% and an operating margin of 29,4%. This resulted in a net income of $1,1 billion or $1,16 diluted earnings per share (EPS).
Net revenues were up 12,6% from $3,83 billion in the second quarter and 35,2% YoY. This provided a net income increase of 131,8% over the same period last year.
This across-the-board increase in revenue was largely driven by the automotive and discrete group (ADG) with a 55,5% YoY increase, and the microcontrollers and digital ICs group (MDG) which saw an increase of 47,7% YoY. However, the biggest winner for the last quarter was the analog, MEMS and sensors group (AMS) with a net revenue increase of 23,7%.
Inventory at the end of the third quarter was $2,38 billion, compared to $1,97 billion in Q3 2021.
During the third quarter the company paid cash dividends to its stockholders totalling $55 million and executed an $86 million share buy-back as part of its current repurchase programme.
Business outlook for the fourth quarter of 2022 remains positive. Net revenues are expected to be $4,4 billion, an increase of 1,8% sequentially, with gross margin of 47,3% expected. This outlook, however, is based on the assumption that the effective currency exchange rate of approximately $1,03 = €1,00 for the fourth quarter remains.
Jean-Marc Chery, STMicroelectronics president & CEO, commented, “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.”
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