STMicroelectronics Reports 2021 First Quarter Financial Results

• Q1 net revenues $3.02 billion; gross margin 39.0%; operating margin 14.6%; net income $364 million
• Q1 free cash flow⁽¹⁾ $261 million after net capital expenditure payments of $405 million
• Business outlook at the mid-point: Q2 net revenues of $2.9 billion and gross margin of 39.5%

Geneva, April 29, 2021 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the first quarter ended April 3, 2021. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported first quarter net revenues of $3.02 billion, gross margin of 39.0%, operating margin of 14.6%, and net income of $364 million or $0.39 diluted earnings per share.

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

• “In the first quarter of 2021, net revenues increased 35.2% year-over-year. All product groups contributed to this growth, on continued acceleration of demand globally. Operating margin improved 420 basis points to 14.6% and net income increased 89.6% to $364 million.
• “On a sequential basis, net revenues decreased 6.8%, 270 basis points above the mid-point of our outlook. Automotive and Power Discrete products and Microcontrollers increased sequentially, partially offset by Personal Electronics products .
• “ST’s second quarter outlook, at the mid-point, is for net revenues of $2.9 billion, increasing year-over-year by 39%, and decreasing sequentially by 3.8% due to usual seasonality in Personal Electronics; gross margin is expected to be about 39.5%.
• “We will drive the Company based on a plan for FY21 revenues of $12.1 billion, plus or minus $150 million, a year-over-year increase of 18.4% at the mid-point. This growth is expected to be driven by strong dynamics in all end markets we address and our engaged customer programs.
• “For 2021, we now plan to invest about $2.0 billion in CAPEX to support the strong market demand and our strategic initiatives.”

Quarterly Financial Summary (U.S. GAAP)

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