STMicroelectronics Reports 2022 Third Quarter Financial Results

PR No: C3129C

STMicroelectronics Reports 202 2 Third Quarter Financial Results

  • Q 3 net revenues $ 4.32 billion; gross margin 47.6 %; operating margin 29.4 %; net income $ 1.1 0 b illion
  • YTD net revenues $ 11.70 billion; gross margin 47.3 %; operating margin 26.9 %; net income $ 2.71 b illion
  • Business outlook at the mid-point: Q 4 net revenues of $ 4. 40 billion and gross margin of 47.3 %

Geneva, October 2 7 , 202 2 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the third quarter ended October 1, 2022. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

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:

  • Q 3 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 po rtfolio .
  • On a year-over-year basis, Q 3 net revenues increased 35.2 %, o perating m argin increased to 2 9.4 % from 1 8.9 % , and net income more than doubled to $ 1.10 b illion.
  • “First nine months net revenues increased 27. 2 % to $11.7 0 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 translate s into full year 2022 net revenues of about $ 16. 10 billion, representing a 2 6.2 % year-over-year growth and gross margin of about 47.3 % , in line with the plan we outlined in July .”

Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data) Q 3 202 2 Q 2 202 2 Q 3 20 2 1 Q/Q Y/Y
Net Revenues $ 4,321 $3,837 $3,197 12.6 % 35.2 %
Gross Profit$2,059$1,819 $1,330 13.2% 54.7%
Gross Margin 47.6% 47.4% 41.6% 20 bps    600 bps
Operating Income $1,272 $1,004 $605 26.7% 110.1%
Operating Margin 29.4 % 26.2% 18.9% 320 bps 1 , 050 bps
Net Income (a) $1,099 $867 $474 26.8% 131.8%
Diluted Earnings Per Share ( b ) $ 1.16 $ 0.92 $0.51 26.1 % 127.5 %

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