STMicroelectronics Reports Q4 and FY 2023 Financial Results

PR No: C3230C

STMicroelectronics Reports Q4 and FY 2023 Financial Results

  • Q4 net revenues $4.28 billion; gross margin 45.5%; operating margin 23.9%; net income $1.08 billion
  • FY net revenues $17.29 billion; gross margin 47.9%; operating margin 26.7%; net income $4.21 billion
  • Business outlook at mid-point: Q1 net revenues of $3.6 billion and gross margin of 42.3%

Geneva, January 25, 2024 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the fourth quarter ended December 31, 2023. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported fourth quarter net revenues of $4.28 billion, gross margin of 45.5%, operating margin of 23.9%, and net income of $1.08 billion or $1.14 diluted earnings per share.

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

  • “FY23 revenues increased 7.2% to $17.29 billion. Operating margin was 26.7% compared to 27.5% in FY22 and net income increased 6.3% to $4.21 billion. We invested $4.11 billion in net CAPEX while delivering free cash flow of $1.77 billion.”
  • “In Q4, ST delivered revenues and gross margin slightly below the mid-point of the guidance, with higher revenues in Personal Electronics offset by a softer growth rate in Automotive.”
  • “In Q4, our customer order bookings decreased compared to Q3. We continued to see stable end-demand in Automotive, no significant increase in Personal Electronics, and further deterioration in Industrial.”
  • “Our first quarter business outlook, at the mid-point, is for net revenues of $3.6 billion, decreasing year-over-year by 15.2% and decreasing sequentially by 15.9%; gross margin is expected to be about 42.3%.”
  • “For 2024, we plan to invest about $2.5 billion in net CAPEX.”
  • “We will drive the Company based on a plan for FY24 revenues in the range of $15.9 billion to $16.9 billion. Within this plan, we expect a gross margin in the low to mid-40’s.”

Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data) Q4 2023 Q3 2023 Q4 2022 Q/Q Y/Y
Net Revenues $4,282 $4,431 $4,424 -3.4% -3.2%
Gross Profit $1,949 $2,109 $2,102 -7.6% -7.3%
Gross Margin 45.5% 47.6% 47.5% -210 bps -200 bps
Operating Income $1,023 $1,241 $1,287 -17.5% -20.5%
Operating Margin 23.9% 28.0% 29.1% -410 bps -520 bps
Net Income $1,076 $1,090 $1,248 -1.3% -13.8%
Diluted Earnings Per Share $1.14 $1.16 $1.32 -1.7% -13.6%

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