STMicroelectronics Reports 2019 First Quarter Financial Results

Some of these risk factors are set forth and are discussed in more detail in "Item 3. Key Information - Risk Factors" included in our Annual Report on Form 20-F for the year ended December 31, 2018, as filed with the SEC on February 28, 2019. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

About STMicroelectronics

ST is a global semiconductor leader delivering intelligent and energy-efficient products and solutions that power the electronics at the heart of everyday life. ST's products are found everywhere today, and together with our customers, we are enabling smarter driving and smarter factories, cities and homes, along with the next generation of mobile and Internet of Things devices.

By getting more from technology to get more from life, ST stands for life.augmented.

In 2018, the Company's net revenues were $9.66 billion, serving more than 100,000 customers worldwide.

Further information can be found at www.st.com.

For further information, please contact:

INVESTOR RELATIONS:
Céline Berthier
Group VP, Investor Relations
Tel: +41 22 929 58 12
celine.berthier@st.com

MEDIA RELATIONS:
Alexis Breton                                          
Corporate External Communications
STMicroelectronics
Tel: + 33 6 59 16 79 08
alexis.breton@st.com

STMicroelectronics N.V.    
CONSOLIDATED STATEMENTS OF INCOME    
(in millions of U.S. dollars, except per share data ($))    
     
  Three months ended
  March 30, March 31,
  2019 2018
  (Unaudited) (Unaudited)
     
Net sales   2,071   2,214
Other revenues   5   12
NET REVENUES   2,076   2,226
Cost of sales   (1,258)   (1,338)
GROSS PROFIT   818   888
Selling, general and administrative   (272)   (265)
Research and development   (368)   (349)
Other income and expenses, net   33   16
Impairment, restructuring charges and other related closure costs   -   (21)
Total operating expenses   (607)   (619)
OPERATING INCOME   211   269
Interest income (expense), net   2   (3)
Other components of pension benefit costs   (3)   (3)
Income (loss) on equity-method investments   1   -
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST   211   263
Income tax expense   (32)   (22)
NET INCOME   179   241
Net income attributable to noncontrolling interest   (1)   (2)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY   178   239
     
EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   0.20   0.27
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   0.20   0.26
     
NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 903.0 914.7


       
STMicroelectronics N.V.      
CONSOLIDATED BALANCE SHEETS      
As at March 30, December 31, March 31,
In millions of U.S. dollars 2019 2018 2018
  (Unaudited) (Audited) (Unaudited)
ASSETS      
Current assets:      
Cash and cash equivalents 2,307 2,266 1,791
Restricted cash 60 - -
Short-term deposits - - 14
Marketable securities 331 330 429
Trade accounts receivable, net 1,102 1,277 1,042
Inventories 1,765 1,562 1,435
Other current assets 454 419 449
Total current assets 6,019 5,854 5,160
Goodwill 163 121 125
Other intangible assets, net 291 212 205
Property, plant and equipment, net 3,740 3,495 3,371
Non-current deferred tax assets 659 672 632
Long-term investments 62 61 58
Other non-current assets 455 452 517
  5,370 5,013 4,908
Total assets 11,389 10,867 10,068
       
LIABILITIES AND EQUITY      
Current liabilities:      
Short-term debt 173 146 119
Trade accounts payable 895 981 979
Other payables and accrued liabilities 950 874 940
Dividends payable to stockholders 6 60 6
Accrued income tax 44 59 41
Total current liabilities 2,068 2,120 2,085
Long-term debt 2,015 1,764 1,593
Post-employment benefit obligations 381 385 393
Long-term deferred tax liabilities 14 14 12
Other long-term liabilities 298 160 216
  2,708 2,323 2,214
Total liabilities 4,776 4,443 4,299
Commitment and contingencies      
Equity      
Parent company stockholders' equity      
Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 nominal value, 1,200,000,000 shares authorized, 911,174,420 shares issued, 894,412,291 shares outstanding) 1,157 1,157 1,157
Capital surplus 2,881 2,843 2,743
Retained earnings 2,169 1,991 1,212
Accumulated other comprehensive income 474 509 724
Treasury stock (202) (141) (132)
Total parent company stockholders' equity 6,479 6,359 5,704
Noncontrolling interest 134 65 65
Total equity 6,613 6,424 5,769
Total liabilities and equity 11,389 10,867 10,068
       

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