04.29.22
STMicroelectronics reported US GAAP financial results for the first quarter ended April 2, 2022. ST reported first quarter net revenues of $3.55 billion, gross margin of 46.7%, operating margin of 24.7%, and net income of $747 million or $0.79 diluted earnings per share.
“ST’s second quarter outlook, at the mid-point, is for net revenues of $3.75 billion, increasing year-over-year by 25.3% and sequentially by 5.8%; gross margin is expected to be about 46.0%,” said Jean-Marc Chery, STMicroelectronics president and CEO. “Q1 net revenues of $3.55 billion and gross margin of 46.7% came in above the mid-point of our business outlook range . This reve-nue performance, driven by strong demand in microcontrollers, was partially offset by temporarily reduced operations at our Shenzhen, China manufacturing facility due to the pandemic.
“On a year-over-year basis, Q1 net revenues increased 17.6%, operating margin increased to 24.7% from 14.6% and net income more than doubled to $747 million,” added Chery.
Net revenues totaled $3.55 billion, a year-over-year increase of 17.6%. On a year-over-year basis, the company recorded higher net sales in all product groups except the Imaging sub-group, as ex-pected. Year-over-year net sales to OEMs and Distribution increased 14.4% and 24%, respective-ly.
Gross profit totaled $1.65 billion, a year-over-year increase of 40.8%. Gross margin of 46.7% in-creased 770 basis points year-over-year, principally due to improved product mix and favorable pricing, and was 170 basis points above the mid- point of the company’s guidance.
Free cash flow (non-US GAAP) was $82 million in the first quarter, compared to $261 million in the year-ago quarter.
“ST’s second quarter outlook, at the mid-point, is for net revenues of $3.75 billion, increasing year-over-year by 25.3% and sequentially by 5.8%; gross margin is expected to be about 46.0%,” said Jean-Marc Chery, STMicroelectronics president and CEO. “Q1 net revenues of $3.55 billion and gross margin of 46.7% came in above the mid-point of our business outlook range . This reve-nue performance, driven by strong demand in microcontrollers, was partially offset by temporarily reduced operations at our Shenzhen, China manufacturing facility due to the pandemic.
“On a year-over-year basis, Q1 net revenues increased 17.6%, operating margin increased to 24.7% from 14.6% and net income more than doubled to $747 million,” added Chery.
Net revenues totaled $3.55 billion, a year-over-year increase of 17.6%. On a year-over-year basis, the company recorded higher net sales in all product groups except the Imaging sub-group, as ex-pected. Year-over-year net sales to OEMs and Distribution increased 14.4% and 24%, respective-ly.
Gross profit totaled $1.65 billion, a year-over-year increase of 40.8%. Gross margin of 46.7% in-creased 770 basis points year-over-year, principally due to improved product mix and favorable pricing, and was 170 basis points above the mid- point of the company’s guidance.
Free cash flow (non-US GAAP) was $82 million in the first quarter, compared to $261 million in the year-ago quarter.
