STMicroelectronics Reports Q1 2024 Financial Results

TL;DR

STM dropped Q1 results on 4/25, check the press release for the numbers.

AI Summary

STMicroelectronics N.V. reported its first quarter 2024 financial results on April 25, 2024. The filing, a Form 6-K, includes a press release detailing these results. The company is a semiconductor manufacturer.

Why It Matters

This filing provides investors with the latest financial performance data for STMicroelectronics, a key player in the semiconductor industry, impacting its stock valuation and future outlook.

Risk Assessment

Risk Level: low — This is a routine financial results filing and does not introduce new risks.

Key Players & Entities

• STMicroelectronics N.V. (company) — Registrant
• April 25, 2024 (date) — Date of press release and filing
• 2024 First Quarter (period) — Financial reporting period

FAQ

Key Financial Figures

• $3.47 billion — ter Financial Results Q1 net revenues $3.47 billion; gross margin 41.7%; operating margin 1
• $513 million — .7%; operating margin 15.9%; net income $513 million Q1 free cash flow [1] $(134) million
• $967 million — 1] $(134) million after Net Capex 1 of $967 million Business outlook at mid-point: Q2 net
• $3.2 billion — utlook at mid-point: Q2 net revenues of $3.2 billion and gross margin of 40% Geneva, April
• $3.47 b — reported first quarter net revenues of $3.47 billion, gross margin of 41.7%, operating
• $0.54 — 5.9%, and net income of $513 million or $0.54 diluted earnings per share. Jean-Marc
• $3.2 b — t the mid-point, is for net revenues of $3.2 billion, decreasing year-over-year by 26.
• $14 billion — plan for FY24 revenues in the range of $14 billion to $15 billion. Within this plan, we ex
• $15 billion — revenues in the range of $14 billion to $15 billion. Within this plan, we expect a gross ma
• $2.5 billion — our Net Capex 1 plan for FY24 at about $2.5 billion focusing on our strategic manufacturing
• $3,465 — 2023 Q1 2023 Q/Q Y/Y Net Revenues $3,465 $4,282 $4,247 -19.1% -18.4% Gross
• $4,282 — 2023 Q/Q Y/Y Net Revenues $3,465 $4,282 $4,247 -19.1% -18.4% Gross Profit
• $4,247 — /Q Y/Y Net Revenues $3,465 $4,282 $4,247 -19.1% -18.4% Gross Profit $1,444
• $1,444 — $4,247 -19.1% -18.4% Gross Profit $1,444 $1,949 $2,110 -26.0% -31.6% Gross
• $1,949 — -19.1% -18.4% Gross Profit $1,444 $1,949 $2,110 -26.0% -31.6% Gross Margin

Filing Documents

• ss3308173_6k.htm (6-K) — 269KB
• image_001.jpg (GRAPHIC) — 18KB
• image_002.jpg (GRAPHIC) — 3KB
• 0000947871-24-000416.txt ( ) — 298KB

From the Filing

OF FOREIGN PRIVATE ISSUER UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April, 2024 Commission File Number: 1-13546 STMicroelectronics N.V. (Name of Registrant) WTC Schiphol Airport Schiphol Boulevard 265 1118 BH Schiphol Airport The Netherlands (Address of Principal Executive Offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20F or Form 40F: Form 20F x Form 40F o Enclosure: A press release dated April 25, 2024, announcing STMicroelectronics' 2024 First Quarter Financial Results. PR No: C3254C STMicroelectronics Reports 2024 First Quarter Financial Results Q1 net revenues $3.47 billion; gross margin 41.7%; operating margin 15.9%; net income $513 million Q1 free cash flow [1] $(134) million after Net Capex 1 of $967 million Business outlook at mid-point: Q2 net revenues of $3.2 billion and gross margin of 40% Geneva, April 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 first quarter ended March 30, 2024. This press release also contains non-U.S. GAAP measures (see Appendix for additional information). ST reported first quarter net revenues of $3.47 billion, gross margin of 41.7%, operating margin of 15.9%, and net income of $513 million or $0.54 diluted earnings per share. Jean-Marc Chery, ST President & CEO, commented: “Q1 net revenues and gross margin both came in below the midpoint of our business outlook range, driven by lower revenues in Automotive and Industrial, partially offset by higher revenues in Personal Electronics.” “On a year-over-year basis, Q1 net revenues decreased 18.4%, operating margin decreased to 15.9% from 28.3% and net income decreased 50.9% to $513 million.” “During the quarter, Automotive semiconductor demand slowed down compared to our expectations, entering a deceleration phase, while the ongoing Industrial correction accelerated.” “Our second quarter business outlook, at the mid-point, is for net revenues of $3.2 billion, decreasing year-over-year by 26.0% and decreasing sequentially by 7.6%; gross margin is expected to be about 40%.” “We will now drive the Company based on a revised plan for FY24 revenues in the range of $14 billion to $15 billion. Within this plan, we expect a gross margin in the low 40’s.” “We plan to maintain our Net Capex 1 plan for FY24 at about $2.5 billion focusing on our strategic manufacturing initiatives.” Quarterly Financial Summary (U.S. GAAP) (US$ m, except per share data) Q1 2024 Q4 2023 Q1 2023 Q/Q Y/Y Net Revenues $3,465 $4,282 $4,247 -19.1% -18.4% Gross Profit $1,444 $1,949 $2,110 -26.0% -31.6% Gross Margin 41.7% 45.5% 49.7% -380 bps -800 bps Operating Income $551 $1,023 $1,201 -46.1% -54.1% Operating Margin 15.9% 23.9% 28.3% -800 bps -1,240 bps Net Income $513 $1,076 $1,044 -52.4% -50.9% Diluted Earnings Per Share $0.54 $1.14 $1.10 -52.6% -50.9% 1 Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important. 1 First Quarter 2024 Summary Review Reminder: On January 10, 2024, ST announced a new organization which implied a change in segment reporting starting Q1 2024. Comparative periods have been adjusted accordingly. See Appendix for more detail. Net Revenues by Reportable Segment (US$ m) Q1 2024 Q4 2023 Q1 2023 Q/Q Y/Y Analog products, MEMS and Sensors (AM&S) segment 1,217 1,418 1,400 -14.2% -13.1% Power and discrete products (P&D) segment 820 965 909 -15.1% -9.8% Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group 2,037 2,383 2,309 -14.5% -11.8% Microcontrollers (MCU) segment 950 1,272 1,448 -25.3% -34.4% Digital ICs and RF Products (D&RF) segment 475 623 486 -23.8% -2.1% Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group 1,425 1,895 1,934 -24.8% -26.3% Others 3 4 4 - - Total Net Revenues 3,465 4,282 4,247 -19.1% -18.4% Net revenues totaled $3.47 billion, representing a year-over-year decrease of 18.4%. Year-over-year net sales to OEMs and Distribution decreased 11.5% and 30.8%, respectively. On a sequential basis, net revenues decreased 19.1%, 320 basis points lower than the mid-point of ST’s guidance. Gross profit totaled $ 1.44 billion, representing a year-over-year decrease of 31.6 %. Gross margin of 41.7 %, 60 basis points below the mid-point of ST’s guidance, decreased 800 basis points year-over-year, mainly due to the combination of sales price and product mix, unuse

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