STMicroelectronics Reports Q2 2024 Financial Results

TL;DR

STMicroelectronics dropped its Q2 2024 earnings report on July 25th - check the 6-K for details.

AI Summary

STMicroelectronics N.V. reported its financial results for the second quarter of 2024 on July 25, 2024. The filing is a Form 6-K, which is a report of foreign private issuers. The press release enclosed details the company's performance for the quarter.

Why It Matters

This filing provides investors with the latest financial performance data for STMicroelectronics, a key player in the semiconductor industry, allowing for informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine financial results filing and does not indicate any unusual risks.

Key Players & Entities

• STMicroelectronics N.V. (company) — Registrant
• July 25, 2024 (date) — Date of press release and filing
• 2024 Second Quarter (date) — Period for financial results
• Form 6-K (document) — Type of SEC filing
• 1-13546 (document) — SEC File Number

FAQ

Key Financial Figures

• $3.23 billion — ter Financial Results Q2 net revenues $3.23 billion; gross margin 40.1%; operating margin 1
• $353 million — .1%; operating margin 11.6%; net income $353 million H1 net revenues $6.70 billion; gross
• $6.70 billion — t income $353 million H1 net revenues $6.70 billion; gross margin 40.9 %; operating margin
• $865 million — 9 %; operating margin 13.8%; net income $865 million Business outlook at mid-point: Q3 net
• $3.23 b — reported second quarter net revenues of $3.23 billion, gross margin of 40.1%, operating
• $0.38 — 1.6%, and net income of $353 million or $0.38 diluted earnings per share. Jean-Marc
• $3.25 b — t the mid-point, is for net revenues of $3.25 billion, decreasing year-over-year by 26.
• $13.2 billion — plan for FY24 revenues in the range of $13.2 billion to $13.7 billion. Within this plan, we
• $13.7 billion — venues in the range of $13.2 billion to $13.7 billion. Within this plan, we expect a gross ma
• $3,232 — 2024 Q2 2023 Q/Q Y/Y Net Revenues $3,232 $3,465 $4,326 -6.7% -25.3% Gross
• $3,465 — 2023 Q/Q Y/Y Net Revenues $3,232 $3,465 $4,326 -6.7% -25.3% Gross Profit
• $4,326 — /Q Y/Y Net Revenues $3,232 $3,465 $4,326 -6.7% -25.3% Gross Profit $1,296
• $1,296 — $4,326 -6.7% -25.3% Gross Profit $1,296 $1,444 $2,119 -10.2% -38.9% Gross
• $1,444 — -6.7% -25.3% Gross Profit $1,296 $1,444 $2,119 -10.2% -38.9% Gross Margin
• $2,119 — -25.3% Gross Profit $1,296 $1,444 $2,119 -10.2% -38.9% Gross Margin 40.1%

Filing Documents

• ss3672575_6k.htm (6-K) — 295KB
• image_001.jpg (GRAPHIC) — 42KB
• image_002.jpg (GRAPHIC) — 13KB
• 0000947871-24-000637.txt ( ) — 371KB

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 July, 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 July 25, 2024, announcing STMicroelectronics' 2024 Second Quarter Financial Results. PR No: C3273C STMicroelectronics Reports 2024 Second Quarter Financial Results Q2 net revenues $3.23 billion; gross margin 40.1%; operating margin 11.6%; net income $353 million H1 net revenues $6.70 billion; gross margin 40.9 %; operating margin 13.8%; net income $865 million Business outlook at mid-point: Q3 net revenues of $ 3.25 billion and gross margin of 38% Geneva, July 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 second quarter ended June 29, 2024. This press release also contains non-U.S. GAAP measures (see Appendix for additional information). ST reported second quarter net revenues of $3.23 billion, gross margin of 40.1%, operating margin of 11.6%, and net income of $353 million or $0.38 diluted earnings per share. Jean-Marc Chery, ST President & CEO, commented: “Q2 net revenues were above the midpoint of our business outlook range driven by higher revenues in Personal Electronics, partially offset by lower than expected revenues in Automotive. Gross margin was in line with expectations.” “First half net revenues decreased 21.9% year-over-year, mainly driven by a decrease in Microcontrollers and Power and Discrete segments. Operating margin was 13.8% and net income was $865 million.” “During the quarter, contrary to our prior expectations, customer orders for Industrial did not improve and Automotive demand declined.” “Our third quarter business outlook, at the mid-point, is for net revenues of $3.25 billion, decreasing year-over-year by 26.7% and increasing sequentially by 0.6%; gross margin is expected to be about 38%, impacted by about 350 basis points of unused capacity charges.” “We will now drive the Company based on a plan for FY24 revenues in the range of $13.2 billion to $13.7 billion. Within this plan, we expect a gross margin of about 40%.” Quarterly Financial Summary (U.S. GAAP) (US$ m, except per share data) Q2 2024 Q1 2024 Q2 2023 Q/Q Y/Y Net Revenues $3,232 $3,465 $4,326 -6.7% -25.3% Gross Profit $1,296 $1,444 $2,119 -10.2% -38.9% Gross Margin 40.1% 41.7% 49.0% -160 bps -890 bps Operating Income $375 $551 $1,146 -32.0% -67.3% Operating Margin 11.6% 15.9% 26.5% -430 bps -1,490 bps Net Income $353 $513 $1,001 -31.2% -64.8% Diluted Earnings Per Share $0.38 $0.54 $1.06 -29.6% -64.2% 1 Second Quarter 2024 Summary Review Reminder: On January 10, 2024, ST announced a new organization which implied a change in segment reporting starting Q1 2024. Comparative periods have been adjusted accordingly. See Appendix for more detail. Net Revenues by Reportable Segment (US$ m) Q2 2024 Q1 2024 Q2 2023 Q/Q Y/Y Analog products, MEMS and Sensors (AM&S) segment 1,165 1,217 1,293 -4.3% -10.0% Power and discrete products (P&D) segment 747 820 989 -8.8% -24.4% Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group 1,912 2,037 2,282 -6.1% -16.2% Microcontrollers (MCU) segment 800 950 1,482 -15.7% -46.0% Digital ICs and RF Products (D&RF) segment 516 475 558 8.6% -7.6% Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group 1,316 1,425 2,040 -7.6% -35.5% Others 4 3 4 - - Total Net Revenues 3,232 3,465 4,326 -6.7% -25.3% Net revenues totaled $3.23 billion, representing a year-over-year decrease of 25.3%. Year-over-year net sales to OEMs and Distribution decreased 14.9% and 43.7%, respectively. On a sequential basis, net revenues decreased 6.7%, 90 basis points better than the mid-point of ST’s guidance. Gross profit totaled $ 1.30 billion, representing a year-over-year decrease of 38.9 %. Gross margin of 40. 1 %, in line with the mid-point of ST’s guidance, decreased 890 basis points year-over-year, mainly due to the combination of product mix and sales price and higher unused capacity charges. Operating income decreased 67.3% to $375 million, compared to $1.15 billion in the year-ago quarter. ST’s operating margin decreased 1,490 basis points on a year-over-year ba

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