STMicroelectronics Reports Q3 2024 Financial Results

TL;DR

STMicroelectronics dropped its Q3 2024 earnings report on Oct 31st.

AI Summary

STMicroelectronics N.V. reported its third quarter 2024 financial results on October 31, 2024. The filing includes a press release detailing these results, but the specific net income or revenue figures for Q3 2024 are not provided in the excerpt. The company is a foreign private issuer filing a Form 6-K.

Why It Matters

This filing provides investors with the latest financial performance data for STMicroelectronics, a key player in the semiconductor industry, allowing for assessment of its current business health and market position.

Risk Assessment

Risk Level: low — This is a routine financial results filing with no immediate indication of significant new risks or negative developments.

Key Players & Entities

• STMicroelectronics N.V. (company) — Registrant
• October 31, 2024 (date) — Reporting date for Q3 financial results
• 1-13546 (other) — SEC Commission File Number
• 3674 (other) — Standard Industrial Classification Code for Semiconductors & Related Devices

FAQ

Key Financial Figures

• $3.25 billion — ter Financial Results Q3 net revenues $3.25 billion; gross margin 37.8%; operating margin 1
• $351 million — .8%; operating margin 11.7%; net income $351 million YTD net revenues $9.95 billion; gross
• $9.95 billion — income $351 million YTD net revenues $9.95 billion; gross margin 39.9%; operating margin 1
• $1.22 billion — .9%; operating margin 13.1%; net income $1.22 billion Business outlook at mid-point: Q4 net
• $3.32 b — t the mid-point, is for net revenues of $3.32 billion, decreasing year-over-year by 22.
• $13.27 b — s into full year 2024 revenues of about $13.27 billion, representing a 23.2% year-over-y
• $3,251 — 2024 Q3 2023 Q/Q Y/Y Net Revenues $3,251 $3,232 $4,431 0.6% -26.6% Gross P
• $3,232 — 2023 Q/Q Y/Y Net Revenues $3,251 $3,232 $4,431 0.6% -26.6% Gross Profit $
• $4,431 — /Q Y/Y Net Revenues $3,251 $3,232 $4,431 0.6% -26.6% Gross Profit $1,228 $
• $1,228 — 2 $4,431 0.6% -26.6% Gross Profit $1,228 $1,296 $2,109 -5.2% -41.8% Gross
• $1,296 — 1 0.6% -26.6% Gross Profit $1,228 $1,296 $2,109 -5.2% -41.8% Gross Margin
• $2,109 — -26.6% Gross Profit $1,228 $1,296 $2,109 -5.2% -41.8% Gross Margin 37.8% 4
• $381 — -230 bps -980 bps Operating Income $381 $375 $1,241 1.8% -69.3% Operating
• $375 — bps -980 bps Operating Income $381 $375 $1,241 1.8% -69.3% Operating Margi
• $1,241 — 980 bps Operating Income $381 $375 $1,241 1.8% -69.3% Operating Margin 11.7%

Filing Documents

• ss4061646_6k.htm (6-K) — 297KB
• image_001.jpg (GRAPHIC) — 17KB
• image_002.jpg (GRAPHIC) — 3KB
• 0000947871-24-000830.txt ( ) — 325KB

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 October, 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 October 31, 2024, announcing STMicroelectronics' 2024 Third Quarter Financial Results. PR No: C3290C STMicroelectronics Reports 2024 Third Quarter Financial Results Q3 net revenues $3.25 billion; gross margin 37.8%; operating margin 11.7%; net income $351 million YTD net revenues $9.95 billion; gross margin 39.9%; operating margin 13.1%; net income $1.22 billion Business outlook at mid-point: Q4 net revenues of $ 3.32 billion and gross margin of 38 % Launch of a new company-wide program to reshape our manufacturing footprint accelerating our wafer fab capacity to 300mm Silicon and 200mm Silicon Carbide and resizing our global cost base Geneva, October 31, 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 third quarter ended September 28, 2024. This press release also contains non-U.S. GAAP measures (see Appendix for additional information). ST reported third quarter net revenues of $ 3.25 billion, gross margin of 37.8%, operating margin of 11.7%, and net income of $ 351 million or $ 0.37 diluted earnings per share. Jean-Marc Chery, ST President & CEO, commented: “Q3 net revenues were in line with the midpoint of our business outlook range. Our revenues, compared to our expectations, were higher in Personal Electronics, declined less in Industrial and were lower in Automotive. Q3 gross margin of 37.8% was broadly in line with the mid-point of our business outlook range.” “First nine months net revenues decreased 23.5% year-over-year across all reportable segments, particularly in Microcontrollers, which is impacted by a continuing weakness in the Industrial market. Operating margin was 13.1% and net income was $1.22 billion.” “Our fourth quarter business outlook, at the mid-point, is for net revenues of $3.32 billion, decreasing year-over-year by 22.4% and increasing sequentially by 2.2%; gross margin is expected to be about 38%, impacted by about 400 basis points of unused capacity charges.” “The midpoint of this outlook translates into full year 2024 revenues of about $13.27 billion, representing a 23.2% year-over-year decrease, in the low-end of the range indicated in the previous quarter, and a gross margin slightly below that provided in such indication.” “Based on our current customer order backlog and demand visibility, we anticipate a revenue decline between Q4 2024 and Q1 2025 well above normal seasonality.” “We are launching a new company-wide program to reshape our manufacturing footprint accelerating our wafer fab capacity to 300mm Silicon (Agrate and Crolles) and 200mm Silicon Carbide (Catania) and resizing our global cost base. This program should result in strengthening our capability to grow our revenues with an improved operating efficiency resulting in annual cost savings in the high triple-digit million-dollar range exiting 2027.” Quarterly Financial Summary (U.S. GAAP) (US$ m, except per share data) Q3 2024 Q2 2024 Q3 2023 Q/Q Y/Y Net Revenues $3,251 $3,232 $4,431 0.6% -26.6% Gross Profit $1,228 $1,296 $2,109 -5.2% -41.8% Gross Margin 37.8% 40.1% 47.6% -230 bps -980 bps Operating Income $381 $375 $1,241 1.8% -69.3% Operating Margin 11.7% 11.6% 28.0% 10 bps -1,630 bps Net Income $351 $353 $1,090 -0.6% -67.8% Diluted Earnings Per Share $0.37 $0.38 $1.16 -2.6% -68.1% 1 Third Quarter 2024 Summary Review Reminder: On January 10, 2024, ST announced a new organization which implied a change in segment reporting starting Q1 2024. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail. Net Revenues by Reportable Segment (US$ m) Q3 2024 Q2 2024 Q3 2023 Q/Q Y/Y Analog products, MEMS and Sensors (AM&S) segment 1,185 1,165 1,367 1.7% -13.3% Power and discrete products (P&D) segment 807 747 989 7.9% -18.4% Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group 1,992 1,912 2,356 4.2% -15.5% Microcontrollers (MCU) segment 829 800 1,466 3.6% -43.4% Digital ICs and RF Products (D&RF) segment 426 516 605 -17.4% -29.7% Subtotal: Microcontrollers, Digital ICs and RF

View Full Filing

View this 6-K filing on SEC EDGAR