STMicroelectronics Reports Q4 and FY 2018 Financial Results

PR No: C2871C

STMicroelectronics Reports Q4 and FY 2018 Financial Results

  • Q4: Net revenues $2.65 billion; operating margin 16.8%; net income $418 million
  • FY: Net revenues up 15.8% to $9.66 billion, operating income up 39.3% to $1.40 billion, net income up 60.4% to $1.29 billion
  • Q1 2019 business outlook at mid-point: net revenues of about $2.1 billion and gross margin of about 39.0%

Geneva, January 24, 2019 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the fourth quarter and year ended December 31, 2018. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported fourth quarter net revenues of $2.65 billion, gross margin of 40.0%, operating margin of 16.8%, and net income of $418 million or $0.46 diluted earnings per share.

Jean-Marc Chery, STMicroelectronics President & CEO, commented:

  • "ST delivered a solid performance in the fourth quarter, with net revenues and operating income increasing sequentially 5.0% and 11.5%, respectively.
  • "Net revenues in 2018 increased by 15.8% year-over-year led by Imaging, Automotive and Power Discrete.
  • "2018 has been an important year for ST. In line with the objectives we had set, we achieved significant revenue growth across our product groups, as well as a strong expansion of profitability and cash flow from operations.
  • "Our first quarter outlook is for revenues of about $2.1 billion at the mid-point, decreasing year-over-year by about 5.7%. Sequentially, this represents a decrease of about 20.7%, reflecting the combined impact of increased unfavorable dynamics in some of the end markets we serve, on top of normal first quarter seasonality. From a profitability perspective, we expect a gross margin of about 39% at the mid-point.
  • "For 2019 our key objectives are to continue outperforming our served market, to balance our end market and application focus and to execute on our strategic technology, R&D and manufacturing programs. Therefore, we expect to invest between $1.2 to $1.3 billion in CAPEX."

Quarterly Financial Summary (U.S. GAAP)(1)

(US$ in millions except earnings per share) Q4 2018 Q3 2018 Q4 2017 Q/Q Y/Y
Net Revenues $2,648 $2,522 $2,466 5.0% 7.4%
Gross Profit 1,059 1,003 1,003 5.6% 5.6%
Gross Margin 40.0% 39.8% 40.7% 20 bps (70) bps
Operating Income $443 $398 $411 11.5% 7.9%
Operating Margin 16.8% 15.8% 16.7% 100 bps 10 bps
Net Income $418 $369 $308 13.1% 35.4%
Diluted Earnings Per Share $0.46 $0.41 $0.34 12.2% 35.3%

(1)   Certain amounts in the prior periods have been adjusted to reflect the January 1, 2018 adoption of ASU 2017-07 related to the reclassification of certain pension costs.

Annual Financial Summary (U.S. GAAP)(1)

(US$ in millions except earnings per share) FY2018 FY2017 Y/Y
Net Revenues $9,664 $8,347 15.8%
Gross Profit 3,861 3,272 18.0%
Gross Margin 40.0% 39.2% 80 bps
Operating Income $1,400 $1,005 39.3%
Operating Margin 14.5% 12.0% 250 bps
Net Income $1,287 $802 60.4%
Diluted Earnings Per Share $1.41 $0.89 58.4%

(1)   Certain amounts in the prior periods have been adjusted to reflect the January 1, 2018 adoption of ASU 2017-07 related to the reclassification of certain pension costs.


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