STMicroelectronics N.V. (STM) Misses Q3 EPS by 4c

October 27, 2016 8:47 AM EDT
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STMicroelectronics N.V. (NYSE: STM) reported Q3 EPS of $0.08, $0.04 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $1.8 billion.

"In the third quarter revenues increased 5.5% sequentially and 1.9% year-over year. Revenue growth also brought improved operating profitability, with a third quarter operating margin before impairment and restructuring of 6.6%," commented Carlo Bozotti, STMicroelectronics President and Chief Executive Officer.

"Sequential growth was driven by the increasing pervasiveness of ST's products in flagship smartphones, wearables and Internet of Things applications: from MEMS and sensors, including our latest 6-axis gyroscope, to imaging sensors, with new products based on our Time-of-Flight technology, to our expanding STM32 family of microcontrollers. In addition, we grew year-over-year in automotive and we continued to see positive momentum in industrial, the distribution channel and the mass market.

"In the quarter we completed the acquisition of NFC and RFID reader assets, strengthening our portfolio of secure microcontrollers for next-generation mobile and Internet of Things devices, while also improving our cash balance thanks to increased cash flow generated from operations."

For earnings history and earnings-related data on STMicroelectronics N.V. (STM) click here.

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