STMicroelectronics N.V. (STM) Tops Q2 EPS by 7c

STMicroelectronics N.V. (NYSE: STM) reported Q2 EPS of $0.44, $0.07 better than the analyst estimate of $0.37. Revenue for the quarter came in at $2.99 billion versus the consensus estimate of $2.89 billion.

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

• “Q2 net revenues and gross margin came in at the high-end of our business outlook range driven by continued strong demand globally.
• “On a year-over-year basis, Q2 net revenues increased 43.4%. Q2 gross margin of 40.5% and operating margin of 16.3% improved 550 and 1,120 basis points, respectively, and net income increased 357.2% to $412 million.
• “First half net revenues increased 39.1% year-over-year, driven by growth in all product groups, except the RF Communications sub-group. Operating margin was 15.5% and net income $776 million.
• “ST’s third quarter outlook, at the mid-point, is for net revenues of $3.20 billion, increasing year-over-year and sequentially by 20.0% and 7.0%, respectively; gross margin is expected to be about 41.0%.
• “We will now drive the Company based on a plan for FY21 revenues of $12.5 billion, plus or minus $100 million, a year-over-year increase of 22.3% at the mid-point. This growth is expected to be driven by strong dynamics in all the end markets we address and our engaged customer programs. Our CAPEX plan will now be about $2.1 billion for 2021.

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

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