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- STMicroelectronics NV STM reported third-quarter FY21 revenue growth of 19.9% year-on-year to $3.197 billion, missing the consensus of $3.21 billion. Sales to OEMs increased 9.9%, Distribution sales improved 48.6% Y/Y.
- Automotive and Discrete Group (ADG) revenue rose 18.1% Y/Y to $1.005 billion. Analog, MEMS, and Sensors Group (AMS) revenue increased 27.1% Y/Y to $1.268 billion. Microcontrollers and Digital ICs Group (MDG) revenue grew 12.9% Y/Y to $920 million.
- Margins: The gross margin expanded 560 bps to 41.6%. Improved product mix, manufacturing efficiencies, favorable pricing, and lower unloading charges drove the margin partially offset by adverse currency effects, net of hedging.
- The operating margin expanded by 660 bps to 18.9%.
- EPS of $0.51 missed the consensus of $0.53.
- STMicroelectronics generated $895 million in operating cash flow and held $3.5 billion in cash and equivalents.
- Outlook: STMicroelectronics sees Q4 mid-point revenue of $3.4 billion and expects a gross margin of 43%.
- For FY21, STMicroelectronics sees revenues at the mid-point of $12.6 billion.
- Price Action: STM shares traded higher by 4.62% at $47.11 in the premarket session on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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