- Q1 net revenues $3.55 billion; gross margin 46.7%; operating margin 24.7%; net income $747 million
- Q1 free cash flow (1) $82 million after net capital expenditure payments of $840 million
- Business outlook at the mid-point: Q2 net revenues of $3.75 billion and gross margin of 46.0%
STMicroelectronics (NYSE: STM) reported U.S. GAAP financial results for the first quarter ended April 2, 2022. This press release also contains non-U.S. GAAP measures.
ST reported first quarter net revenues of $3.55 billion, gross margin of 46.7%, operating margin of 24.7%, and net income of $747 million or $0.79 diluted earnings per share.
Jean-Marc Chery, STMicroelectronics President & CEO, commented:
· “Q1 net revenues of $3.55 billion and gross margin of 46.7% came in above the mid-point of our business outlook range. This revenue performance, driven by strong demand in microcontrollers, was partially offset by temporarily reduced operations at our Shenzhen, China manufacturing facility due to the pandemic.
· “On a year-over-year basis, Q1 net revenues increased 17.6%, operating margin increased to 24.7% from 14.6% and net income more than doubled to $747 million.
· “ST’s second quarter outlook, at the mid-point, is for net revenues of $3.75 billion, increasing year-over-year by 25.3% and sequentially by 5.8%; gross margin is expected to be about 46.0%.
· “We continue to drive the Company based on a plan for FY22 revenues in the range of $14.8 billion to $15.3 billion.”
The press release is available as a PDF here.
