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WKN: 893438 | ISIN: NL0000226223 | Ticker-Symbol: SGM
Tradegate
31.01.25
21:45 Uhr
21,535 Euro
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STMicroelectronics N.V.: STMicroelectronics Reports Q4 and FY 2024 Financial Results

Finanznachrichten News

Press Release: STMicroelectronics Reports Q4 and FY 2024 Financial Results

PR No: C3309C

STMicroelectronics Reports Q4 and FY 2024 Financial Results

-- Q4 net revenues $3.32 billion; gross margin 37.7%; operating margin 
   11.1%; net income $341 million 
 
  -- FY net revenues $13.27 billion; gross margin 39.3%; operating margin 
   12.6%; net income $1.56 billion 
 
  -- Business outlook at mid-point: Q1 net revenues of $2.51 billion and gross 
   margin of 33.8% 
 
  -- Start of the company-wide program to resize global cost base* 

Geneva, January 30, 2025 -- STMicroelectronics N.V. ("ST") (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the fourth quarter ended December 31, 2024. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported fourth quarter net revenues of $3.32 billion, gross margin of 37.7%, operating margin of 11.1%, and net income of $341 million or $0.37 diluted earnings per share.

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

-- "FY24 revenues decreased 23.2% to $13.27 billion. Operating margin was 
   12.6% compared to 26.7% in FY23 and net income decreased 63.0% to $1.56 
   billion. We invested $2.53 billion in Net Capex (non-U.S. GAAP) while 
   delivering free cash flow (non-U.S. GAAP) of $288 million." 
 
  -- "Q4 net revenues were in line with the mid-point of our business outlook 
   range driven by higher revenues in Personal Electronics offset by lower 
   revenues in Industrial, while Automotive and CECP were as expected. Q4 
   gross margin of 37.7% was broadly in line with the mid-point of our 
   business outlook range." 
 
  -- "Our book-to-bill ratio remained below 1 in Q4 as we continued to face a 
   delayed recovery and inventory correction in Industrial and a slowdown in 
   Automotive, both particularly in Europe." 
 
  -- "Our first quarter business outlook, at the mid-point, is for net 
   revenues of $2.51 billion, decreasing year-over-year by 27.6% and 
   decreasing sequentially by 24.4%; gross margin is expected to be about 
   33.8%, impacted by about 500 basis points of unused capacity charges." 
 
  -- "For 2025, we plan to invest between $2.0 to $2.3 billion in Net Capex 
   (non-U.S. GAAP)." 

Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data) Q4 2024 Q3 2024 Q4 2023  Q/Q    Y/Y 
------------------------------ ------- ------- ------- ------- ---------- 
Net Revenues           $3,321  $3,251  $4,282   2.2%   -22.4% 
------------------------------ ------- ------- ------- ------- ---------- 
Gross Profit           $1,253  $1,228  $1,949   2.1%   -35.7% 
------------------------------ ------- ------- ------- ------- ---------- 
Gross Margin           37.7%  37.8%  45.5% -10 bps  -780 bps 
------------------------------ ------- ------- ------- ------- ---------- 
Operating Income          $369   $381  $1,023  -3.3%   -64.0% 
------------------------------ ------- ------- ------- ------- ---------- 
Operating Margin         11.1%  11.7%  23.9% -60 bps -1,280 bps 
------------------------------ ------- ------- ------- ------- ---------- 
Net Income             $341   $351  $1,076  -2.6%   -68.3% 
------------------------------ ------- ------- ------- ------- ---------- 
Diluted Earnings Per Share    $0.37  $0.37  $1.14    0%   -67.5% 
------------------------------ ------- ------- ------- ------- ---------- 
 

* For each of the concerned countries, the start of the program will take place in accordance with applicable regulations.

Annual Financial Summary (U.S. GAAP)

(US$ m, except earnings per share 
 data)               FY2024  FY2023   Y/Y 
---------------------------------- ------- ------- ---------- 
Net Revenues            $13,269 $17,286   -23.2% 
---------------------------------- ------- ------- ---------- 
Gross Profit             $5,220  $8,287   -37.0% 
---------------------------------- ------- ------- ---------- 
Gross Margin             39.3%  47.9%  -860 bps 
---------------------------------- ------- ------- ---------- 
Operating Income           $1,676  $4,611   -63.7% 
---------------------------------- ------- ------- ---------- 
Operating Margin           12.6%  26.7% -1,410 bps 
---------------------------------- ------- ------- ---------- 
Net Income              $1,557  $4,211   -63.0% 
---------------------------------- ------- ------- ---------- 
Diluted Earnings Per Share      $1.66  $4.46   -62.8% 
---------------------------------- ------- ------- ---------- 
 

Fourth Quarter 2024 Summary Review

Reminder: On January 10, 2024, ST announced a new organization which implied a change in segment reporting starting Q1 2024. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

Net Revenues by Reportable Segment (US$     Q4    Q3    Q4 
  m)                      2024   2024   2023   Q/Q   Y/Y 
-------------------------------------------- -------- -------- -------- ------- -------- 
 Analog products, MEMS and Sensors (AM&S) 
  segment                    1,198   1,185   1,418   1.1%  -15.5% 
-------------------------------------------- -------- -------- -------- ------- -------- 
 Power and discrete products (P&D) segment    752    807    965  -6.8%  -22.1% 
-------------------------------------------- -------- -------- -------- ------- -------- 
 Subtotal: Analog, Power & Discrete, 
  MEMS and Sensors (APMS) Product Group     1,950   1,992   2,383  -2.1%  -18.2% 
-------------------------------------------- -------- -------- -------- ------- -------- 
 Microcontrollers (MCU) segment          887    829   1,272   7.0%  -30.2% 
-------------------------------------------- -------- -------- -------- ------- -------- 
 Digital ICs and RF Products (D&RF) segment    481    426    623  13.0%  -22.8% 
-------------------------------------------- -------- -------- -------- ------- -------- 
 Subtotal: Microcontrollers, Digital 
  ICs and RF products (MDRF) Product Group   1,368   1,255   1,895   9.0%  -27.8% 
-------------------------------------------- -------- -------- -------- ------- -------- 
 Others                       3     4     4    -     - 
-------------------------------------------- -------- -------- -------- ------- -------- 
 Total Net Revenues              $3,321  $3,251  $4,282   2.2%  -22.4% 
-------------------------------------------- -------- -------- -------- ------- -------- 
 

Net revenues totaled $3.32 billion, representing a year-over-year decrease of 22.4%. Year-over-year net sales to OEMs and Distribution decreased 19.8% and 28.7%, respectively. On a sequential basis, net revenues increased 2.2%, in line with the mid-point of ST's guidance.

Gross profit totaled $1.25 billion, representing a year-over-year decrease of 35.7%. Gross margin of 37.7%, 30 basis points below the mid-point of ST's guidance, decreased 780 basis points year-over-year, mainly due to product mix and, to a lesser extent, to sales price and higher unused capacity charges.

Operating income decreased 64.0% to $369 million, compared to $1.02 billion in the year-ago quarter. ST's operating margin decreased 1,280 basis points on a year-over-year basis to 11.1% of net revenues, compared to 23.9% in the fourth quarter of 2023.

By reportable segment(1) , compared with the year-ago quarter:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

Analog products, MEMS and Sensors (AM&S) segment:

-- Revenue decreased 15.5% mainly due to decreases in Analog and in Imaging. 
 
 
  -- Operating profit decreased by 41.2% to $176 million. Operating margin was 
   14.7% compared to 21.1%. 

Power and Discrete products (P&D) segment:

-- Revenue decreased 22.1%. 
 
  -- Operating profit decreased by 63.7% to $89 million. Operating margin was 
   11.9% compared to 25.4%. 

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

Microcontrollers (MCU) segment:

-- Revenue decreased 30.2% mainly due to a decrease in GP MCU. 
 
  -- Operating profit decreased by 66.4% to $127 million. Operating margin was 
   14.3% compared to 29.8%. 

Digital ICs and RF products (D&RF) segment:

-- Revenue decreased 22.8% mainly due to a decrease in ADAS (automotive ADAS 
   and infotainment). 
 
  -- Operating profit decreased by 33.2% to $149 million. Operating margin was 
   31.0% compared to 35.7%. 

Net income and diluted Earnings Per Share decreased to $341 million and $0.37 respectively compared to $1.08 billion and $1.14 respectively in the year-ago quarter. As a reminder, the fourth quarter 2023 net income included a one-time non-cash income tax benefit of $191 million.

Cash Flow and Balance Sheet Highlights

Trailing 12 Months 
------------- -------- -------- --------- -------------------------------- 
          Q4    Q3                     TTM 
 (US$ m)     2024   2024   Q4 2023  Q4 2024  Q4 2023   Change 
------------- -------- -------- --------- --------- --------- ---------- 
 Net cash 
  from 
  operating 
  activities    681    723   1,480   2,965   5,992   -50.5% 
------------- -------- -------- --------- --------- --------- ---------- 
 Free cash 
  flow 
  (non-U.S. 
  GAAP)(2)     128    136    652    288   1,774   -83.8% 
------------- -------- -------- --------- --------- --------- ---------- 
 

Net cash from operating activities was $681 million in the fourth quarter compared to $1.48 billion in the year-ago quarter. For the full-year 2024, net cash from operating activities decreased 50.5% to $2.97 billion, which represents 22.3% of total revenues.

Net Capex (non-U.S. GAAP), were $470 million in the fourth quarter and $2.53 billion for the full year 2024. In the respective year-ago periods, net capital expenditures were $798 million and $4.11 billion.

Free cash flow (non-U.S. GAAP) was $128 million and $288 million in the fourth quarter and full year 2024, respectively, compared to $652 million and $1.77 billion in the year-ago respective periods.

Inventory at the end of the fourth quarter was $2.79 billion, compared to $2.88 billion in the previous quarter and $2.70 billion in the year-ago quarter. Days sales of inventory at quarter-end was 122 days, compared to 130 days in the previous quarter, and 104 days in the year-ago quarter.

In the fourth quarter, ST paid cash dividends to its stockholders totaling $88 million and executed a $92 million share buy-back, as part of its current share repurchase program.

ST's net financial position (non-U.S. GAAP) was $3.23 billion as of December 31, 2024, compared to $3.18 billion as of September 28, 2024 and reflected total liquidity of $6.18 billion and total financial debt of $2.95 billion. Adjusted net financial position (non-U.S. GAAP), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.85 billion as of December 31, 2024.

Corporate developments

In Q4, we announced the launch of a new company-wide program to reshape our manufacturing footprint accelerating our wafer fab capacity to 300mm Silicon (Agrate and Crolles) and 200mm Silicon Carbide (Catania) and resizing our global cost base.

This program should result in strengthening our capability to grow our revenues with an improved operating efficiency resulting in annual cost savings in the high triple-digit million-dollar range exiting 2027. Specifically in terms of operating expenses (SG&A and R&D), ST expects annual cost savings totaling $300 to 360 million, exiting 2027, compared to the cost base of 2024.

Business Outlook

ST's guidance, at the mid-point, for the 2025 first quarter is:

-- Net revenues are expected to be $2.51 billion, a decrease of 24.4% 
   sequentially, plus or minus 350 basis points. 
 
  -- Gross margin of 33.8%, plus or minus 200 basis points. 
 
  -- This outlook is based on an assumed effective currency exchange rate of 
   approximately $1.06 = EUR1.00 for the 2025 first quarter and includes the 
   impact of existing hedging contracts. 
 
  -- The first quarter will close on March 29, 2025. 

Conference Call and Webcast Information

ST will conduct a conference call with analysts, investors and reporters to discuss its fourth quarter and full year 2024 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST's website, https://investors.st.com, and will be available for replay until February 14, 2025.

Use of Supplemental Non-U.S. GAAP Financial Information

This press release contains supplemental non-U.S. GAAP financial information.

Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST's consolidated financial statements prepared in accordance with U.S. GAAP.

See the Appendix of this press release for a reconciliation of ST's non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

Forward-looking Information

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management's current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors:

-- changes in global trade policies, including the adoption and expansion of 
   tariffs and trade barriers, that could affect the macro-economic 
   environment and adversely impact the demand for our products; 
 
  -- uncertain macro-economic and industry trends (such as inflation and 
   fluctuations in supply chains), which may impact production capacity and 
   end-market demand for our products; 
 
  -- customer demand that differs from projections which may require us to 
   undertake transformation measures that may not be successful in realizing 
   the expected benefits in full or at all; 
 
  -- the ability to design, manufacture and sell innovative products in a 
   rapidly changing technological environment; 
 
  -- changes in economic, social, public health, labor, political, or 
   infrastructure conditions in the locations where we, our customers, or 
   our suppliers operate, including as a result of macroeconomic or regional 
   events, geopolitical and military conflicts, social unrest, labor actions, 
   or terrorist activities; 
 
  -- unanticipated events or circumstances, which may impact our ability to 
   execute our plans and/or meet the objectives of our R&D and manufacturing 
   programs, which benefit from public funding; 
 
  -- financial difficulties with any of our major distributors or significant 
   curtailment of purchases by key customers; 
 
  -- the loading, product mix, and manufacturing performance of our production 
   facilities and/or our required volume to fulfill capacity reserved with 
   suppliers or third-party manufacturing providers; 
 
  -- availability and costs of equipment, raw materials, utilities, 
   third-party manufacturing services and technology, or other supplies 
   required by our operations (including increasing costs resulting from 
   inflation); 
 
  -- the functionalities and performance of our IT systems, which are subject 
   to cybersecurity threats and which support our critical operational 
   activities including manufacturing, finance and sales, and any breaches 
   of our IT systems or those of our customers, suppliers, partners and 
   providers of third-party licensed technology; 
 
  -- theft, loss, or misuse of personal data about our employees, customers, 
   or other third parties, and breaches of data privacy legislation; 
 
  -- the impact of intellectual property ("IP") claims by our competitors or 
   other third parties, and our ability to obtain required licenses on 
   reasonable terms and conditions; 
 
  -- changes in our overall tax position as a result of changes in tax rules, 
   new or revised legislation, the outcome of tax audits or changes in 
   international tax treaties which may impact our results of operations as 
   well as our ability to accurately estimate tax credits, benefits, 
   deductions and provisions and to realize deferred tax assets; 
 
  -- variations in the foreign exchange markets and, more particularly, the 
   U.S. dollar exchange rate as compared to the Euro and the other major 
   currencies we use for our operations; 
 
  -- the outcome of ongoing litigation as well as the impact of any new 
   litigation to which we may become a defendant; 
 
  -- product liability or warranty claims, claims based on epidemic or 
   delivery failure, or other claims relating to our products, or recalls by 
   our customers for products containing our parts; 
 
  -- natural events such as severe weather, earthquakes, tsunamis, volcano 
   eruptions or other acts of nature, the effects of climate change, health 
   risks and epidemics or pandemics in locations where we, our customers or 
   our suppliers operate; 
 
  -- increased regulation and initiatives in our industry, including those 
   concerning climate change and sustainability matters and our goal to 
   become carbon neutral by 2027 on scope 1 and 2 and partially scope 3; 
 
  -- epidemics or pandemics, which may negatively impact the global economy in 
   a significant manner for an extended period of time, and could also 
   materially adversely affect our business and operating results; 
 
  -- industry changes resulting from vertical and horizontal consolidation 
   among our suppliers, competitors, and customers; and 
 
  -- the ability to successfully ramp up new programs that could be impacted 
   by factors beyond our control, including the availability of critical 
   third-party components and performance of subcontractors in line with our 
   expectations. 

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as "believes", "expects", "may", "are expected to", "should", "would be", "seeks" or "anticipates" or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

(MORE TO FOLLOW) Dow Jones Newswires

January 30, 2025 01:00 ET (06:00 GMT)

© 2025 Dow Jones News
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