27.07.2016 07:52:44

STMicroelectronics Q2 Profit Down, Margin Up; Sees Sequential Growth In Q3

(RTTNews) - STMicroelectronics (STM), a semiconductor company, reported Wednesday that its second-quarter net income attributable to parent company declined to $23 million from last year's $35 million. Net earnings per share were $0.03, down from $0.04 last year.

Operating income, however, climbed to $28 million from $12 million a year ago. Operating income before impairment and restructuring charges grew to $40 million from $33 million a year ago.

Gross margin also improved to 33.9 percent in the second quarter from 33.8 percent last year.

Second-quarter net revenues decreased 3.2 percent to $1.70 billion from $1.76 billion last year. Sales fell 1.7 percent excluding businesses undergoing a phase-out, including mobile legacy products, camera modules and set-top box.

On a year-over-year basis, EMEA grew 4.6 percent while the Americas and Asia Pacific decreased by 3.6 percent and 6.7 percent, respectively.

Looking ahead, for the third quarter, the company expects revenues to increase about 5.5 percent on a sequential basis, plus or minus 3.5 percentage points. Gross margin in the third quarter is expected to be about 35.5 percent plus or minus 2.0 percentage points and reflects unsaturation charges negatively impacting gross margin by about 65 basis points.

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