STMicroelectronics Reports 2011 Second Quarter and First Half Financial Results

-- Second quarter net revenues up 1.3% sequentially to $2.57 billion

(PRNewswire) — STMicroelectronics (NYSE: STM) reported financial results for the second quarter and first half ended July 2, 2011.

President and CEO Carlo Bozotti commented, "Our second quarter net revenues and gross margin results were substantially in line with our business outlook, with sales growth driven by a solid performance from Automotive.

"As anticipated, in this quarter we experienced headwinds related to the situation in Japan and currency rates, while continuing to face ST-Ericsson's ongoing transition. Additionally, in June, we saw weaker demand and a much weaker than planned outlook for wireless products from a major customer and we saw signs of softening demand in some of our businesses, such as digital consumer products and microcontrollers.

"Looking at the 2011 first half, we have made measurable progress in advancing our product portfolio, clearly gaining share as net revenues from our wholly-owned businesses increased 17% compared to the year-ago period. Our product portfolio is gaining further traction, with significant design wins in the growth application areas we are targeting: energy management and savings, trust and data security, healthcare and wellness as well as smart consumer devices."

Summary Financial Highlights


(In Million US$)

Q2 2011

Q1 2011

Q2 2010

Net Revenues(a)                                                      

2,567

2,535

2,531

Gross Margin

38.1%

39.1%

38.3%

Operating Income, as reported

83

118

91

Non-U.S. GAAP Operating Income before restructuring*

114

142

103

Non-U.S. GAAP Operating Margin before restructuring*

Non-U.S. GAAP Attributable to ST*

4.4%

9.1%

5.6%

9.9%

4.1%

7.7%

Net income

420

170

356




(a) Net revenues include sales recorded by ST-Ericsson as consolidated by ST

Second Quarter Review

ST's net revenues increased 1.3% on a sequential basis, with regional growth led by the Americas with sales up 8%. On a year-over-year basis, ST's net revenues increased 1.4%, led by the Americas and Greater China-South Asia with growth rates of 6% and 5%, respectively. Sequential net revenue performance was driven by better than expected results in Automotive, Consumer, Computer, Communication Infrastructure (ACCI), specifically Automotive and Imaging. Analog, MEMS and Microcontrollers (AMM) was slightly below expectations mainly due to customer demand changes and adjustments linked to the supply-chain disruption as a result of the crisis in Japan. Power Discrete Products (PDP), as well as ST-Ericsson, were in line with expectations and were principally negatively impacted by reduced demand at a major customer.

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10  Next Page »



Review Article Be the first to review this article
Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Qualcomm’s Lu Dai: Energetic leadership for Accellera
More Editorial  
Jobs
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
Technical Support Engineer for EDA Careers at Freemont, CA
Principal Engineer FPGA Design for Intevac at Santa Clara, CA
Technical Marketing Manager Valley for EDA Careers at San Jose, CA
SOC Logic Design Engineer for Global Foundaries at Santa Clara, CA
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
Upcoming Events
IoT Summit 2017 at Great America ballroom, Santa Clara Convention Center Santa Clara CA - Mar 16 - 17, 2017
SNUG Silicon Valley 2017 at Santa Clara Convention Center Santa Clara CA - Mar 22 - 23, 2017
CDNLive Silicon Valley 2017 at Santa Clara Convention Center Santa Clara CA - Apr 11 - 12, 2017
10th Anniversary of Cyber-Physical Systems Week at Pittsburgh, PA, USA PA - Apr 18 - 21, 2017



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy