STMicroelectronics Reports 2010 Second Quarter and First Half Financial Results

Gross margin in the second quarter of 2010 was 38.3%, 60 basis points higher than the 37.7% reported in the first quarter of 2010, mainly due to manufacturing efficiencies and product innovation. As anticipated, ST's manufacturing performance continued to improve in the second quarter. Gross margin increased 1,220 basis points in comparison to the year-ago period level of 26.1% principally reflecting a return to normal fab loading as well as ongoing improvement from new products.

Combined SG&A and R&D expenses were $895 million in the second quarter of 2010, compared to $876 million in the prior quarter and $896 million in the year-ago quarter. Combined operating expenses, as a percentage of sales, were 35.4% vs. 37.7% in the prior quarter, and 45.0% in the year-ago quarter.

Related to the Company's cost-realignment initiatives, ST posted second quarter restructuring and impairment charges of $12 million. ST posted restructuring and impairment charges of $33 million and $86 million in the prior quarter and year-ago period, respectively.

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(*)Adjusted operating margin attributable to ST, adjusted EPS (diluted) and net financial position are non-U.S. GAAP measures. Adjusted operating margin attributable to ST is calculated as operating income before impairment and restructuring charges (excluding 50% of ST-Ericsson JVS)  / reported revenues excluding 50% of ST-Ericsson JVS revenues. Please refer to Attachment A for additional information explaining why the Company believes these measures are important and for a  reconciliation to U.S. GAAP.

Revenues and Operating Results by Product Segment

The following table provides a breakdown of revenues and operating results by product segment.


Operating Segment
(In Million US$)

Q2 2010
Net
Revenues

Q2 2010
Operating
Income (Loss)

Q1 2010
Net
Revenues

Q1 2010
Operating
Income (Loss)

Q2 2009
Net
Revenues

Q2 2009
Operating
Income (Loss)

ACCI (a)

1,045

99

909

48

712

(71)

IMS (a)

945

137

811

92

605

(22)

Wireless (b)

525

(137)

587

(116)

650

(126)

Others (c)(d)

16

(8)

18

(44)

26

(209)

TOTAL

2,531

91

2,325

(20)

1,993

(428)





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