STMicroelectronics announces second quarter 2023 financial results
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STMicroelectronics’ net revenue in the second quarter was US$4.33 billion, with a gross profit margin of 49.0%, an operating profit margin of 26.5%, a net profit of US$1 billion, and diluted earnings per share of US$1.06.
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In the second quarter, net revenue was $4.33 billion, above the midpoint of our business outlook forecast range, and gross margin was 49.0%, in line with expectations.
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In the second quarter, net revenue increased by 12.7% year-on-year, and automotive and industrial chips still contributed a lot. Personal electronic device chip revenue declined.
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Compared with the same period last year, gross profit margin in the second quarter increased from 47.4% to 49.0%, operating profit margin increased from 26.2% to 26.5%, and net profit increased by 15.5% to US$1.0 billion.
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Net revenue in the first half of this year increased by 16.1% year-on-year, and all sub-product departments except the analog and MEMS sub-product departments achieved sales growth; the operating profit margin in the first half of the year was 27.4%, and the net profit was US$2.05 billion.
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Looking forward to the third quarter business, the median net revenue is expected to be US$4.38 billion, a year-on-year increase of approximately 1.2% and a month-on-month increase of approximately 1.1%. Gross profit margin is expected to be approximately 47.5%.
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We expect full-year revenue in 2023 to be approximately US$17.40 billion, plus or minus US$150 million, with a gross profit margin of over 48.0%.
net revenue
A total of 4.33 billion US dollars, a year-on-year increase of 12.7%. Compared with the same period last year, the revenue of the ADG and MDG product divisions increased by 34.4% and 13.0% respectively, while the revenue of the AMS product division fell by 15.7%. Revenue from OEM and agency channels increased by 9.8% and 18.3% year-on-year respectively. Second-quarter net revenue increased 1.9% sequentially, 110 basis points above the midpoint of the company's guidance. The net revenue of the two product divisions ADG and MDG increased month-on-month, while AMS decreased month-on-month, in line with expectations.
gross profit
A total of US$2.12 billion, a year-on-year increase of 16.5%. Gross profit margin was 49.0%, a year-on-year increase of 160 basis points, mainly due to the positive impact of factors such as product mix, favorable prices, and exchange rates after hedging, although rising manufacturing costs offset some of the room for growth.
operating profit
It increased from US$1.00 billion in the same period last year to US$1.15 billion, a year-on-year increase of 14.2%. In the second quarter of 2023, net operating expenses included negative $34 million in non-recurring non-cash items. The company's operating profit margin increased 30 basis points year-over-year, accounting for 26.5% of net revenue, compared with 26.2% in the second quarter of 2022.
● Operating profit increased by 73.8%, totaling US$624 million. Operating profit margin was 31.9%, compared with 24.7% in the same period last year .
● Operating profit was US$139 million, a year-on-year decrease of 48.3%. Operating profit margin was 14.8%, compared with 24.1% in the same period last year .
● Operating profit increased by 19.0%, totaling US$505 million. Operating profit margin was 35.4%, compared with 33.6% in the same period last year .
Third quarter 2023 revenue guidance
(mid-range):
● Net revenue is expected to be US $ 4.38 billion, a month-on-month increase of approximately 1.1% , plus or minus 350 basis points ;
● The gross profit margin is approximately 47.5%, fluctuating by 200 basis points ;
● This forecast is based on the assumption that the actual exchange rate of the U.S. dollar to the euro in the third quarter of 2023 is approximately 1.10 U.S. dollars = 1.00 euros, and takes into account the impact of current hedging contracts ;
● The closing date for the third quarter is September 30, 2023 .
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