- Net revenues of $2.23 billion, up 22.2% year-over-year
- Gross and operating margins up significantly year-over-year to 39.9% and 12.1%, respectively
- Net income of $239 million, year-over-year improvement of $131 million
- Cash dividend of $0.24 per common share payable in equal quarterly installments proposed to the 2018 Annual General Meeting of Shareholders
Geneva, April 25, 2018 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported financial results for the first quarter ended March 31, 2018.
First quarter net revenues totaled $2.23 billion, gross margin was 39.9%, and net income was $239 million or $0.26 diluted earnings per share.
“We started 2018 with another quarter of double-digit, year-over-year sales growth across all product groups and regions,” commented Carlo Bozotti, STMicroelectronics President and Chief Executive Officer.
“On a sequential basis, first quarter results were better than the mid-point of our sales and gross margin guidance. We delivered a better than seasonal performance in Automotive and Industrial, thanks to our application-focused approach on Smart Driving and Internet of Things, despite the anticipated unfavorable seasonal dynamics for smartphone applications.
“On a year-over-year basis, net revenues grew 22.2%, gross margin expanded by 220 basis points to 39.9% and operating margin increased by 480 basis points to 12.1%. Free cash flow, during a quarter of high capital spending to support our growth plans, increased by 53% to $95 million from the year-ago quarter and we exited the quarter with a solid net financial position of $522 million.”