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STMicroelectronics Reports 2012 First Quarter Financial Results

GENEVA April 23, 2012 March 31, 2012

$2.02 billion

Carlo Bozotti "ST’s wholly-owned businesses in the first quarter posted a sequential decrease of 3%, better than historical seasonality, benefiting from growth in the Automotive segment and the Analog, MEMS and Microcontrollers sector.

"Our Wireless segment losses weighed heavily on our quarterly results again. However, ST-Ericsson has announced today its new strategic direction and renewed business model with a key objective to significantly reduce its operating losses throughout 2012 as it moves towards leadership and improved financial returns.

$1.27 billion

———

 (*) Free cash flow and ST financial position are non-U.S. GAAP measures. Please refer to Attachment A for additional information explaining why the Company believes these measures are important and for reconciliation to U.S. GAAP.

Summary Financial Highlights

U.S. GAAP

(In Million US$)

Q1 2012

Q4 2011

Q1 2011

(a)                                                      

2,017

2,191

2,535

Gross Margin

29.6%

33.4%

39.1%

Operating Income (Loss), as reported

(352)

(132)

118

Net Income (Loss)

(176)

(11)

170

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

Non-U.S. GAAP*

(In Million US$)

Q1 2012

Q4 2011

Q1 2011

Operating Income (Loss)

(280)

(123)

142

Operating Margin

(13.9%)

(5.6%)

5.6%

Operating Margin – Attributable to ST

(6.5%)

(0.2%)

9.9%

First Quarter Review

Japan Greater China South Asia

$59 million April 9, 2012 $71 million

$943 million $894 million

Mainly due to increased losses at ST-Ericsson and excluding the one-time impact of the arbitration award, operating margin before impairment, restructuring and one-time items attributable to ST was negative 6.5% in the 2012 first quarter compared to about break-even in the prior quarter.*

$159 million $199 million

$176 million $(0.20) $(0.01) $0.19 $(0.14) $(0.01) $0.20

—–

(*) Operating income before impairment, restructuring and one-time items, operating margin before impairment, restructuring and one-time items, operating margin before impairment, restructuring and one-time items attributable to ST and adjusted net earnings (loss) per share are non-U.S. GAAP measures. For additional information and a reconciliation to U.S. GAAP, please refer to Attachment A.

$1.33 to euro1.00 $1.36 to euro1.00 $1.33 to euro1.00

Net Revenues by Market Segment / Channel

Net Revenues By Market Segment / Channel
(Estimated and In %)

Q1 2012

Q4 2011

Q1 2011

Market Segment / Channel:

   Automotive

20%

18%

17%

   Computer

14%

13%

14%

   Consumer

11%

10%

11%

   Industrial & Other

10%

9%

8%

   Telecom

24%

30%

26%

Total OEM

79%

80%

76%

Distribution

21%

20%

24%

(*) Sales recorded by ST-Ericsson and consolidated by ST are included in Telecom and Distribution.

Revenues and Operating Results by ST Product Segment

January 1, 2012



Income (Loss)

Automotive (APG)

391

37

383

41

433

60

Analog, MEMS & Microcontrollers

758

99

747

116

886

177

Digital

336

(38)

388

9

488

45

Power Discrete

233

(6)

253

16

333

50

(a)

290

(293)

409

(211)

384

(180)

(b)(c)

9

(151)

11

(103)

11

(34)

TOTAL

2,017

(352)

2,191

(132)

2,535

118

 (a) Wireless includes the portion of sales and operating results of ST-Ericsson as consolidated in the Company’s revenues and operating results, as well as other items affecting operating results related to the wireless business.

(b) Net revenues of "Others" includes revenues from sales of Subsystems, assembly services and other revenues.

(c) Operating income (loss) of "Others" includes items such as unused capacity charges, impairment, restructuring charges and other related closure costs, phase out and start-up costs, NXP arbitration award and other unallocated expenses such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to product groups, as well as operating earnings or losses of the Subsystems and Other Products Group. "Others" includes $71 million, $99 million and $2 million of unused capacity charges in the first quarter of 2012 and fourth and first quarters of 2011, respectively; and $18 million, $9 million and $24 million of impairment, restructuring charges and other related closure costs in the first quarter of 2012 and fourth and first quarters of 2011, respectively.

Japan

Analog, MEMS and Microcontrollers (AMM) first quarter net revenues increased 1.5% sequentially driven by a solid recovery of Microcontrollers and benefiting from an expanding product portfolio. AMM operating margin was 13.1% in the 2012 first quarter, compared to 15.5% in the prior quarter.

Digital first quarter net revenues decreased 13.2% sequentially principally due to a significant decrease in imaging revenues related to certain wireless customers and to a lesser extent seasonality. Digital operating margin was negative 11.2% in the 2012 first quarter, compared to positive 2.4% in the prior quarter.

Power Discrete (PDP) first quarter net revenues decreased 8.2% sequentially principally reflecting a wireless customer specific situation and still weak market conditions. PDP operating margin was negative 2.6% in the 2012 first quarter due to manufacturing inefficiencies resulting from low fab loading compared to positive 6.4% in the prior quarter.

$293 million $135 million $211 million $93 million

www.stericsson.com

Cash Flow and Balance Sheet Highlights

$98 million $47 million

$125 million $76 million

$23 million $1.51 billion

$88 million $213 million

$1.27 billion March 31, 2012 $1.17 billion December 31, 2011 $2.2 billion $1.4 billion March 31, 2012

$7.84 billion

In the 2012 first quarter the Company posted a return on net assets (RONA) attributable to ST of negative 11.2%.*

———-

(*) Free cash flow, net financial position and RONA attributable to ST are non-U.S. GAAP measures. For additional information and a reconciliation to U.S. GAAP , please refer to Attachment A.

Second Quarter 2012 Business Outlook 

"While there are still macro-economic uncertainties, we believe billings have bottomed in the first quarter. Bookings have improved across the board during the course of the first quarter.

"Based on current visibility, we expect broad-based growth in all product segments during the second quarter leading to revenue growth of about 7.5 percent at the mid-point of our guidance. Looking further ahead we also anticipate broad-based revenue growth with a strong acceleration in MEMS and Analog in the second half of 2012 thanks to our new and innovative products and our expanding customer base."

The Company expects second quarter 2012 revenues to grow sequentially in the range of about +7.5%, plus or minus 3 percentage points. As a result, gross margin in the second quarter is expected to be about 34.4%, plus or minus 1.5 percentage points, and assumes an improvement from the first quarter amount from fab loading and manufacturing performance.

$1.33 euro 1.00 June 30, 2012

Recent Corporate Developments

  • Corporate Knights, Inc. named ST to its "Global 100 Most Sustainable Corporations" list for the third consecutive year. One of only three semiconductor companies so recognized, ST advanced 8 places to 75th place from its 83rd ranking in 2011.
  • Carlo Ferro Didier Lamouche
  • April 5 $59 million June 2012
  • April 16 Amsterdam May 30, 2012
    • The appointment of Ms.

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