PR No: C3085C

STMicroelectronics Reports 202 2 First Quarter Financial Results

• Q 1 net revenues $ 3.55 billion; gross margin 46.7 %; operating margin 24.7 % ; net income $ 747 million
• Q1 free cash flow ⁽¹⁾ $ 82 m illion after net capital expenditure payments of $ 840 million
• Business outlook at the mid-point: Q 2 net revenues of $ 3.75 billion and gross margin of 46.0 %
  
  

Geneva, April 2 7 , 202 2 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the first quarter ended April 2, 2022. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported first quarter net revenues of $3.55 billion, gross margin of 46.7%, operating margin of 24.7%, and net income of $747 million or $0.79 diluted earnings per share.

Jean-Marc Chery, STMicroelectronics President & CEO, commented:

• “ Q1 net revenues of $3.55 billion and gross margin of 46.7% came in above the mid-p oint of our business outlook range . Th is revenue performance , driven by strong demand in m icrocontrollers , was partially offset by temporar il y reduced operations at our Shenzhen , China manufacturing facility due to the pandemic .
• “ On a year-over-year basis, Q1 net revenues increased 17.6%, o perating m argin increased to 24.7% from 14.6% and net income more than doubled to $747 million .
• “ ST’s second quarter outlook, at the mid-point, is for net revenues of $ 3.75 billion, increasing year-over-year by 25.3 % and sequentially by 5. 8 % ; gross margin is expected to be about 46 .0 % .
• “ W e continue to drive the Company based on a plan for FY22 revenues in the range of $14.8 billion to $15.3 billion . ”

Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data)	Q 1 202 2	Q 4 20 2 1	Q 1 20 2 1	Q/Q	Y/Y
Net Revenues	$3,546	$3,556	$3,016	-0.3 %	17.6 %
Gross Profit	$1,655	$1,609	$1,175	2.8%	40.8%
Gross Margin	46.7%	45.2%	39.0%	150 bps	770 bps
Operating Income	$877	$885	$440	-0.9%	99.5%
Operating Margin	24.7%	24.9%	14.6%	-20 bps	1010 bps
Net Income (a)	$747	$750	$364	-0.4%	105.1%
Diluted Earnings Per Share ( b )	$0.79	$0.82	$0.39	-3.7 %	102.6 %

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