Some of these risk factors are set forth and are discussed in more detail in "Item 3. Key Information - Risk Factors" included in our Annual Report on Form 20-F for the year ended December 31, 2018, as filed with the SEC on February 28, 2019. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.
About STMicroelectronics
ST is a global semiconductor leader delivering intelligent and energy-efficient products and solutions that power the electronics at the heart of everyday life. ST's products are found everywhere today, and together with our customers, we are enabling smarter driving and smarter factories, cities and homes, along with the next generation of mobile and Internet of Things devices.
By getting more from technology to get more from life, ST stands for life.augmented.
In 2018, the Company's net revenues were $9.66 billion, serving more than 100,000 customers worldwide.
Further information can be found at www.st.com.
For further information, please contact:
INVESTOR RELATIONS:
Céline Berthier
Group VP, Investor Relations
Tel: +41 22 929 58 12
celine.berthier@st.com
MEDIA RELATIONS:
Alexis Breton
Corporate External Communications
STMicroelectronics
Tel: + 33 6 59 16 79 08
alexis.breton@st.com
| STMicroelectronics N.V. | ||
| CONSOLIDATED STATEMENTS OF INCOME | ||
| (in millions of U.S. dollars, except per share data ($)) | ||
| Three months ended | ||
| March 30, | March 31, | |
| 2019 | 2018 | |
| (Unaudited) | (Unaudited) | |
| Net sales | 2,071 | 2,214 |
| Other revenues | 5 | 12 |
| NET REVENUES | 2,076 | 2,226 |
| Cost of sales | (1,258) | (1,338) |
| GROSS PROFIT | 818 | 888 |
| Selling, general and administrative | (272) | (265) |
| Research and development | (368) | (349) |
| Other income and expenses, net | 33 | 16 |
| Impairment, restructuring charges and other related closure costs | - | (21) |
| Total operating expenses | (607) | (619) |
| OPERATING INCOME | 211 | 269 |
| Interest income (expense), net | 2 | (3) |
| Other components of pension benefit costs | (3) | (3) |
| Income (loss) on equity-method investments | 1 | - |
| INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST | 211 | 263 |
| Income tax expense | (32) | (22) |
| NET INCOME | 179 | 241 |
| Net income attributable to noncontrolling interest | (1) | (2) |
| NET INCOME ATTRIBUTABLE TO PARENT COMPANY | 178 | 239 |
| EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS | 0.20 | 0.27 |
| EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS | 0.20 | 0.26 |
| NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS | 903.0 | 914.7 |
| STMicroelectronics N.V. | |||
| CONSOLIDATED BALANCE SHEETS | |||
| As at | March 30, | December 31, | March 31, |
| In millions of U.S. dollars | 2019 | 2018 | 2018 |
| (Unaudited) | (Audited) | (Unaudited) | |
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | 2,307 | 2,266 | 1,791 |
| Restricted cash | 60 | - | - |
| Short-term deposits | - | - | 14 |
| Marketable securities | 331 | 330 | 429 |
| Trade accounts receivable, net | 1,102 | 1,277 | 1,042 |
| Inventories | 1,765 | 1,562 | 1,435 |
| Other current assets | 454 | 419 | 449 |
| Total current assets | 6,019 | 5,854 | 5,160 |
| Goodwill | 163 | 121 | 125 |
| Other intangible assets, net | 291 | 212 | 205 |
| Property, plant and equipment, net | 3,740 | 3,495 | 3,371 |
| Non-current deferred tax assets | 659 | 672 | 632 |
| Long-term investments | 62 | 61 | 58 |
| Other non-current assets | 455 | 452 | 517 |
| 5,370 | 5,013 | 4,908 | |
| Total assets | 11,389 | 10,867 | 10,068 |
| LIABILITIES AND EQUITY | |||
| Current liabilities: | |||
| Short-term debt | 173 | 146 | 119 |
| Trade accounts payable | 895 | 981 | 979 |
| Other payables and accrued liabilities | 950 | 874 | 940 |
| Dividends payable to stockholders | 6 | 60 | 6 |
| Accrued income tax | 44 | 59 | 41 |
| Total current liabilities | 2,068 | 2,120 | 2,085 |
| Long-term debt | 2,015 | 1,764 | 1,593 |
| Post-employment benefit obligations | 381 | 385 | 393 |
| Long-term deferred tax liabilities | 14 | 14 | 12 |
| Other long-term liabilities | 298 | 160 | 216 |
| 2,708 | 2,323 | 2,214 | |
| Total liabilities | 4,776 | 4,443 | 4,299 |
| Commitment and contingencies | |||
| Equity | |||
| Parent company stockholders' equity | |||
| Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 nominal value, 1,200,000,000 shares authorized, 911,174,420 shares issued, 894,412,291 shares outstanding) | 1,157 | 1,157 | 1,157 |
| Capital surplus | 2,881 | 2,843 | 2,743 |
| Retained earnings | 2,169 | 1,991 | 1,212 |
| Accumulated other comprehensive income | 474 | 509 | 724 |
| Treasury stock | (202) | (141) | (132) |
| Total parent company stockholders' equity | 6,479 | 6,359 | 5,704 |
| Noncontrolling interest | 134 | 65 | 65 |
| Total equity | 6,613 | 6,424 | 5,769 |
| Total liabilities and equity | 11,389 | 10,867 | 10,068 |
