01.28.22
STMicroelectronics reported US GAAP financial results for the fourth quarter ended Dec. 31, 2021.
ST reported fourth quarter net revenues of $3.56 billion, gross margin of 45.2%, operating margin of 24.9%, and net income of $750 million or $0.82 diluted earnings per share.
“As we announced on Jan. 7, 2022, our Q421 net revenues and gross margin came in better than expected primarily due to better than anticipated operations in an ongoing dynamic market,’ said Jean-Marc Chery, STMicroelectronics president and CEO. “Full year 2021 net revenues increased 24.9% to $12.76 billion, reflecting a strong performance across all the end markets we address and our engaged customer programs throughout the year. Operating margin increased to 19% from 12.9% in FY20 and net income was up 80.8%.”
Net revenues totaled $3.56 billion, representing a year-over-year increase of 9.9%. On a year-over-year basis, the company recorded higher net sales in all product groups except the Imaging sub-group, as expected.
Gross profit totaled $1.61 billion, representing a year-over-year increase of 28.3%. Gross margin of 45.2% increased 640 basis points year-over-year, 20 basis points above the high-end of the company’s guidance, principally driven by improved product mix, favorable pricing, and manufacturing efficiencies.
Operating income increased 34.8% to $885 million, compared to $657 million in the year-ago quarter. The company’s operating margin increased 460 basis points on a year-over-year basis to 24.9% of net revenues, compared to 20.3% in the 2020 fourth quarter.
Free cash flow (non-US GAAP) was $314 million in the fourth quarter, compared to $512 million in the year-ago quarter.
ST reported fourth quarter net revenues of $3.56 billion, gross margin of 45.2%, operating margin of 24.9%, and net income of $750 million or $0.82 diluted earnings per share.
“As we announced on Jan. 7, 2022, our Q421 net revenues and gross margin came in better than expected primarily due to better than anticipated operations in an ongoing dynamic market,’ said Jean-Marc Chery, STMicroelectronics president and CEO. “Full year 2021 net revenues increased 24.9% to $12.76 billion, reflecting a strong performance across all the end markets we address and our engaged customer programs throughout the year. Operating margin increased to 19% from 12.9% in FY20 and net income was up 80.8%.”
Net revenues totaled $3.56 billion, representing a year-over-year increase of 9.9%. On a year-over-year basis, the company recorded higher net sales in all product groups except the Imaging sub-group, as expected.
Gross profit totaled $1.61 billion, representing a year-over-year increase of 28.3%. Gross margin of 45.2% increased 640 basis points year-over-year, 20 basis points above the high-end of the company’s guidance, principally driven by improved product mix, favorable pricing, and manufacturing efficiencies.
Operating income increased 34.8% to $885 million, compared to $657 million in the year-ago quarter. The company’s operating margin increased 460 basis points on a year-over-year basis to 24.9% of net revenues, compared to 20.3% in the 2020 fourth quarter.
Free cash flow (non-US GAAP) was $314 million in the fourth quarter, compared to $512 million in the year-ago quarter.