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STMicroelectronics Reports 2016 Third Quarter and Nine Month Financial Results

  • Third quarter net revenues of $1.80 billion, up 5.5% sequentially and 1.9% year-over-year
  • Q3 gross margin of 35.8%, up 190 basis points sequentially; up 100 basis points year-over-year
  • Free cash flow(1) before acquisition was $178 million in Q3; $256 million year-to-date

GENEVA, Oct. 27, 2016 (GLOBE NEWSWIRE) -- STMicroelectronics (STM.PA), a global semiconductor leader serving customers across the spectrum of electronics applications, reported financial results for the third quarter and nine months ended October 1, 2016.

Third quarter net revenues totaled $1.80 billion, gross margin was 35.8%, and net earnings were $71 million or $0.08 per share.

"In the third quarter revenues increased 5.5% sequentially and 1.9% year-over year. Revenue growth also brought improved operating profitability, with a third quarter operating margin before impairment and restructuring of 6.6%," commented Carlo Bozotti, STMicroelectronics President and Chief Executive Officer.

"Sequential growth was driven by the increasing pervasiveness of ST's products in flagship smartphones, wearables and Internet of Things applications: from MEMS and sensors, including our latest 6-axis gyroscope, to imaging sensors, with new products based on our Time-of-Flight technology, to our expanding STM32 family of microcontrollers. In addition, we grew year-over-year in automotive and we continued to see positive momentum in industrial, the distribution channel and the mass market.

"In the quarter we completed the acquisition of NFC and RFID reader assets, strengthening our portfolio of secure microcontrollers for next-generation mobile and Internet of...