ST Reports Third-Quarter, Year-End 2002 Results

October 29, 2002 by Jeff Shepard

STMicroelectronics Inc. (Geneva, Switzerland) reported financial results for the third quarter and first nine months ended September 28, 2002. Net revenues for the third quarter were $1,645.2 million, a 7.5 percent sequential increase over the $1,531.1 million reported in the 2002 second quarter, and 17.5 percent above the $1,400.7 million of last years’ third quarter. Revenues from differentiated products increased eight percent sequentially to $1,143.0 million, and accounted for 69.5 percent of net revenues for the period.

Analog ICs represented 54.2 percent of net revenues in the 2002 third quarter, compared to 52.1 percent in the prior period. Gross profit was $609.1 million, a 5.8 percent sequential increase from the prior-quarter’s $575.8 million, and 31.8 percent above last-years' third-quarter gross profit of $462.1 million. Gross margin was 37.0 percent compared to 37.6 percent in the 2002 second quarter and 33.0 percent in the similar year-ago period.

Net income equaled $131.2 million for the 2002 third quarter, a sequential increase of 25.3 percent over the $104.7 million earned in the 2002 second quarter, and above the net income of $35.8 million reported in last-year’s third quarter. Earnings per diluted share were $0.15 for the 2002 third quarter, compared to $0.12 in the second quarter of this year and $0.04 in the 2001 third quarter.