STMicroelectronics Inc. (ST, Geneva, Switzerland) reported financial results for the third quarter and first nine months ended September 27, 2003. Net revenues for the third quarter were $1,803.9 million, a 6.0% sequential increase over second-quarter 2003 revenues of $1,702.2 million, and 9.6% above the $1,645.2 million of last year’s third quarter.
Revenues from differentiated products were $1,237.8 million, accounting for 68.6% of net revenues for the period. Analog ICs represented 47.7% of 2003 third-quarter net revenues. Gross profit was $632.5 million, a 4.1% sequential increase from the prior quarter’s $607.3 million and 3.8% above the $609.1 million reported for the 2002 third quarter. Gross margin was 35.1%, compared to the 35.7% of the 2003 second quarter and 37.0% in the comparable year-ago period.
The company’s net loss for the third quarter was $49.1 million, or a $0.06 loss per diluted share. Before impairment, restructuring charges and other related closure costs, and a non-operating pre-tax charge of $21.6 million related to Bond repurchases, third-quarter net income was $101.4 million, or $0.11 per diluted share, compared to net income of $79.5 million, or $0.09 per diluted share, in the prior quarter (or $85.7 million, or $0.10 per diluted share, excluding non-operating charges related to Bond repurchases). In last year’s third quarter, net income was $131.2 million, or $0.15 per diluted share.
