STMicroelectronics reports Q1 EPS 13c, consensus 22c

Reports Q1 revenue $3.1B, consensus $3.19B. Jean-Marc Chery, ST president and CEO, commented: “Q1 net revenues, excluding the contribution of our acquisition of NXP’s MEMS sensor business, came above the mid-point of our business outlook range, driven mainly by higher revenues in our engaged customer programs in Personal electronics and CECP. Gross margin was above the mid-point of our business outlook range mainly due to better product mix. On a year-over-year basis, Q1 net revenues increased 23.0%; excluding the contribution of our acquisition of NXP’s MEMS sensor business, they increased 21.4%. Q1 gross margin was 33.8%, operating margin was 2.3% and net income was $37 million. On a non-U.S. GAAP1 basis gross margin was 34.1%, operating margin was 5.5% and net income was $122 million. In Q1, despite the macroeconomic uncertainty, we saw improving demand with strong booking and normalized inventory in distribution.”