STMicroelectronics has reported net revenues of $3.02 billion and net income of $364 million for the first quarter ended April 3, 2021.
STMicroelectronics has reported net revenues of $3.02 billion, gross margin of 39%, operating margin of 14.6%, and net income of $364 million or $0.39 diluted earnings per share for the first quarter ended April 3, 2021.
Jean-Marc Chery, STMicroelectronics President & CEO, commented, “In the first quarter of 2021, net revenues increased by 35.2% year-over-year. All product groups contributed to this growth, on continued acceleration of demand globally. Operating margin improved 420 basis points to 14.6% and net income increased 89.6% to $364 million. On a sequential basis, net revenues decreased by 6.8%, 270 basis points above the mid-point of our outlook. Automotive and Power Discrete products and Microcontrollers increased sequentially, partially offset by Personal Electronics products.”
On a year-over-year basis, STMicroelectronics recorded higher net sales in all product groups except the RF Communications (former “Digital”) sub-group. Year-over-year net sales to OEMs and Distribution increased 21.4% and 76.2%, respectively. ADG and MDG reported increases in net revenues on a sequential basis while AMS decreased.
Gross profit totaled $1.18 billion, a year-over-year increase of 38.9%. Gross margin of 39.0% increased 110 basis points year-over-year, mainly due to lower unloading charges, manufacturing efficiencies and improved mix partially offset by negative currency effects, net of hedging. First quarter gross margin was 50 basis points above the mid-point of the company’s guidance mainly due to better product mix. Operating income increased by 90.3% to $440 million, compared to $231 million in the year-ago quarter.