STMicroelectronics reported U.S. GAAP financial results for the fourth quarter ended December 31, 2021. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).
ST reported fourth quarter net revenues of $3.56 billion, gross margin of 45.2%, operating margin of 24.9%, and net income of $750 million or $0.82 diluted earnings per share.
Jean-Marc Chery, STMicroelectronics President & CEO, commented:
“As we announced on January 7, 2022, our Q421 net revenues and gross margin came in better than expected primarily due to better than anticipated operations in an ongoing dynamic market.
- “Q421 net revenues were 9.9% higher year-over-year, with a further increase in profitability: operating margin of 24.9% improved from 20.3% and net income was up 28.9%.
- “Full year 2021 net revenues increased 24.9% to $12.76 billion, reflecting a strong performance across all the end markets we address and our engaged customer programs throughout the year. Operating margin increased to 19.0% from 12.9% in FY20 and net income was up 80.8%.
- “ST’s first quarter outlook, at the mid-point, is for net revenues of $3.50 billion, increasing year-over-year by 16.1% and decreasing sequentially by 1.6%; gross margin is expected to be about 45.0%.
- “For 2022, we plan to invest about $3.4 billion to $3.6 billion in CAPEX to further increase our production capacity and to support our strategic initiatives including the first industrialization line of our new 300mm wafer fab in Agrate, Italy.
- “Based on our strong customer demand and increased capacity, we will drive the Company based on a plan for FY22 revenues in the range of $14.8 billion to $15.3 billion.”
Quarterly Financial Summary (U.S. GAAP)
| (US$ m, except per share data) | Q4 2021 | Q3 2021 | Q4 2020 | Q/Q | Y/Y |
| Net Revenues | $3,556 | $3,197 | $3,235 | 11.2% | 9.9% |
| Gross Profit | $1,609 | $1,330 | $1,254 | 20.9% | 28.3% |
| Gross Margin | 45.2% | 41.6% | 38.8% | 360 bps | 640 bps |
| Operating Income | $885 | $605 | $657 | 46.2% | 34.8% |
| Operating Margin | 24.9% | 18.9% | 20.3% | 600 bps | 460 bps |
| Net Income | $750 | $474 | $582 | 58.1% | 28.9% |
| Diluted Earnings Per Share | $0.82 | $0.51 | $0.63 | 60.8% | 30.2% |
Annual Financial Summary (U.S. GAAP)
| (US$ m, except earnings per share data) | FY2021 | FY2020 | Y/Y |
| Net Revenues | $12,761 | $10,219 | 24.9% |
| Gross Profit | $5,326 | $3,789 | 40.6% |
| Gross Margin | 41.7% | 37.1% | 460 bps |
| Operating Income | $2,419 | $1,323 | 82.8% |
| Operating Margin | 19.0% | 12.9% | 610 bps |
| Net Income | $2,000 | $1,106 | 80.8% |
| Diluted Earnings Per Share | $2.16 | $1.20 | 80.0% |
