STMicroelectronics Q2 Profit Down; Sees Sequential Revenue Growth In Q3

(RTTNews) - STMicroelectronics NV (STM) Thursday reported that its second-quarter net income attributable to parent company declined to $35 million from last year's $38 million. Earnings per share were $0.04, same as last year.

On an adjusted basis, ST reported net income per share of $0.06 in the second quarter, compared to net income of $0.11 per share in the year-ago quarter.

Second-quarter net revenues totaled $1.76 billion, down 5.6 percent from $1.86 billion last year, with most groups contributing to the decrease.

Net revenues, excluding negative currency effects and mobile legacy products, decreased 1.1% year-over-year with growth in AMS and MMS, and APG substantially flat.

Gross margin was 33.8%, compared to 34.0% a year ago.

Looking ahead, for the third quarter, the company anticipates revenues to grow about 2.5% on a sequential basis, plus or minus 3.5 percentage points. Gross margin in the third quarter is expected to be about 35%, plus or minus 2.0 percentage points.