STMicroelectronics Reports Q4 and FY 2021 Financial Results

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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%

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