- STMicroelectronics (NYSE:STM) has initiated Q1 and FY24 guidance and reports Q4 mixed earnings result.
- Q4 GAAP EPS of $1.14 beats by $0.18.
- Revenue of $4.28B (-3.2% Y/Y) misses by $50M.
- Capital expenditure payments, net of proceeds from sales, capital grants and other contributions, were $798 million in the fourth quarter and $4.11 billion for the full year 2023.
- Free cash flow (non-U.S. GAAP) was $652 million and $1.77 billion in the fourth quarter and full year, respectively, compared to $603 million and $1.59 billion in the year-ago respective periods.
- Outlook: ST’s guidance, at the mid-point, for the 2024 first quarter is:
- Net revenues are expected to be $3.6 billion vs. the consensus of $4.08 billion, a decrease of 15.9% sequentially, plus or minus 350 basis points.
- Gross margin of 42.3%, plus or minus 200 basis points.
- For 2024, we plan to invest about $2.5 billion in net CAPEX.
- We will drive the company based on a plan for FY24 revenues in the range of $15.9 billion to $16.9 billion vs. the consensus of $17.34 billion. Within this plan, we expect a gross margin in the low to mid-40’s.
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