STMicroelectronics Reports 2017 First Quarter Financial Results

  • Revealed its STM32 microcontrollers and NFC controller IC were chosen for the innovative Nintendo Switch(TM) system;
  • Introduced new STM32L4 MCUs, adding larger memories, enhanced graphics support, extra peripherals, and increased power-saving flexibility to the existing lines;
  • Teamed with DSP Concepts to offer STM32 users free access to an advanced audio design tool;
  • Extended the STM32 ecosystem with the introduction of MCU Finder for PC, a new STM32F7 Nucleo board and Discovery kit, and new STM32 boards to evaluate low-power, long-range IoT connectivity using LoRaWAN(TM), 6LoWPAN, and other Low-Power Wide Area Networks;
  • Announced the availability of the new advanced Near Field Communication ST21NFCD  controller integrating the recently acquired booster technology.
  • Launched STSAFE-A1SX plug-and-play solution to secure devices connected to the Sigfox low-power wide-area network;
  • Teamed with Giesecke & Devrient and FitPay Mobile-Payment to offer a certification-ready hardware and software solution to integrate tokenized payments from Mastercard or Visa on wearable devices;
  • Captured a win for ST25 NFC reader at a major car OEM; 
  • Introduced ST25DV dynamic-tag ICs that support higher speed and greater distance RFID specifications and feature an I2C bus for smart meters, IoT devices and other industrial and consumer products;
  • Announced new ST25 Discovery kit that accelerates time-to-market of NFC applications in wide range of electronic devices, including payment terminals, access control, device identification, sensor-data collection;
  • Sampled STiD337 System-on-Chip in 28nm FD-SOI that will power Eutelsat's SmartLNB interactive terminal;
  • Ramped production of the STiD135, the world's first 500Mbaud High Symbol Rate (HSR) satellite demodulator chip, for lead customer Newtec;
  • Expanded business from a global leader in optical communication for the PSM4 optical interface product based on silicon photonics;
  • Won multiple new designs in 55nm BiCMOS from a major Asian customer for optical infrastructure applications. 

Imaging Product Division (IMD)

  • Earned multiple new design-wins and continued high-volume shipments of Time-of-Flight ranging sensors to leading smartphone manufacturers;
  • Announced new generation of Time-of-Flight sensor, which brings multi-object detection and multi-array scanning to mobile applications.

Use of Supplemental Non-U.S. GAAP Financial Information

This press release contains supplemental non-U.S. GAAP financial information, including operating income (loss) before impairment and restructuring charges, operating margin before impairment and restructuring charges, adjusted net earnings per share, free cash flow and net financial position.

Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies.

See the Appendix of this press release for a reconciliation of the Company's non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with the Company's consolidated financial statements prepared in accordance with U.S. GAAP.

Forward-looking information

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management's current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those anticipated by such statements, due to, among other factors:

  • Uncertain macro-economic and industry trends, which may impact end-market demand for our products;
  • Customer demand that differs from projections;
  • The ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
  • Unanticipated events or circumstances, which may impact our ability to execute the planned reductions in our net operating expenses and / or meet the objectives of our R&D Programs, which benefit from public funding;
  • Changes in economic, social, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, military conflicts, social unrest, labor actions, or terrorist activities;
  • The Brexit vote and the perceptions as to the impact of the withdrawal of the U.K. may adversely affect business activity, political stability and economic conditions in the U.K., the Eurozone, the EU and elsewhere. While we do not have material operations in the U.K. and have not experienced any material impact from Brexit on our underlying business to date, we cannot predict its future implications;
  • Financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
  • The loading, product mix, and manufacturing performance of our production facilities;
  • The functionalities and performance of our IT systems, which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers or suppliers;
  • Variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
  • The impact of intellectual property ("IP") claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
  • The ability to successfully restructure underperforming business lines and associated restructuring charges and cost savings that differ in amount or timing from our estimates;
  • Changes in our overall tax position as a result of changes in tax laws, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
  • The outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
  • Product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products,  or recalls by our customers for products containing our parts;
  • Natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, health risks and epidemics in locations where we, our customers or our suppliers operate;
  • Availability and costs of raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations; and
  • Industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers.

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward looking terminology, such as "believes," "expects," "may," "are expected to," "should," "would be," "seeks" or "anticipates" or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.
Some of these risk factors are set forth and are discussed in more detail in "Item 3. Key Information - Risk Factors" included in our Annual Report on Form 20-F for the year ended December 31, 2016, as filed with the SEC on March 3, 2017. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

STMicroelectronics Conference Call and Webcast Information

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