STMicroelectronics Reports Q3 2018 Financial Results


STMicroelectronics N.V.    
CONSOLIDATED STATEMENTS OF INCOME    
(in millions of U.S. dollars, except per share data ($))    
     
  Nine months ended
  September 29, September 30,
  2018 2017
  (Unaudited) (Unaudited)
     
Net sales   6,978   5,851
Other revenues   38   29
NET REVENUES   7,016   5,880
Cost of sales   (4,214)   (3,611)
GROSS PROFIT   2,802   2,269
Selling, general and administrative   (810)   (717)
Research and development   (1,054)   (970)
Other income and expenses, net   38   37
Impairment, restructuring charges and other related closure costs   (20)   (25)
Total operating expenses   (1,846)   (1,675)
OPERATING INCOME   956   594
Interest expense, net   (8)   (16)
Other components of pension benefit costs   (9)   (9)
Income (loss) on equity-method investments   3   (2)
Loss on financial instruments, net   -   (5)
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST   942   562
Income tax expense   (68)   (63)
NET INCOME   874   499
Net income attributable to noncontrolling interest   (5)   (5)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY   869   494
     
EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   0.97   0.56
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   0.95   0.55
     
NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 912.8 904.7


STMicroelectronics N.V.      
CONSOLIDATED BALANCE SHEETS      
As at September 29, June 30, December 31,
In millions of U.S. dollars 2018 2018 2017
  (Unaudited) (Unaudited) (Audited)
ASSETS      
Current assets:      
Cash and cash equivalents 1,835 1,683 1,759
Short-term deposits 8 15
Marketable securities 328 429 431
Trade accounts receivable, net 1,309 1,106 1,149
Inventories 1,586 1,559 1,335
Other current assets 442 405 425
Total current assets 5,508 5,197 5,099
Goodwill 121 121 123
Other intangible assets, net 198 198 209
Property, plant and equipment, net 3,414 3,410 3,094
Non-current deferred tax assets 691 674 624
Long-term investments 60 58 57
Other non-current assets 421 391 475
  4,905 4,852 4,582
Total assets 10,413 10,049 9,681
       
LIABILITIES AND EQUITY      
Current liabilities:      
Short-term debt 117 118 118
Trade accounts payable 976 991 893
Other payables and accrued liabilities 909 887 897
Dividends payable to stockholders 114 168 60
Accrued income tax 53 40 52
Total current liabilities 2,169 2,204 2,020
Long-term debt 1,607 1,598 1,583
Post-employment benefit obligations 375 374 385
Long-term deferred tax liabilities 13 11 11
Other long-term liabilities 197 208 215
  2,192 2,191 2,194
Total liabilities 4,361 4,395 4,214
Commitment and contingencies      
Equity      
Parent company stockholders' equity      
Common stock (preferred stock: 540,000,000 shares authorized, not issued;
common stock: Euro 1.04 nominal value, 1,200,000,000 shares authorized,
911,151,920 shares issued, 902,581,049 shares outstanding)
1,157 1,157 1,157
Capital surplus 2,798 2,766 2,718
Retained earnings 1,574 1,215 973
Accumulated other comprehensive income 534 538 688
Treasury stock (79) (89) (132)
Total parent company stockholders' equity 5,984 5,587 5,404
Noncontrolling interest 68 67 63
Total equity 6,052 5,654 5,467
Total liabilities and equity 10,413 10,049 9,681
       

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