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STMicroelectronics N.V. reported U.S. GAAP financial results for the first quarter ended March 30, 2024. ST reported first quarter net revenues of $3.47 billion, gross margin of 41.7%, operating margin of 15.9%, and net income of $513 million or $0.54 diluted earnings per share. Jean-Marc Chery, ST President & CEO, commented:
- “Q1 net revenues and gross margin both came in below the midpoint of our business outlook range, driven by lower revenues in Automotive and Industrial, partially offset by higher revenues in Personal Electronics.”
- “On a year-over-year basis, Q1 net revenues decreased 18.4%, operating margin decreased to 15.9% from 28.3% and net income decreased 50.9% to $513 million.”
- “During the quarter, Automotive semiconductor demand slowed down compared to our expectations, entering a deceleration phase, while the ongoing Industrial correction accelerated.”
- “Our second quarter business outlook, at the mid-point, is for net revenues of $3.2 billion, decreasing yearover-year by 26.0% and decreasing sequentially by 7.6%; gross margin is expected to be about 40%.”
- “We will now drive the Company based on a revised plan for FY24 revenues in the range of $14 billion to $15 billion. Within this plan, we expect a gross margin in the low 40’s.”
- “We plan to maintain our Net Capex plan for FY24 at about $2.5 billion focusing on our strategic manufacturing initiatives.”
Original – STMicroelectronics
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Renesas Electronics Corporation announced consolidated financial results in accordance with IFRS for the three months ended March 31, 2024.
Summary of Consolidated Financial Results (Note 1)
Summary of Consolidated Financial Results for the three months ended March 31, 2024 (Non-GAAP basis) (Note 2)
Three months ended March 31, 2024 Billion yen % of Revenue Revenue 351.8 100.0 Gross profit 199.3 56.7 Operating profit 113.5 32.3 Profit attributable to owners of parent 105.9 30.1 EBITDA (Note 3) 133.8 38.0 Summary of Consolidated Financial Results for the three months ended March 31, 2024 (IFRS basis)
Three months ended March 31, 2024 Billion yen % of Revenue Revenue 351.8 100.0 Gross profit 197.5 56.1 Operating profit 77.8 22.1 Profit attributable to owners of parent 79.9 22.7 EBITDA (Note 3) 125.7 35.7 Reconciliation of Non-GAAP gross profit to IFRS gross profit and Non-GAAP operating profit to IFRS operating profit
(Billion yen)
Three months ended March 31, 2024 Non-GAAP gross profit
Non-GAAP gross margin199.3
56.7%Amortization of purchased intangible assets and depreciation of property, plant and equipment (0.3) Stock-based compensation (0.5) Other reconciliation items in non-recurring
expenses and adjustments (Note 4)(1.1) IFRS gross profit
IFRS gross margin197.5
56.1%Non-GAAP operating profit
Non-GAAP operating margin113.5
32.3%Amortization of purchased intangible assets and depreciation of property, plant and equipment (27.6) Stock-based compensation (5.6) Other reconciliation items in non-recurring expenses and adjustments (Note 4) (2.5) IFRS operating profit
IFRS operating margin77.8
22.1%Note 1: All figures are rounded to the nearest 100 million yen.
Note 2: Non-GAAP figures are calculated by removing or adjusting non-recurring items and other adjustments from GAAP (IFRS) figures following a certain set of rules. The Group believes non-GAAP measures provide useful information in understanding and evaluating the Group’s constant business results.
Note 3: Operating profit + Depreciation and amortization.
Note 4: “Other reconciliation items in non-recurring expenses and adjustments” includes the non-recurring items related to acquisitions and other adjustments as well as non-recurring profits or losses the Group believes to be applicable.
Original – Renesas Electronics
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Navitas Semiconductor announced its participation in forthcoming China Electronic Hotspot Solutions Innovation Summit in Shenzhen on April 27th. The summit gathers key players in power semiconductors and associated customer design teams for innovations in EV such as 800 V supercharging, battery management, intelligent connected vehicle electronics, and high-power digital power supplies. 2024 EV OEM attendees include experts from Voyah and Dongfeng.
Jacky Xiao, Navitas’ Technical Marketing Manager, will deliver a keynote titled “High-Frequency On-Board Charger Solutions Based on Hybrid Design of SiC and GaN”, to introduce how Navitas can create more efficient, smaller and lighter on-board charging for EVs. Without compromise, customers can select Navitas’ optimal, feature-rich GaN and SiC power devices in robust, thermally-enhanced TOLL and TOLT packaging, to create hybrid powertrain solutions that deliver faster charging, longer range and lower systems costs.
Navitas’ GaNFast power ICs integrate GaN power and drive with control, sensing, and protection to enable faster charging, higher power density, greater energy savings and system cost reduction. New ‘Gen-3 Fast’ GeneSiC MOSFETs have up to 50% improved performance vs. other SiC devices. Summit exhibition attendees can explore the latest in EV-optimized GaNFast and GeneSiC products and complete EV system hardware solutions and learn how to accelerate their leading-edge projects.
“We’re delighted to participate in China Electronic Hotspot Solutions Innovation Summit, where we can discuss the technological trend of new energy industry with experts from renowned domestic institutions and leaders in international electronic components,” said Charles Zha, VP and GM of Navitas China. “Navitas’ leading GaN and SiC technology will enable faster charging, longer-range and more environmentally friendly power systems for EV. These improvements not only significantly enhance product performance but also effectively shorten time-to-market.”
The China Electronic Hotspot Solutions Innovation Summit will be held on April 27th, 2024, at Crowne Plaza, Nanshan District, Shenzhen.
Original – Navitas Semiconductor
