STM - Gross margin atteso in miglioramento

Fatto

Stm  ha riportato un set di risultati nel 2Q 2023 coerenti con le stime dell’anno. Guidance sull’anno confermato, gross margin visto in miglioramento.

2Q23 results in breve:
•    Revenue at $4,326mn (+12.7% YoY, +1.9% QoQ), vs Interm./Cons. at $4,2/ 4,364mn, +1%/+1%;
•    Gross margin at 49.0%, vs Interm./Cons. at 49.0%/ 49.3% , +0.0/ -0.3pp,;
•    Adj. EBIT at $1,180mn (+16.5% YoY, 27.3% margin), vs Interm./Cons. at $1,190/ 1,207mn, -1%/ -2%;
•    Adj. EPS at $1.10 (+20.2% YoY), vs Interm./Cons. at $1.09/ 1.13, +1%/ -3%;
•    FCF at $209mn vs Interm. at $-273mn;
•    Days of inventories at 124 vs 124 expected;
•    Net cash at $1,914mn, vs Interm. at $1,516mn.
 
3Q23 guidance:
•    Revenue at $4,374mn (+1.2%YoY, +1.1% QoQ), vs Interm./Cons. at $4,406/ 4,490mn, -1%/ -3%;
•    Gross margin at 47.5% vs Interm./Cons. at 46.5%/ 46.3%, 1.0/1.2pp above;
•    Gross profit at $2,077mn, vs Interm./Cons. at $2,049/ 2,080mn, +1%/ -0%;
•    Assuming OpEx at $-932mn in consensus, adj. EBIT at $1,145mn (-9.9% YoY, 26.2% margin), vs Interm./Cons. at $1,159/ 1,148mn, -1%/ +0%.

FY23 outlook (mid-point)
•    Revenues range at $17.4bn (±$150mn) vs $17.0-17.8bn prev., vs our/cons. $17.3/17.5bn, +0%/-1%;
•    Gross margin seen >48% vs 47-48% prev., vs our/cons 47.6/47.5%;
•    Gross profit implied at $8.28-8.44-8.6bn, vs our/cons. $8.25/8.32bn, +2%/+1%.

Effetto

Risultati in linea con le aspettative, e come atteso trainati dalla crescita del segmento Automotive e Industriale, in parte bilanciata dal minor fatt…