STM - Risultati migliori delle attese, occhi sulle proiezioni

Fatto

STM ha pubblicato questa mattina i risultati del 3Q24. In dettaglio:

•    Revenue at $3,251mn (-27% YoY, +1% QoQ), vs Interm./Cons. at $3,250/ 3,241mn, +0%/ +0%;
•    Gross margin at 37.8%, vs Interm./Cons. at 38.0%/ 38.1% , -0.2/ -0.3pp;
•    Adj. EBIT at $381mn (-69% YoY, 11.7% margin), vs Interm./Cons. at $324/ 322mn, +18%/ +18%;
•    Adj. EPS at $0.37 (-68% YoY), vs Interm./Cons. at $0.34/ 0.31, +11%/ +20%;
•    FCF at $136mn vs Interm. at $602mn;
•    Days of inventories at 132 vs 121 expected;
•    Net cash at $3,181mn, vs Interm. at $3,716mn.

4Q24 guidance:
 

•    Revenue at $3,320mn (-22% YoY, +2% QoQ), vs Interm./Cons. at $3,503/ 3,312mn, -5%/ +0%;
•    Gross margin at 38.0% vs Interm./Cons. at 40.9%/ 39.7%, 1.0/1.2pp above
•    Gross profit at $1,262mn vs Interm/Cons. at $1,433/ 1,313mn, -12%/ -4%;
FY24 outlook (? % vs mid-point)
•    Revenues at $13.3bn (± 0.00bn), vs our/cons. $13.45/ 13.38bn, -1/-1%;
•    Gross margin seen at 39.4%, vs our/cons 40.2%/ 39.9%;
•    Gross profit implied at $5.2bn (± 0.00bn), vs our/cons. $5.4/ 5.3bn, -3%/ -2%;
•    9M OpEx at -2%, vs our/cons FY assumption of +1/+2%
•    Assuming FY24 OpEx trend in line with 9M, EBIT should come in at ~$1.66bn, vs our/cons. $1.75/1.65bn, -6/+1%
 

Effetto