STM - Risultati trimestrali meglio delle attese

Fatto

Stm perde circa il 2% dopo la pubblicazione di risultati trimestrali sopra le attese. Sull'andamento incide il -6% del colosso dei semiconduttori coreano SK Hynix.

In sintesi i dati del 3Q 2023:
•    Revenue at $4,431mn (+2.5% YoY, +2.4% QoQ), vs Interm./Cons. at $4,380/ 4,377mn, +1%/ +1%;
•    Gross margin at 47.6%, vs Interm./Cons. at 47.5%/ 47.5% , +0.1/ +0.1pp,;
•    Adj. EBIT at $1,241mn (-2.4% YoY, 28.0% margin), vs Interm./Cons. at $1,196/ 1,186mn, +4%/ +5%;
•    Adj. EPS at $1.15 (-0.6% YoY), vs Interm./Cons. at $1.07/ 1.10, +8%/ +5%;
•    FCF at $707mn vs Interm. at $396mn;
•    Days of inventories at 115 vs 126 expected and 124 in 2Q23;
•    Net cash at $2,463mn, vs Interm. at $2,169mn.
 
4Q23 guidance:
•    Revenue at $4,303mn (-2.7% YoY, -2.9% QoQ), vs Interm./Cons. at $4,502/ 4,435mn, -4%/ -3%;
•    Gross margin at 46.0% vs Interm./Cons. at 47.1%/ 47.6%, 1.0/1.2pp above
•    Gross profit at $1,979mn, vs Interm./Cons. at $2,121/ 2,113mn, -7%/ -6%;
•    Assuming OpEx at $-949mn in line with consensus, adj. EBIT at $1,030mn (-19.9% YoY, 23.9% margin), vs Interm./Cons. at $1,159/ 1,163mn, -11%/ -11%.
 
FY23 outlook (mid-point):
•    Revenues range at $17.3bn, vs our/cons. $17.3/17.5bn, +0%/-1%
•    Gross margin seen at 48.1% vs >48% prev., vs our/cons 48.3%
•    Gross profit implied at $8.32bn, vs our/cons. $8.43/8.40bn, -1%/-1%

Effetto