Stm - Risultati trimestrali leggermente meglio delle stime

Fatto

I risultati del 3Q25 sono di poco superiori, guidance sul 4Q25 mista riflette un gross margin leggermente migliore, ma ricavi inferiori. Nel dettaglio
3Q25 results:

•    Revenue at $3,187mn (-2% YoY, +15% QoQ), vs Our/Cons. at $3,170/ 3,178mn, +1%/ +0%;
•    Gross margin at 33.2%, vs Our/Cons. at 33.5%/ 33.4% , -0.3/ -0.2pp;
•    Adj. EBIT at $217mn (-43% YoY, 6.8% margin), vs Our/Cons. at $201/ 212mn, +8%/ +2%;
•    Adj. EPS at $0.29 (-22% YoY), vs Our/Cons. at $0.23/ 0.22, +24%/ +30%;
•    FCF at $130mn vs Our at $36mn;
•    Days of inventories at 138 vs 140 expected;
•    Net cash at $2,610mn, vs Our at $2,627mn.
 
4Q25 guidance:
•    Revenue at $3,279mn (-1% YoY, +3% QoQ), vs Our/Cons. at $3,386/ 3,319mn, -3%/ -1%;
•    Gross margin at 35.0% vs Our/Cons. at 34.6%/ 34.7%;
•    Gross profit at $1,148mn vs Interm/Cons. at $1,173/ 1,150mn, -2%/ -0%;
•    Assumendo delle OpEx in linea con dato di consensus at $-871mn, adj. EBIT at $277mn (-25% YoY, 8.4% margin), vs Our/Cons. at $294/ 279mn, -6%/ -1%.
 
FY25 outlook (? % vs mid-point)
•    Revenues at $11.75bn (± 0.0), vs our/cons. $11.8/ 11.8bn, -1%/ -0%;
•    Gross margin seen at 33.8%, vs our/cons. 33.8%/ 33.8%;
•    Gross profit implied at $4.0 (± 0.0), vs our/cons. $4.0/ 4.0bn, -1%/ -0%;
•    CapEx reduced to “slightly below” $2bn vs $2.0-2.3bn prev.

Effetto