STM -2% Previsioni più deboli delle aspettative

Fatto

STM ha annunciato i risultati del 4Q 2023, in breve: 
•    Revenue at $4,282mn (-3.2% YoY, -3.4% QoQ), vs Interm./Cons. at $4,300/ 4,307mn, -0%/ -1%;
•    Gross margin at 45.5%, vs Interm./Cons. at 46.0%/ 46.0% , -0.5/ -0.5pp;
•    Adj. EBIT at $1,023mn (-20.5% YoY, 23.9% margin), vs Interm./Cons. at $1,022/ 1,026mn, +0%/ -0%;
•    Adj. EPS at $1.14 (-2.6% YoY), vs Interm./Cons. at $0.95/ 0.95, +20%/ +20%;
•    FCF at $652mn vs Interm. at $349mn;
•    Days of inventories at 105 vs 106 expected and 115 in 3Q23;
•    Net cash at $3,156mn, vs Interm. at $2,713mn.

Previsioni 1Q 2024:
•    Revenue at $3,601mn (-15.2% YoY, -15.9% QoQ), vs Interm./Cons. at $3,964/ 4,068mn, -9%/ -11%;
•    Gross margin at 42.3% vs Interm./Cons. at 45.1%/ 44.9%, 1.0/1.2pp above
•    Gross profit at $1,523mn, vs Interm./Cons. at $2,121/ 1,828mn, -15%/ -17%;
•    Assuming OpEx at $-940mn in line with consensus, adj. EBIT at $582mn (-51.6% YoY, 16.2% margin), vs Interm./Cons. at $846/ 888mn, -31%/ -34%.

Previsioni intero 2024 (mid-point)
•    Revenues at $16.4bn (± 0.5bn), vs our/cons. $17.0/ 17.3bn, -4%/ -5%;
•    Gross margin seen at 41-45% vs our/cons 46.2%/ 46.3%;
•    Gross profit implied at $6.5/ 7.6bn, vs our/cons. $7.9/ 8.0bn, -10%/ -12%

Effetto