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STMicroelectronics profit misses consensus by 30.0% in fiscal Q2

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STMicroelectronics profit misses consensus by 30.0% in fiscal Q2

STMicroelectronics NV said its normalized net income for the fiscal second quarter ended July 1 amounted to 12 cents per share, compared with the S&P Capital IQ consensus estimate of 17 cents per share.

EPS increased 324.4% year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $108.6 million, an increase of 336.7% from $24.9 million in the prior-year period.

The normalized profit margin rose to 5.6% from 1.5% in the year-earlier period.

Total revenue grew 12.9% year over year to $1.92 billion from $1.70 billion, and total operating expenses rose from the prior-year period to $1.74 billion from $1.67 billion.

Reported net income rose 483.1% from the prior-year period to $154.9 million, or 17 cents per share, from $26.6 million, or 3 cents per share.