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STMicroelectronics profit misses consensus by 27.1% in fiscal Q3

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STMicroelectronics profit misses consensus by 27.1% in fiscal Q3

STMicroelectronics NV said its normalized net income for the fiscal third quarter ended Sept. 26 came to 6 cents per share, compared with the S&P Capital IQ consensus estimate of 8 cents per share.

EPS rose 49.5% year over year from 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $52.6 million, an increase of 47.7% from $35.6 million in the prior-year period.

The normalized profit margin increased to 3.0% from 1.9% in the year-earlier period.

Total revenue fell 6.5% on an annual basis to $1.76 billion from $1.89 billion, and total operating expenses decreased 8.4% year over year to $1.67 billion from $1.82 billion.

Reported net income increased 23.5% from the prior-year period to $88.1 million, or 10 cents per share, from $71.3 million, or 8 cents per share.