Not All Chipmakers Are Doing Great; STMicroelectronics Lowers Annual Outlook After Q1 Performance
Not All Chipmakers Are Doing Great; STMicroelectronics Lowers Annual Outlook After Q1 Performance
STMicroelectronics NV (NYSE: STM) reported a first-quarter revenue decline of 18.4% year-on-year to $3.47 billion, missing the consensus of $3.62 billion. EPS of $0.54 missed the consensus of $0.59.
意法半导体内华达州（纽约证券交易所代码：STM）报告称，第一季度收入同比下降18.4％，至34.7亿美元，未达到预期的36.2亿美元。每股收益为0.54美元，未达到0.59美元的共识。
Sales to OEMs decreased by 11.5% Y/Y, and Distribution sales fell by 30.8% Y/Y.
对整车厂的销售额同比下降11.5％，分销销售额同比下降30.8％。
Analog products, MEMS, and Sensors (AM&S) segment revenue declined 13.1% Y/Y to $1.22 billion, mainly due to a decrease in MEMS and Imaging.
模拟产品、微机电系统和传感器（AM＆S）板块收入同比下降13.1％，至12.2亿美元，这主要是由于微机电系统和成像的减少。
Power and Discrete products (P&D) segment revenue decreased 9.8% Y/Y to $820 million mainly due to a decrease in Discrete.
功率和分立产品（P&D）板块收入同比下降9.8％，至8.2亿美元，这主要是由于分立产品的减少。
Microcontrollers (MCU) segment revenue reduced 34.4% Y/Y to $950 million, mainly due to a decrease in GP MCU.
微控制器（MCU）板块收入同比下降34.4％，至9.5亿美元，这主要是由于GP MCU的减少。
Digital ICs and RF products (D&RF) segment revenue decreased 2.1% Y/Y to $475 million due to a decrease in ADAS.
由于ADAS的减少，数字集成电路和射频产品（D＆RF）细分市场的收入同比下降2.1％，至4.75亿美元。
Margins: The gross margin declined by 800 bps to 41.7%, mainly due to the combination of the sales price and product mix, unused capacity charges, and reduced manufacturing efficiencies. The operating margin decreased by 1,240 bps to 15.9%.
利润率：毛利率下降了800个基点至41.7％，这主要是由于销售价格和产品组合、未使用的产能费用以及制造效率的降低。营业利润率下降了1,240个基点至15.9％。
STMicroelectronics used $(134) million in free cash flow and held $6.24 billion in cash and equivalents as of March 30, 2024. It generated an operating cash flow of $859 million.
截至2024年3月30日，意法半导体使用了1.34亿美元的自由现金流，持有62.4亿美元的现金及等价物。它创造了8.59亿美元的运营现金流。
Jean-Marc Chery, ST President & CEO, commented: "Q1 net revenues and gross margin both came in below the midpoint of our business outlook range, driven by lower revenues in Automotive and Industrial, partially offset by higher revenues in Personal Electronics."
意法半导体总裁兼首席执行官Jean-Marc Chery评论说：“受汽车和工业收入减少的推动，第一季度净收入和毛利率均低于我们业务展望区间的中点，部分被个人电子收入的增加所抵消。”
"During the quarter, Automotive semiconductor demand slowed down compared to our expectations, entering a deceleration phase, while the ongoing Industrial correction accelerated."
“在本季度，与我们的预期相比，汽车半导体需求放缓，进入减速阶段，而正在进行的工业调整加速了。”
Outlook: STMicroelectronics expects fiscal second-quarter 2024 revenue of $3.20 billion, a decrease of about 7.6% sequentially, plus or minus 350 bps (consensus $3.80 billion). The company expects a gross margin of 40.0%, plus or minus 200 bps.
展望：意法半导体预计，2024财年第二季度收入为32.0亿美元，环比下降约7.6％，正负350个基点（共识为38.0亿美元）。该公司预计毛利率为40.0％，正负200个基点。
It now expects fiscal 2024 revenue of $14 billion – $15 billion (prior $15.9 billion – $16.9 billion) versus consensus of $16.12 billion and a gross margin in the low 40% (prior low to mid-40%).
它现在预计2024财年的收入为140亿美元至150亿美元（之前为159亿美元至169亿美元），而市场预期为161.2亿美元，毛利率处于低40％（之前的低点至中等-40％）。
For 2024, the company maintained a $2.5 billion net Capex outlook.
2024年，该公司维持了25亿美元的净资本支出展望。
STMicroelectronics stock lost 7% in the last 12 months. Investors can gain exposure to the stock via Return Stacked Bonds & Managed Futures ETF Veridien Climate Action ETF (NYSE:CLIA) and Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF (NYSE:SEMI).
意法半导体的股票在过去12个月中下跌了7％。投资者可以通过回报堆叠债券和管理期货ETF Veridien气候行动ETF（纽约证券交易所代码：CLIA）和哥伦比亚ETF信托一哥伦比亚塞利格曼半导体与科技ETF（纽约证券交易所代码：SEMI）获得股票敞口。
Price Action: STM shares are trading higher by 1.50% at $42.77 premarket at the last check on Thursday.
价格走势：在周四的最后一次支票中，STM股价上涨1.50％，至盘前42.77美元。