Semiconductor STMicroelectronics (Geneva, Switzerland) reported its
first quarter financial results generally in line with seasonal
patterns and forecasts. The majority of ST’s revenue, which totaled
$1.71 billion, came from power and automotive chips.
“As
expected, the start of the year reflected seasonal softness.
Additionally, revenues in the first quarter were affected by the
anticipated currency impact on the portion of our euro-denominated
revenues, and by lower sales of components for PC applications,” ST
President and CEO Carlo Bozotti said in a release.
First
quarter gross profit was $566 million and revenues decreased 6%
year-over-year. ST’s microcontroller, memory, and secure MCU (MMS)
division led revenue growth, up 8% to US$374 million. Sense, power, and
automotive products (SP&A) saw $1.1 billion in net revenues during
Q1’15, a 6% annual decrease, while embedded processing divisions (EPS)
had $581 million in net revenue.
“During
the quarter, we saw ST products enabling more and more of the Internet
of Things as well as some of the latest flagship mobile and wearable
devices,” Bozotti said. “Our AMOLED drivers, touchscreen controllers,
pressure sensors, 6-axis motion MEMS, high-performance microphones and
STM32 microcontrollers ramped production or were designed-in with global
brands in exciting, new devices.”
Company
officials expect growth in analog and MEMS sensors over the next year
partially due to sensors in Samsung’s Galaxy S6 that can also be used in
wearables. ST is also increasing production of several inertial sensors
for navigation in the Korean and US automotive markets, and will expand
its car amplifier business with “a top Japanese brand and Korean maker
for the European market.”
"A combination of new
products introduction, and diversification of the customers, and some
stronger presence in our traditional major customers would indicate that
we can start growth both sequentially and year-over-year in [analog and
MEMS sensors] product line,” the CEO said.
Officials
on an investor call also highlighted several design wins in power
transistors for automotive, including power supply for console
applications, high voltage IGBTs for heating in Chinese cars, and
MOSFETs for high definition displays. STMicro also “captured wins” for
high voltage power converters in the Chinese market.
The
company has ramped production on energy management chips for the Galaxy
S6 as well as integrated passive devices for the IoT.
Combined
research and development and administrative expenses were $591 million
compared to $606 million in the year-ago quarter mainly due to favorable
currency effects. Capital expenditure payments were $89 million during
the first quarter of 2015 compared to $112 million in the Q1’14.
Inventory was $1.19 billion at quarter end, down 6% from the prior
quarter.
ST's product shipments declined globally.
In greater China and South Asia, Europe/Middle East/Africa, and the
Americas they decreased by 3.7%, 3.8%, and 3.9%, respectively. Japan and
Korea revenues were lower by 22.2% mainly driven by the decline of
legacy ST-Ericsson products. Officials believe this will turn around in
the second quarter of 2015 with “significant year-over-year improvement
in operating performance.
“In the second quarter,
we expect to increase our revenues by about 3.5% sequentially, with most
of our product groups contributing,” Bozotti said. “We are always
putting scrutiny on product divisions that are not performing. We
understand that there are limits in the time we have to turn around the
business.”
ST also plans to expand capacity in its Crolles fab and noted that the company has no plans to migrate to a 10nm process.
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