ST reports free cash flow of $91 Million in Q4

STMicroelectronics has reported financial results for the fourth quarter and full year ended December 31, 2013. According to the company, the fourth quarter net revenues totalled $2.01billion, gross margin was 32.9%, and net loss was $0.04 per share. For the full year net revenues totalled $8.08 billion, gross margin was 32.3%, and net loss was $0.56 per share.

Carlo Bozotti, President & CEO, STMicroelectronics, said, “Fourth quarter revenue and gross margin results were well in line with our outlook range, coming in at the mid-point of our guidance, which translated into positive operating income before impairment and restructuring and a substantial positive free cash flow.” 

“In 2013, we grew 3.2% excluding the former ST-Ericsson products, a better performance than our served market, with the main contributions coming from our microcontrollers and automotive products,” added Bozotti.

Overall, net revenues as reported increased 0.1% sequentially and decreased 6.8% on a year-over-year basis. On a sequential basis by region of shipment, Greater China and South Asia posted growth of 4.1%, while Japan and Korea, the Americas, and EMEA decreased by 5.6%, 2.8%, and 1.0%, respectively.

Fourth quarter operating income, before impairment and restructuring charges, was $18 million compared to $54 million in the prior quarter, which included an $80 million gain from the sale of businesses.

For the fourth quarter of 2013, the effective average exchange rate for the Company was approximately $1.34to €1.00, compared to $1.31 to €1.00 for the third quarter of 2013 and $1.30 to €1.00 for the fourth quarter of 2012.