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Electronics Production | July 26, 2006

STMicro's revenues grew 15.4 % in Q2

Net revenues for the second quarter were $2,495 million, 15.4% above the $2,162 million reported in last year's second quarter. This year-over-year growth was driven by double-digit increases in telecom, notably wireless, computer, and the industrial market segments.
Sequentially, net revenues grew 5.6% from the $2,364 million reported in the prior quarter. This sequential sales growth performance was broad based, led by the industrial market segment which increased at a double-digit rate.

Gross profit was $882 million for the 2006 second quarter, an increase of $168 million from $714 million in last year's second quarter. Gross margin was 35.4% in the second quarter, an increase of 240 basis points from 33.0% in last year's second quarter. On a sequential basis, gross profit increased from the first quarter level of $837 million with the gross margin unchanged at 35.4%.

Combined selling, general, & administrative and research & development expenses represented 27.0% of net revenues in the second quarter, compared to 31.4% in the year-ago quarter and 28.1% in the first quarter of 2006. R&D expenses of $408 million in the second quarter were essentially flat with the $409 million in the prior quarter while SG&A expenses were $266 million for the 2006 second quarter compared to $256 million in the first quarter of 2006.

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