ST announces 2010 Q4 and full year financial results
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STMicroelectronics has reported net income of $830million and highest ever net revenues of $10.35billion for the financial year 2010. The company also recorded $83m of income in the fourth quarter of 2010 compared to $60m in the previous quarter and $59m a year ago.
It was a record year for the full range of ST's Sense and Power portfolio, namely advanced analogue and MEMS, as well as microcontrollers and automotive applications. According to market analyst iSuppli, STMicroelectronics confirmed its top position in MEMS devices for consumer and portable applications. The analyst said ST's consumer MEMS sales grew 63% in 2010 to reach $353m, which was almost twice the revenue of its closest competitor.
"ST had a very strong finish to the year," confirmed president and ceo Carlo Bozotti, pictured. "Our fourth quarter revenues came in near the top end of our range, increasing 6.6% sequentially on broad based strength in analogue, MEMS, microcontrollers and automotive applications. Our gross margin further increased to 39.9%, up 70 basis points sequentially, coming in above the midpoint of our guidance."
Bozotti commented that the company was well prepared to take advantage of significantly better industry conditions in 2010. "With the right portfolio we have started to turn our vision of leadership in sense and power applications and in multimedia convergence into reality," he said. "In the last eight quarters, ST went through the most severe economic recession in 2009 and successfully capitalised on the 2010 market recovery. Throughout this timeframe we remained focused on our growth and profitability objectives. Today, our innovative products make us a much stronger company."
