STMicroelectronics (Switzerland) reported financial results for the first quarter ended March 31, 2001. Net revenues for the first quarter increased 12.9 percent to $1,921.1 million, from $1,702.2 million in the 2000 first quarter. Gross profit was $855.8 million, representing an increase of 19.3 percent over the 2000 first quarter. Gross margin was 44.5 percent, as compared to the 42.1 percent reported in the year-ago quarter.
Operating income reached $412.3 million, a 41.2 percent increase over last year's comparable quarter. First quarter 2001 operating income benefited from higher revenues and gross profit as well as from a significant decrease in start-up costs. Operating margin was 21.5 percent compared to 17.2 percent in last year's first quarter.
Net income increased 43 percent to $340.8 million in the 2001 first quarter compared to $238.4 million in the year-ago quarter. Earnings per diluted share rose 46.2 percent to $0.38, up from $0.26 per share in the 2000 first quarter. All per-share data have been adjusted to reflect the three-for-one stock split effected in May 2000.
President and CEO Pasquale Pistorio commented, "ST achieved solid performance in the first quarter of 2001, posting year-over-year double-digit growth in revenues, gross and operating profits and net earnings. Based on current industry forecasts for first quarter 2001, I believe that ST continued to outperform the industry and gain market share."