RTTNews | Jan 27, 2022 01:20AM EST

01:20 Thursday, January 27, 2022 (RTTNews.com) - STMicroelectronics (STM) reported fourth quarter net profit of $750 million or $0.82 per share compared to $582 million or $0.63 per share, prior year. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.68, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter net revenues were $3.56 billion, a year-over-year increase of 9.9%. On a year-over-year basis, the company recorded higher net sales in all product groups except the Imaging sub-group. Year-over-year net sales to OEMs were substantially unchanged in total while Distribution increased 38.7%. Analysts on average had estimated $3.48 billion in revenue.

For the first quarter, at the mid-point, the company expects: net revenues to be $3.50 billion, a decrease of 1.6% sequentially, plus or minus 350 basis points; gross margin of about 45.0%, plus or minus 200 basis points.

"Based on our strong customer demand and increased capacity, we will drive the company based on a plan for fiscal 2022 revenues in the range of $14.8 billion to $15.3 billion," said Jean-Marc Chery, STMicroelectronics President & CEO.

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