STMicroelectronics (STM) Allora ... StMicroelectronics: Medium Term Analysis (9 lettori)
- Creatore Discussione curfr@
- Data di Inizio
bingo_bongoo
Forumer storico
Buona settimana a tutti.
Allego previsioni di amanita, che da oggi vede la partenza per una discesa fino a fine agosto............
più o meno 2 giorni ..............
per STM resto in attesa dei dati poi deciderò.....
Allego previsioni di amanita, che da oggi vede la partenza per una discesa fino a fine agosto............
più o meno 2 giorni ..............
per STM resto in attesa dei dati poi deciderò.....
bingo_bongoo
Forumer storico
curfr@ ha scritto:
SICURAMENTE MI SBAGLIO IO...............
ma sono in attesa di vedere +3 $ in tre giorni sul titolo STM USA!!!!!
Adesso non resta che attendere.......... il 27 luglio
felixeco
Forumer storico
mo vado a dormire
Geneva, July 26, 2005 - STMicroelectronics (NYSE: STM) reported financial results for the second quarter and six months ended July 2, 2005.
Revenue, Gross Profit and Margin Review
Net revenues for the second quarter were $2,162 million, up 3.8% sequentially from the $2,083 million reported in the prior quarter, and 0.4% below the $2,172 million reported in last year’s second quarter. Sequential sales growth was primarily driven by wireless and automotive applications. Several applications experienced double digit year-over-year sales growth, including wireless and automotive, with data storage experiencing strong double-digit growth compared to the second quarter of 2004. These year-over-year increases were offset by sales declines in consumer applications and the distribution market.
Gross profit increased 4.4% to $714 million from $685 million in the first quarter of 2005 despite continuing price pressure in memory and standard products. Volume and manufacturing performance drove the improvement in gross profit. Gross margin was 33.0% in the second quarter compared to 32.9% in the prior quarter.
Operating Expenses
Research and development expenses in the second quarter were $423 million compared to $404 million in the prior quarter, with the sequential increase reflecting accelerated technology and product development activity. Selling, general, and administrative expenses were $255 million for the 2005 second quarter, down from $265 million in the prior quarter. Combined SG&A and R&D expenses in the second quarter were 31.4% of sales and 32.1% in the 2005 first quarter.
Operating Income, Net Income, and Earnings per Share
For the 2005 second quarter the Company reported operating income of $12 million, and net income of $26 million, or $0.03 per share. In the prior quarter the Company reported an operating loss of $68 million, and a net loss of $31 million or $0.03 per share.
As a result of the restructuring initiatives underway, the Company incurred $22 million of impairment, restructuring charges, and other related closure costs during the 2005 second quarter. This figure included $16 million from the most recent initiative announced in May. In the prior quarter the Company recorded restructuring related expenses of $78 million.
During the second quarter, income tax expenses included a net $8 million tax benefit.
Cash Flow and Balance Sheet Highlights
Net cash from operating activities in the second quarter was $409 million compared to $359 million in the prior quarter. Capital expenditures were $363 million in the 2005 second quarter, a reduction of approximately $200 million from $564 million in the prior quarter. Net operating cash flow* for the second quarter was positive by $23 million, compared to a negative $216 million in the first quarter.
At July 2, 2005, ST had cash, cash equivalents, and marketable securities of $1.6 billion. Total debt was $1.88 billion; net financial debt was $276 million and shareholders’ equity was $8.2 billion. In the second quarter the Company paid a cash dividend of $0.12 per share for a total of $107 million.
In the second quarter, the effective average exchange rate for the Company was approximately $1.30 to €1, similar to first quarter levels.
(*) Net operating cash flow is defined as net cash from operating activities ($409 million in the second quarter of 2005) minus net cash used in investing activities ($386 million in the second quarter of 2005) excluding payments for purchase of and proceeds from the sale of marketable securities ($0 in the second quarter of 2005)
President and CEO Remarks
Carlo Bozotti, President and Chief Executive Officer commented, “ST’s second quarter sales growth confirmed improvement in certain key markets led by wireless which increased 12% sequentially. Additionally, we saw increased design wins across several markets including automotive and computer peripherals, as well as digital consumer, where we are targeting to increase our product penetration.
“Gross margin progression was limited by pricing pressure. Nonetheless, we are encouraged by the underlying improvement during the second quarter. With our initiatives currently well underway, we expect to see sequential improvement in the gross margin continuing and accelerating through the second half of 2005.
“In summary, we made good progress in executing on our strategic initiatives during the second quarter. On the product front we completed the redeployment of approximately 1,000 R&D engineers to higher priority product programs. Additionally, we are on track to realize the significant expected benefits from all of our cost reduction plans, including our most recently announced initiative. Moreover, we have concrete signs of the expansion of our key customer base, thanks to new design wins at several accounts.”
Additional Second Quarter 2005 Financial and Operating Data
The following tables and commentary provide a breakdown of revenues and operating income (loss) by product group and segment revenues by targeted market.
Net Revenues and Operating Income (Loss) by Group:
Second Quarter 2004 Net Revenues and Operating Income by Product Group:
In Million US$ Q2 2005
Group Net Revenues % of Net Revenues Operating
income (loss)
Application Specific Product Groups* 1,235 57.1% 72
MLD (Microcontroller, Linear & Discrete Group) 459 21.2% 65
MPG (Memory Products Group) 453 21.0% (66)
Others (1)(2) 15 07.7% (59)
TOTAL 2,162 100.0% 12
e domani ci penso su
Geneva, July 26, 2005 - STMicroelectronics (NYSE: STM) reported financial results for the second quarter and six months ended July 2, 2005.
Revenue, Gross Profit and Margin Review
Net revenues for the second quarter were $2,162 million, up 3.8% sequentially from the $2,083 million reported in the prior quarter, and 0.4% below the $2,172 million reported in last year’s second quarter. Sequential sales growth was primarily driven by wireless and automotive applications. Several applications experienced double digit year-over-year sales growth, including wireless and automotive, with data storage experiencing strong double-digit growth compared to the second quarter of 2004. These year-over-year increases were offset by sales declines in consumer applications and the distribution market.
Gross profit increased 4.4% to $714 million from $685 million in the first quarter of 2005 despite continuing price pressure in memory and standard products. Volume and manufacturing performance drove the improvement in gross profit. Gross margin was 33.0% in the second quarter compared to 32.9% in the prior quarter.
Operating Expenses
Research and development expenses in the second quarter were $423 million compared to $404 million in the prior quarter, with the sequential increase reflecting accelerated technology and product development activity. Selling, general, and administrative expenses were $255 million for the 2005 second quarter, down from $265 million in the prior quarter. Combined SG&A and R&D expenses in the second quarter were 31.4% of sales and 32.1% in the 2005 first quarter.
Operating Income, Net Income, and Earnings per Share
For the 2005 second quarter the Company reported operating income of $12 million, and net income of $26 million, or $0.03 per share. In the prior quarter the Company reported an operating loss of $68 million, and a net loss of $31 million or $0.03 per share.
As a result of the restructuring initiatives underway, the Company incurred $22 million of impairment, restructuring charges, and other related closure costs during the 2005 second quarter. This figure included $16 million from the most recent initiative announced in May. In the prior quarter the Company recorded restructuring related expenses of $78 million.
During the second quarter, income tax expenses included a net $8 million tax benefit.
Cash Flow and Balance Sheet Highlights
Net cash from operating activities in the second quarter was $409 million compared to $359 million in the prior quarter. Capital expenditures were $363 million in the 2005 second quarter, a reduction of approximately $200 million from $564 million in the prior quarter. Net operating cash flow* for the second quarter was positive by $23 million, compared to a negative $216 million in the first quarter.
At July 2, 2005, ST had cash, cash equivalents, and marketable securities of $1.6 billion. Total debt was $1.88 billion; net financial debt was $276 million and shareholders’ equity was $8.2 billion. In the second quarter the Company paid a cash dividend of $0.12 per share for a total of $107 million.
In the second quarter, the effective average exchange rate for the Company was approximately $1.30 to €1, similar to first quarter levels.
(*) Net operating cash flow is defined as net cash from operating activities ($409 million in the second quarter of 2005) minus net cash used in investing activities ($386 million in the second quarter of 2005) excluding payments for purchase of and proceeds from the sale of marketable securities ($0 in the second quarter of 2005)
President and CEO Remarks
Carlo Bozotti, President and Chief Executive Officer commented, “ST’s second quarter sales growth confirmed improvement in certain key markets led by wireless which increased 12% sequentially. Additionally, we saw increased design wins across several markets including automotive and computer peripherals, as well as digital consumer, where we are targeting to increase our product penetration.
“Gross margin progression was limited by pricing pressure. Nonetheless, we are encouraged by the underlying improvement during the second quarter. With our initiatives currently well underway, we expect to see sequential improvement in the gross margin continuing and accelerating through the second half of 2005.
“In summary, we made good progress in executing on our strategic initiatives during the second quarter. On the product front we completed the redeployment of approximately 1,000 R&D engineers to higher priority product programs. Additionally, we are on track to realize the significant expected benefits from all of our cost reduction plans, including our most recently announced initiative. Moreover, we have concrete signs of the expansion of our key customer base, thanks to new design wins at several accounts.”
Additional Second Quarter 2005 Financial and Operating Data
The following tables and commentary provide a breakdown of revenues and operating income (loss) by product group and segment revenues by targeted market.
Net Revenues and Operating Income (Loss) by Group:
Second Quarter 2004 Net Revenues and Operating Income by Product Group:
In Million US$ Q2 2005
Group Net Revenues % of Net Revenues Operating
income (loss)
Application Specific Product Groups* 1,235 57.1% 72
MLD (Microcontroller, Linear & Discrete Group) 459 21.2% 65
MPG (Memory Products Group) 453 21.0% (66)
Others (1)(2) 15 07.7% (59)
TOTAL 2,162 100.0% 12
e domani ci penso su
curfr@
Forumer storico
Re: mo vado a dormire
Su...cosa,Felixeco? Spero non al long: con una contrazione dell'utile netto dell'82% e un gross margin inferiore alle attese (senza considerare che le stime di incremento dei margini potrebbero oscillare solo fino ad un +2% fino alla fine dell'anno...) credo che sia avventuroso tentare di andare ancora al rialzo! Manuuuuuuuuuu!?!? Sempre long? Ciao Da,Pio,Piruzut,Vasco,Gancio,Rubicco,Morice...e tutti gli altri amici di IO...
felixeco ha scritto:
Su...cosa,Felixeco? Spero non al long: con una contrazione dell'utile netto dell'82% e un gross margin inferiore alle attese (senza considerare che le stime di incremento dei margini potrebbero oscillare solo fino ad un +2% fino alla fine dell'anno...) credo che sia avventuroso tentare di andare ancora al rialzo! Manuuuuuuuuuu!?!? Sempre long? Ciao Da,Pio,Piruzut,Vasco,Gancio,Rubicco,Morice...e tutti gli altri amici di IO...
pio99
Forumer attivo
Re: mo vado a dormire
Ciao Fra,
tanti saluti anche a te e a tutti gli amici di IO.
Come va?
Io sono un "po" impegnato ultimamente, ma il tempo per fare una domanda si trova.
Supponiamo di aver trovato un po di memoria in alcuni predittori ( rendimenti close to close, close to open, close to high etc. etc. ) e di volerla sfruttare con qualche metodo che esuli dalle reti neurali.
Il modello autocostruito da una rete neurale e' una black box sulla quale si ha nessun controllo se non il tasso di apprendimento.
Senza fare nessuna ipotesi sulla forma della distribuzione dei rendimenti ( se c'e' memoria non e' sicuramente gaussiana ) ma avendo a disposizione la sola distribuzione empirica degli ultimi N giorni di trading ( training set ) , quale metodo ( supervisionato o non supervisionato ) useresti per costruire un modello di trading?
Io scarterei a priori il classificatore bayesiano, eliminerei le reti neurali per il modello forma "black box", ci rimarrebbero i metodi statici tipo AR , MA, ARIMA, GARCH et similia o modelli dinamici tipo "vicini piu' vicini" e "approssimatori lineari" ( al momemto non mi sovviene il termine giusto
).
Grazie.
Ciao a tutti e buona serata.
curfr@ ha scritto:
Ciao Fra,
tanti saluti anche a te e a tutti gli amici di IO.
Come va?
Io sono un "po" impegnato ultimamente, ma il tempo per fare una domanda si trova.
Supponiamo di aver trovato un po di memoria in alcuni predittori ( rendimenti close to close, close to open, close to high etc. etc. ) e di volerla sfruttare con qualche metodo che esuli dalle reti neurali.
Il modello autocostruito da una rete neurale e' una black box sulla quale si ha nessun controllo se non il tasso di apprendimento.
Senza fare nessuna ipotesi sulla forma della distribuzione dei rendimenti ( se c'e' memoria non e' sicuramente gaussiana ) ma avendo a disposizione la sola distribuzione empirica degli ultimi N giorni di trading ( training set ) , quale metodo ( supervisionato o non supervisionato ) useresti per costruire un modello di trading?
Io scarterei a priori il classificatore bayesiano, eliminerei le reti neurali per il modello forma "black box", ci rimarrebbero i metodi statici tipo AR , MA, ARIMA, GARCH et similia o modelli dinamici tipo "vicini piu' vicini" e "approssimatori lineari" ( al momemto non mi sovviene il termine giusto
).Grazie.
Ciao a tutti e buona serata.
felixeco
Forumer storico
Re: mo vado a dormire
arrivo ora.Intendevo se buttarle o no.Ma visto che non ha sbracato le ho tenute.I forti volumi dei giorni prec.mi hanno dato da pensare...................non si sapeva già che i dati nn erano buoni? e si saliva.Vado longhissimo (ne ho solo +150)
curfr@ ha scritto:
arrivo ora.Intendevo se buttarle o no.Ma visto che non ha sbracato le ho tenute.I forti volumi dei giorni prec.mi hanno dato da pensare...................non si sapeva già che i dati nn erano buoni? e si saliva.Vado longhissimo (ne ho solo +150)
bingo_bongoo
Forumer storico
bingo_bongoo ha scritto:curfr@ ha scritto:
SICURAMENTE MI SBAGLIO IO...............
ma sono in attesa di vedere +3 $ in tre giorni sul titolo STM USA!!!!!
Adesso non resta che attendere.......... il 27 luglio
Purtroppo i dati hanno deluso talmente tanto che,
da oggi sono completamente fuori dal titolo STM,
e resterò flat fino a fine agosto.
Buone vacanze a tutti.