GENEVA--STMicroelectronics Inc. said revenues for the fourth quarter were $2.113 billion, a 17.1 percent sequential increase over the $1.804 billion reported in the 2003 third quarter, and 18.3 percent above the $1.786 billion of last year's fourth quarter.
Net income equaled $144 million for the 2003 fourth quarter, including impairment and restructuring charges, compared to a net loss of $49 million reported in the prior quarter, and a profit of $161 million in last year's fourth quarter.
Earnings per diluted share were $0.16 for the 2003 fourth quarter, compared to a $0.06 loss per diluted share in the prior quarter. Earnings per diluted share in the 2002 fourth quarter were $0.18.
Net revenues for the year ended December 31, 2003 were $7.238 billion, up 14.6 percent from the $6.318 billion reported in 2002. Net income was $253 million, or $0.27 per diluted share.
Pasquale Pistorio, president and CEO of STMicro, was bullish about the company's results. "ST's 2003 fourth quarter revenue performance was stronger than anticipated, fueled by a combination of both seasonal and fundamental end market demand," he said in a statement.
"We experienced solid order flows from key high growth applications within our targeted market segments, specifically wireless, automotive and audio, set-top-box, smart cards, data storage and certain industrial applications served by our high performance analog products," he said. "At the same time, we posted a 44.9 percent sequential increase in flash memory product sales," he said.
Pistorio painted a mixed picture for 2004. "We anticipate a muted seasonal effect in the first quarter, enabling ST to report revenues for the period of at least $2 billion and possibly even flat with the over $2.1 billion of the 2003 fourth quarter," he said.