STMicroelectronics : Statement from STMicroelectronics, following Moody's upgrade to Baa3
Geneva - November 16, 2017.
Carlo Ferro, Chief Financial Officer of STMicroelectronics, commented:
" Moody's decision today is another tangible result of ST's ongoing transformation, driven by sustainable revenue growth and underpinned by a solid financial position.
We anticipate 18% revenue growth this year (at the midpoint of our Q4 guidance), and in the third quarter we expanded our operating margin to 13.7% and net earnings to $236 million, which represented our record level for the past 15 years. Moreover, we strengthened our capital structure with the $1.5 billion new convertible bond issued in July 2017 at zero cost. Moody's decision reflects these results and, importantly, their sustainability over time.
We are pleased that all three rating agencies which report on ST on a solicited basis are now aligned in rating ST's credit profile within investment grade."
About STMicroelectronics
ST is a global semiconductor leader delivering intelligent and energy-efficient products and solutions that power the electronics at the heart of everyday life. ST's products are found everywhere today, and together with our customers, we are enabling smarter driving and smarter factories, cities and homes, along with the next generation of mobile and Internet of Things devices.
By getting more from technology to get more from life, ST stands for life.augmented.
In 2016, the Company's net revenues were $6.97 billion, serving more than 100,000 customers worldwide. Further information can be found at www.st.com.
For further information, please contact:
INVESTOR RELATIONS:
Tait Sorensen
Group VP, Investor Relations
Tel: +1 602 485 2064
tait.sorensen@st.com
MEDIA RELATIONS:
Alexis Breton
Director, PR & Media Operations
STMicroelectronics
Tel: + 33 6 59 16 79 08
alexis.breton@st.com
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