Duke Energy's (DUK) Subsidiary Eyes More Revenues in South Carolina
A senior executive of the energy sector company speaking in front of a board of investors.
The proposed rate increase will result in a monthly bill increase of up to $10.38 for residential customers using 1,000 kilowatt-hours of electricity. Commercial customers are to experience a 5.4% average bill increase, while industrial customers will face an average increase of about 5.2%.
The proposed rate increase will increase Duke Energy's annual revenue in South Carolina by up to $150.5 million. The increase is in response to the investments the company has made in the power grid, improved reliability, and storm resilience.
While we acknowledge the potential of DUK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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STMicroelectronics Reports 2025 Second Quarter Financial Results
PR No: C3349C STMicroelectronics Reports 2025 Second Quarter Financial Results Q2 net revenues $2.77 billion; gross margin 33.5%; operating loss of $133 million, including $190 million related to impairment, restructuring charges and other related phase-out costs; net loss of $97 million H1 net revenues $5.28 billion; gross margin 33.5%; operating loss of $130 million, including $198 million related to impairment, restructuring charges and other related phase-out costs; net loss of $41 million Business outlook at mid-point: Q3 net revenues of $3.17 billion and gross margin of 33.5% Geneva, July 24, 2025 – STMicroelectronics N.V. ('ST') (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the second quarter ended June 28, 2025. This press release also contains non-U.S. GAAP measures (see Appendix for additional information). ST reported second quarter net revenues of $2.77 billion, gross margin of 33.5%, operating loss of $133 million, and net loss of $97 million or -$0.11 diluted earnings per share (non-U.S. GAAP1 operating income of $57 million, and non-U.S. GAAP1 net income of $57 million or $0.06 diluted earnings per share). Jean-Marc Chery, ST President & CEO, commented: 'Q2 net revenues came above the mid-point of our business outlook range, driven by higher revenues in Personal Electronics and Industrial, while Automotive was slightly below expectations. Gross margin was in line with the mid-point of our business outlook range.' 'On a year-over-year basis, Q2 net revenues decreased 14.4%, non-U.S. GAAP1 operating margin decreased to 2.1% from 11.6% and non-U.S. GAAP1 net income decreased to $57 million from $353 million.' 'First half net revenues decreased 21.1% year-over-year, with a decrease in all reportable segments. Non-U.S. GAAP1 operating margin was 1.3% and non-U.S. GAAP1 net income was $120 million.' 'In the second quarter, our book-to-bill ratio remained above one for Industrial, while Automotive was below parity. Bookings continued to increase sequentially.' 'Our third quarter business outlook, at the mid-point, is for net revenues of $3.17 billion, decreasing year-over-year by 2.5% and increasing sequentially by 14.6%; gross margin is expected to be about 33.5%; including about 340 basis points of unused capacity charges. On a sequential basis, our Q3 gross margin will be negatively impacted by about 140 basis points, mainly from currency effect and, to a lesser extent, the start of non-recurring cost related to our manufacturing reshaping program.' 'While we expect Q3 revenues to show a solid sequential growth enabling a continued year-over-year improvement, we are still operating amid an uncertain macroeconomic environment. Given these external factors, our priorities remain supporting our customers, accelerating new product introductions, and executing our company-wide program to reshape our manufacturing footprint and resize our global cost base.' Quarterly Financial Summary U.S. GAAP(US$ m, except per share data) Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y Net Revenues $2,766 $2,517 $3,232 9.9% -14.4% Gross Profit $926 $841 $1,296 10.2% -28.5% Gross Margin 33.5% 33.4% 40.1% +10 bps - 660 bps Operating Income (Loss) $(133) $3 $375 - - Operating Margin -4.8% 0.1% 11.6% -490 bps -1,640 bps Net Income (Loss) $(97) $56 $353 - - Diluted Earnings Per Share $(0.11) $0.06 $0.38 - - Non-U.S. GAAP2(US$ m, except per share data) Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y Operating Income $57 $11 $375 429.6% -84.7% Operating Margin 2.1% 0.4% 11.6% 170 bps -950 bps Net Income $57 $63 $353 -9.1% -83.9% Diluted Earnings Per Share $0.06 $0.07 $0.38 -14.3% -84.2% Second Quarter 2025 Summary ReviewReminder: on January 1, 2025 we made some adjustments to our segment reporting. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail. Net Revenues by Reportable Segment3 (US$ m) Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y Analog products, MEMS and Sensors (AM&S) segment 1,133 1,069 1,336 5.9% -15.2% Power and discrete products (P&D) segment 447 397 576 12.9% -22.2% Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group 1,580 1,466 1,912 7.8% -17.4% Embedded Processing (EMP) segment 847 742 906 14.1% -6.5% RF & Optical Communications (RF&OC) segment 336 306 410 10.1% -17.9% Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group 1,183 1,048 1,316 13.0% -10.1% Others 3 3 4 - - Total Net Revenues $2,766 $2,517 $3,232 9.9% -14.4% Net revenues totaled $2.77 billion, representing a year-over-year decrease of 14.4%. Year-over-year net sales to OEMs and Distribution decreased 15.3% and 12.0%, respectively. On a sequential basis, net revenues increased 9.9%, 220 basis points better than the mid-point of ST's guidance. Gross profit totaled $926 million, representing a year-over-year decrease of 28.5%. Gross margin of 33.5%, 10 basis points above the mid-point of ST's guidance, decreased 660 basis points year-over-year, mainly due to product mix, lower manufacturing efficiencies and, to a lesser extent, higher unused capacity charges. Operating income decreased from $375 million in the year-ago quarter to an operating loss of $133 million. ST's operating margin decreased 1,640 basis points on a year-over-year basis to -4.8% of net revenues, compared to 11.6% in the second quarter of 2024. Operating loss included $190M impairment, restructuring charges and other related phase-out costs for the quarter, reflecting impairment of assets and restructuring charges predominantly associated with the previously announced company-wide program to reshape our manufacturing footprint and resize our global cost base. Excluding these items, non-U.S. GAAP1 Operating income stood at $57 million in the second quarter. By reportable segment, compared with the year-ago quarter: In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group: Analog products, MEMS and Sensors (AM&S) segment: Revenue decreased 15.2% mainly due to a decrease in Analog. Operating profit decreased by 55.9% to $85 million. Operating margin was 7.5% compared to 14.5%. Power and Discrete products (P&D) segment: Revenue decreased 22.2%. Operating profit decreased from $61 million to an operating loss of $56 million. Operating margin was -12.5% compared to 10.6%. In Microcontrollers, Digital ICs and RF products (MDRF) Product Group: Embedded Processing (EMP) segment: Revenue decreased 6.5% mainly due to Custom Processing. Operating profit decreased by 8.7% to $114 million. Operating margin was 13.5% compared to 13.8%. RF & Optical Communications (RF&OC) segment: Revenue decreased 17.9%. Operating profit decreased by 37.2% to $60 million. Operating margin was 17.9% compared to 23.4%. Net Earnings and diluted Earnings Per Share decreased to a negative $97 million and a negative $0.11 respectively compared to a positive $353 million and $0.38 respectively in the year-ago quarter. Non-U.S. GAAP1 Net income and diluted Earnings Per Share, stood at $57 million and $0.06 respectively in the second quarter of 2025. Cash Flow and Balance Sheet Highlights Trailing 12 Months (US$ m) Q2 2025 Q1 2025 Q2 2024 Q2 2025 Q2 2024 TTM Change Net cash from operating activities 354 574 702 2,332 4,922 -52.6% Free cash flow (non-U.S. GAAP1) (152) 30 159 142 1,384 -89.7% Net cash from operating activities was $354 million in the second quarter compared to $702 million in the year-ago quarter. Net Capex (non-U.S. GAAP1), was $465 million in the second quarter compared to $528 million in the year-ago quarter. Free cash flow (non-U.S. GAAP1) was negative at $152 million in the second quarter, compared to positive $159 million in the year-ago quarter. Inventory at the end of the second quarter was $3.27 billion, compared to $3.01 billion in the previous quarter and $2.81 billion in the year-ago quarter. Days sales of inventory at quarter-end was 166 days, compared to 167 days for the previous quarter and 130 days for the year-ago quarter. In the second quarter, ST paid cash dividends to its stockholders totaling $81 million and executed a $92 million share buy-back, as part of its current share repurchase program. ST's net financial position (non-U.S. GAAP4) remained strong at $2.67 billion as of June 28, 2025, compared to $3.08 billion as of March 29, 2025, and reflected total liquidity of $5.63 billion and total financial debt of $2.96 billion. Adjusted net financial position (non-U.S. GAAP1), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.31 billion as of June 28, 2025. Corporate developments On May 28, 2025, STMicroelectronics held its 2025 Annual General Meeting of Shareholders in Amsterdam, the Netherlands. All proposed resolutions were approved by the Shareholders. Business Outlook ST's guidance, at the mid-point, for the 2025 third quarter is: Net revenues are expected to be $3.17 billion, an increase of 14.6% sequentially, plus or minus 350 basis points. Gross margin of 33.5%, plus or minus 200 basis points. This outlook is based on an assumed effective currency exchange rate of approximately $1.14 = €1.00 for the 2025 third quarter and includes the impact of existing hedging contracts. The third quarter will close on September 27, 2025. This business outlook does not include any impact of potential further changes to global trade tariffs compared to the current situation. Conference Call and Webcast Information ST will conduct a conference call with analysts, investors and reporters to discuss its second quarter 2025 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST's website, and will be available for replay until August 8, 2025. Use of Supplemental Non-U.S. GAAP Financial Information This press release contains supplemental non-U.S. GAAP financial information. Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST's consolidated financial statements prepared in accordance with U.S. GAAP. See the Appendix of this press release for a reconciliation of ST's non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures. Forward-looking Information Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management's current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors: changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and may directly or indirectly adversely impact the demand for our products; uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products; customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all; the ability to design, manufacture and sell innovative products in a rapidly changing technological environment; changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities; unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding; financial difficulties with any of our major distributors or significant curtailment of purchases by key customers; the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers; availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation); the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation; the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions; changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets; variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations; the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant; product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts; natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate; increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027; epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results; industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers; the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as 'believes', 'expects', 'may', 'are expected to', 'should', 'would be', 'seeks' or 'anticipates' or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions. Some of these risk factors are set forth and are discussed in more detail in 'Item 3. Key Information — Risk Factors' included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission ('SEC') on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances. Unfavorable changes in the above or other factors listed under 'Item 3. Key Information — Risk Factors' from time to time in our Securities and Exchange Commission ('SEC') filings, could have a material adverse effect on our business and/or financial condition. About STMicroelectronics At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at For further information, please contact: INVESTOR RELATIONS:Jérôme RamelEVP Corporate Development & Integrated External Communication Tel: +41 22 929 59 20 MEDIA RELATIONS:Alexis BretonCorporate External CommunicationsTel: + 33 6 59 16 79 STMicroelectronics N.V. CONSOLIDATED STATEMENTS OF INCOME (in millions of U.S. dollars, except per share data ($)) Three months ended June 28, June 29, 2025 2024 (Unaudited) (Unaudited) Net sales 2,745 3,227 Other revenues 21 5 NET REVENUES 2,766 3,232 Cost of sales (1,840) (1,936) GROSS PROFIT 926 1,296 Selling, general and administrative expenses (420) (419) Research and development expenses (514) (535) Other income and expenses, net 65 33 Impairment, restructuring charges and other related phase-out costs (190) - Total operating expenses (1,059) (921) OPERATING INCOME (LOSS) (133) 375 Interest income, net 45 51 Other components of pension benefit costs (5) (4) Loss on financial instruments, net (19) (1) INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST (112) 421 Income tax benefit (expense) 18 (67) NET INCOME (LOSS) (94) 354 Net income attributable to noncontrolling interest (3) (1) NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (97) 353 EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.11) 0.39 EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.11) 0.38 NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 893.9 941.1 STMicroelectronics N.V. CONSOLIDATED STATEMENTS OF INCOME (in millions of U.S. dollars, except per share data ($)) Six months ended June 28, June 29, 2025 2024 (Unaudited) (Unaudited) Net sales 5,257 6,670 Other revenues 26 27 NET REVENUES 5,283 6,697 Cost of sales (3,516) (3,958) GROSS PROFIT 1,767 2,739 Selling, general and administrative expenses (810) (844) Research and development expenses (1,004) (1,063) Other income and expenses, net 115 93 Impairment, restructuring charges and other related phase-out costs (198) - Total operating expenses (1,897) (1,814) OPERATING INCOME (LOSS) (130) 925 Interest income, net 93 111 Other components of pension benefit costs (9) (8) Gain (loss) on financial instruments, net 6 (1) INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST (40) 1,027 Income tax benefit (expense) 4 (159) NET INCOME (LOSS) (36) 868 Net income attributable to noncontrolling interest (5) (3) NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (41) 865 EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.05) 0.96 EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.05) 0.92 NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 894.9 941.8 STMicroelectronics N.V. CONSOLIDATED BALANCE SHEETS As at June 28, March 29, December 31, In millions of U.S. dollars 2025 2025 2024 (Unaudited) (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents 1,616 1,781 2,282 Short-term deposits 1,650 1,650 1,450 Marketable securities 2,363 2,528 2,452 Trade accounts receivable, net 1,352 1,385 1,749 Inventories 3,273 3,014 2,794 Other current assets 1,267 1,050 1,007 Total current assets 11,521 11,408 11,734 Goodwill 313 299 290 Other intangible assets, net 342 338 346 Property, plant and equipment, net 11,437 11,178 10,877 Non-current deferred tax assets 558 490 464 Long-term investments 77 96 71 Other non-current assets 1,215 1,114 961 13,942 13,515 13,009 Total assets 25,463 24,923 24,743 LIABILITIES AND EQUITY Current liabilities: Short-term debt 1,006 988 990 Trade accounts payable 1,451 1,373 1,323 Other payables and accrued liabilities 1,386 1,290 1,306 Dividends payable to stockholders 257 16 88 Accrued income tax 104 72 66 Total current liabilities 4,204 3,739 3,773 Long-term debt 1,951 1,889 1,963 Post-employment benefit obligations 428 392 377 Long-term deferred tax liabilities 48 48 47 Other long-term liabilities 848 896 904 3,275 3,225 3,291 Total liabilities 7,479 6,964 7,064 Commitment and contingencies Equity Parent company stockholders' equity Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 894,759,029 shares outstanding as of June 28, 2025) 1,157 1,157 1,157 Additional Paid-in Capital 3,187 3,142 3,088 Retained earnings 12,911 13,514 13,459 Accumulated other comprehensive income 983 495 236 Treasury stock (490) (582) (491) Total parent company stockholders' equity 17,748 17,726 17,449 Noncontrolling interest 236 233 230 Total equity 17,984 17,959 17,679 Total liabilities and equity 25,463 24,923 24,743 STMicroelectronics N.V. SELECTED CASH FLOW DATA Cash Flow Data (in US$ millions) Q2 2025 Q1 2025 Q2 2024 Net Cash from operating activities 354 574 702 Net Cash used in investing activities (332) (796) (628) Net Cash used in financing activities (191) (282) (112) Net Cash decrease (165) (501) (41) Selected Cash Flow Data (in US$ millions) Q2 2025 Q1 2025 Q2 2024 Depreciation & amortization 464 428 439 Net payment for Capital expenditures (481) (538) (546) Dividends paid to stockholders (81) (72) (73) Change in inventories, net (140) (172) (136) AppendixSTChanges to reportable segments Following ST's reorganization announced in January 2024 into two Product Groups and four reportable segments, we have made further progress in analyzing our global product portfolio, resulting in the following adjustments to our segments, effective starting January 1, 2025, without modifying subtotals at Product Group level: In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group: The transfer of VIPower products from Power and Discrete products ('P&D') reportable segment to Analog products, MEMS and Sensors ('AM&S') reportable segment. In Microcontrollers, Digital ICs and RF products (MDRF) Product Group: the newly created 'Embedded Processing' ('EMP') reportable segment includes the former 'MCU' segment (excluding the RF ASICs mentioned below) as well as Custom Processing products (Automotive ADAS products). the newly created 'RF & Optical Communications' ('RF&OC') reportable segment includes the former 'D&RF' segment (excluding Automotive ADAS products) as well as some RF ASICs which were previously part of the former 'MCU' segment. We believe these adjustments are critical for implementing synergies and optimizing resources, which are necessary to fully deliver the benefits expected from our new organization. Our four reportable segments - within each Product Group - are now as follows: In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group: Analog products, MEMS and Sensors ('AM&S') reportable segment, comprised of ST analog products (now including VIPower products), MEMS sensors and actuators, and optical sensing solutions. Power and Discrete products ('P&D') reportable segment, comprised of discrete and power transistor products (now excluding VIPower products). In this Press Release, 'Analog' refers to analog products, 'MEMS' to MEMS sensors and actuators and 'Imaging' to optical sensing solutions. In Microcontrollers, Digital ICs and RF products (MDRF) Product Group: Embedded Processing ('EMP') reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and Custom Processing Products (Automotive ADAS) RF & Optical Communications ('RF&OC') reportable segment, comprised of Space, Ranging & Connectivity products, Digital Audio & Signaling Solutions and Optical & RF COT. In this Press release, 'GPAM' refers to General purpose & automotive microcontrollers, 'Connected Security' to connected security products, 'Custom Processing' to automotive ADAS products. Prior year comparative periods have been adjusted accordingly. (Appendix – continued)ST Supplemental Financial Information Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net Revenues By Market Channel (%) Total OEM 72% 71% 73% 76% 73% Distribution 28% 29% 27% 24% 27% €/$ Effective Rate 1.09 1.06 1.09 1.08 1.08 Reportable Segment Data (US$ m) Analog products, MEMS and Sensors (AM&S) segment - Net Revenues 1,133 1,069 1,348 1,340 1,336 - Operating Income 85 82 220 216 193 Power and Discrete products (P&D) segment - Net Revenues 447 397 602 652 576 - Operating Income (Loss) (56) (28) 45 80 61 Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group - Net Revenues 1,580 1,466 1,950 1,992 1,912 - Operating Income 29 54 265 296 254 Embedded Processing (EMP) segment - Net Revenues 847 742 1,002 898 906 - Operating Income 114 66 181 146 126 RF & Optical Communications (RF&OC) segment - Net Revenues 336 306 366 357 410 - Operating Income 60 43 95 84 96 Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group - Net Revenues 1,183 1,048 1,368 1,255 1,316 - Operating Income 174 109 276 230 222 Others (a) - Net Revenues 3 3 3 4 4 - Operating Income (Loss) (336) (160) (172) (145) (101) Total - Net Revenues 2,766 2,517 3,321 3,251 3,232 - Operating Income (Loss) (133) 3 369 381 375 (a) Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment, restructuring charges and other related phase-out costs, management reorganization costs, start-up costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes: (US$ m) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 (Appendix – continued)STSupplemental Non-U.S. GAAP Financial InformationU.S. GAAP – Non-U.S. GAAP Reconciliation The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST's U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST's on-going operating results, (ii) the ability to better identify trends in ST's business and perform related trend analysis, and (iii) to facilitate a comparison of ST's results of operations against investor and analyst financial models and valuations, which may exclude these items. Non-U.S. GAAP Operating Income, Non-U.S. GAAP Net Earnings and Non-U.S. GAAP Earnings Per Share (non-U.S. GAAP measures) Operating income before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related phase-out costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related phase-out costs attributable to ST and other one-time items, net of the relevant tax impact. Q2 2025(US$ m, except per share data) Gross Profit Operating Income (Loss) Net Earnings Corresponding Diluted EPS U.S. GAAP 926 (133) (97) (0.11) Impairment, restructuring charges and other related phase-out costs - 190 190 Estimated income tax effect - - (36) Non-U.S. GAAP 926 57 57 0.06H1 2025(US$ m, except per share data) Gross Profit Operating Income (Loss) Net Earnings Corresponding Diluted EPS U.S. GAAP 1,767 (130) (41) (0.05) Impairment, restructuring charges and other related phase-out costs - 198 198 Estimated income tax effect - - (37) Non-U.S. GAAP 1,767 68 120 0.13 (Appendix – continued) Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures) Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet. ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited. (US$ m) Jun 282025 Mar 292025 Dec 312024 Sep 282024 Jun 292024 Cash and cash equivalents 1,616 1,781 2,282 3,077 3,092 Short term deposits 1,650 1,650 1,450 977 975 Marketable securities 2,363 2,528 2,452 2,242 2,218 Total liquidity 5,629 5,959 6,184 6,296 6,285 Short-term debt (1,006) (988) (990) (1,003) (236) Long-term debt (a) (1,951) (1,889) (1,963) (2,112) (2,850) Total financial debt (2,957) (2,877) (2,953) (3,115) (3,086) Net Financial Position (non-U.S. GAAP) 2,672 3,082 3,231 3,181 3,199 Advances received on capital grants (361) (377) (385) (366) (402) Adjusted Net Financial Position (non-U.S. GAAP) 2,311 2,705 2,846 2,815 2,797 (a) Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $639 million equivalent, are currently undrawn. (Appendix – continued) Net Capex and Free Cash Flow (non-U.S. GAAP measures) ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period. ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies. (US$ m) Q2 2025 Q12025 Q42024 Q3 2024 Q2 2024 Payment for purchase of tangible assets, as reported (574) (587) (584) (669) (690) Proceeds from sale of tangible assets, as reported 4 2 - 2 1 Proceeds from capital grants and other contributions, as reported 89 47 83 66 143 Advances from capital grants allocated to property, plant and equipment 16 8 31 36 18 Net Capex (non-U.S. GAAP) (465) (530) (470) (565) (528) Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any. ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations. Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies. (US$ m) Q2 2025 Q12025 Q42024 Q32024 Q2 2024 Net cash from operating activities 354 574 681 723 702 Net Capex (465) (530) (470) (565) (528) Payment for purchase of intangible assets, net of proceeds from sale (41) (14) (32) (20) (15) Payment for purchase of financial assets, net of proceeds from sale - - (51) (2) - Free Cash Flow (non-U.S. GAAP) (152) 30 128 136 1591 Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.2 Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.3 See Appendix for the definition of reportable segments. 4 Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important. Attachment C3349C - STMicroelectronics Q225 Earnings PRError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
25 minutes ago
- The Hill
Australia to reduce US beef import restrictions denounced by Trump as a ban
MELBOURNE, Australia (AP) — Australia will reduce restrictions on U.S. beef imports after U.S. President Donald Trump criticized what he described as an Australian ban on the meat, Agriculture Minister Julie Collins said. Collins said Thursday that relaxing the restrictions designed to keep Australia free of mad cow disease, also known as bovine spongiform encephalopathy or BSE, among its cattle herds would not compromise biosecurity. 'Australia stands for open and free trade — our cattle industry has significantly benefited from this,' Collins said in a statement. Australia has allowed imports of beef grown in the United States since 2019. But Australia has not allowed imports from the U.S. of beef sourced from Canada or Mexico because of the disease risk. But the U.S. has recently introduced additional movement controls that identify and trace all cattle from Mexico and Canada to their farms of origin. US cattle import controls satisfy Australian authorities Australian authorities were 'satisfied the strengthened control measures put in place by the U.S. effectively manage biosecurity risks,' Collins said. The timing of the new, reduced restrictions has not been finalized. Trump attacked Australian import restrictions on U.S. beef when he announced in April that tariffs of at least 10% would be placed on Australian imports, with steel and aluminum facing a 50% tariff. 'Australia bans — and they're wonderful people, and wonderful everything — but they ban American beef,' Trump told reporters then. 'Yet we imported $3 billion of Australian beef from them just last year alone. They won't take any of our beef. They don't want it because they don't want it to affect their farmers and, you know, I don't blame them, but we're doing the same thing right now,' Trump added. Lawmaker fears appeasing Trump endangers Australian cattle industry Opposition lawmaker David Littleproud suspected the government was endangering Australia's cattle industry to appease Trump. 'I want to see the science and it should be predicated on science. I'm suspicious of the speed at which this has been done,' Littleproud told reporters. 'We need to give confidence to the industry, but also to you (the public): this is not just about animal welfare, this is about human welfare, this is about BSE potentially coming into this country and having a human impact, so I think it's important the government's very transparent about the science and I don't think it's even beyond the question to have an independent panel review that science to give confidence to everybody,' he added. Around 70% of Australian beef is exported. Producers fear that export market would vanish overnight if diseases including mad cow or foot-and-mouth disease infected Australian cattle. Will Evans, chief executive of Cattle Australia who represents more than 52,000 grass-fed beef producers across the nation, said he was confident the agriculture department had taken a cautious approach toward U.S. imports. 'The department's undertaken a technical scientific assessment and we have to put faith in them. They've made this assessment themselves. They've said: 'We've looked at this, we've looked at the best science, this is a decision that we feel comfortable with,'' Evans told the Australian Broadcasting Corp. 'When you have a 75 billion (Australian dollar, $50 billion) industry relying on them not making this mistake, I'm sure they've been very cautious in their decision-making,' he added. US beef prices rise because of drought and a domestic cattle shortage Beef prices have been rising in the U.S. due to factors that include drought and shrinking domestic herd numbers. The average price of a pound of ground beef in the U.S. rose to $6.12 in June, up nearly 12% from a year ago, according to U.S. government data. The average price of all uncooked beef steaks rose 8% to $11.49 per pound. Australia's opposition to any U.S. tariffs will be high on the agenda when Prime Minister Anthony Albanese secures his first face-to-face meeting with Trump. Albanese and Trump were to hold a one-on-one meeting on the sidelines of a Group of Seven summit in Canada last month, but the U.S. president left early. Albanese expects the pair will meet this year, although no date has been announced. The two countries have had a bilateral free trade deal for 20 years and the U.S. has maintained a trade surplus with Australia for decades.
CNBC
26 minutes ago
- CNBC
World's largest olive oil producer warns U.S. consumers of a double whammy from Trump tariffs
Spain's Deoleo, the world's largest olive oil producer, says U.S. President Donald Trump's threat to impose 30% tariffs on imports from the European Union could translate into higher prices for U.S. consumers — as well as limited access to a superfood staple. Trump has threatened to raise tariffs on the 27-member bloc from Aug. 1, in what would mark a steep jump from the current 10% duty. The EU has long been scrambling to reach a trade deal with the U.S. and is considering its options ahead of Trump's deadline, including the prospect of countermeasures. Huge uncertainty persists over whether the U.S. and EU can strike a deal over the coming days, although a blockbuster framework agreement between the U.S. and Japan has raised hopes of a breakthrough. Deoleo, the maker of household olive oil brands such as Bertolli and Carbonell, told CNBC that the Trump administration's trade measures could have an impact on American consumers, particularly given limited U.S. production. "It is worth noting that approximately 95% of the olive oil consumed in the U.S. is imported, so such policies will affect end users," Deoleo CEO Cristóbal Valdés told CNBC by email. The Spanish company said the U.S. accounts for more than a quarter of its total revenue, making it a strategically important market. Around 40,000 acres (16,187 hectares) of olives are planted exclusively in the U.S. for olive oil production, according to the American Olive Oil Producers Association. By comparison, the EU is known to be the leading producer, consumer and exporter of olive oil, with roughly 4 million hectares (9.88 million acres) dedicated to the cultivation of olive trees across the region. Most of the world's supply of olive oil comes from the Mediterranean, with southern European countries such as Spain, Italy and Greece among the world's leading producers of the precious commodity. Spain, in particular, is the biggest olive oil producer in the EU and a global reference for prices. As part of its preparation for a higher tariffs rate, Deoleo's Valdés said the company intends to ramp up its communication, marketing and consumer engagement efforts to ensure olive oil remains an everyday staple. "Beyond institutional dialogue, we are strengthening our value proposition in the U.S. through consumer awareness campaigns about the benefits of olive oil and a renewed commitment to our brands—especially Bertolli, which today represents trust and consistency for American consumers," Valdés said. Deoleo's chief executive also said the olive oil producer would continue to keep all strategic options open, while working on logistics and supply chain improvements to respond to different market scenarios. "However, beyond tactical decisions, our main priority is to protect American consumers' access to a food product that is essential to their health. Access to olive oil should not be penalized — it should be promoted," Valdés said. As U.S. tariffs on EU goods first came into effect in early April, analysts at commodity data firm Expana warned that a reduction in U.S. olive oil imports could have "serious repercussions" for the global market. They cited market players as saying that such a shift could create a supply glut in the EU, leading to further downward price pressure and intensifying competition among producers. It's not just olive oil exporters that have been rattled by Trump's latest tariff threats, however. Irish whiskey firms, Italian cheesemakers and French wine producers are among those who have sounded the alarm over the potential impact.
