STMicroelectronics Reports 2020 First Quarter Financial Results

(1) Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.

First Quarter 2020 Summary Review

Net Revenues By Product Group (US$ m) Q1 2020 Q4 2019 Q1 2019 Q/Q Y/Y
Automotive and Discrete Group (ADG) 753 924 903 -18.4% -16.6%
Analog, MEMS and Sensors Group (AMS) 852 1,085 552 -21.5% 54.3%
Microcontrollers and Digital ICs Group (MDG) 623 742 617 -16.0% 1.0%
Others 3 3 4 - -
Total Net Revenues 2,231 2,754 2,076 -19.0% 7.5%

Net revenues totaled $2.23 billion, representing a year-over-year increase of 7.5%. On a year-over-year basis, the Company recorded higher sales of Imaging, Analog and Microcontrollers, partially offset by lower sales in Automotive, Power Discrete and Digital. Year-over-year sales to OEMs increased 22.5% and to Distribution decreased 21.4%. On a sequential basis, net revenues decreased 19.0%, about 5% below the mid-point of our outlook when entering the quarter as the COVID-19 outbreak and subsequent containment measures by governments around the world brought challenges in our manufacturing operations and, especially in the last few days of the quarter, logistics. All product group revenues declined on a sequential basis.

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