STMicroelectronics : Statement from STMicroelectronics, following Moody's upgrade to Baa3
November 16 2017 - 3:27PM
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 OperationsSTMicroelectronics Tel: +
33 6 59 16 79 08 alexis.breton@st.com
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