(RTTNews) - Semiconductor company STMicroelectronics NV (STM) reported Thursday that its third-quarter net income declined 18.3 percent to $302 million from last year's $369 million.
Earnings per share were $0.34, down 17.1 percent from the prior year's $0.41.
Net revenues, however, grew 1.2 percent to $2.55 billion from last year's $2.52 billion.
Sequentially, net profit climbed 88.5 percent and net revenues grew 17.5 percent from the second quarter, driven by engaged customer programs and new products in, as expected, a soft legacy automotive and industrial market.
Looking ahead for the fourth quarter, the company expects revenues at the mid-point to grow sequentially about 5.0 percent, translating into year-over-year growth of about 1.2 percent. Gross margin is expected to be about 38.2 percent, including about 120 basis points of unsaturation charges.
For the full year 2019, the company now expects net revenues at the mid-point to be about $9.48 billion, accompanied by a double-digit operating margin performance.
The company previously said it expects net revenues to be in the range of about $9.35 billion to $9.65 billion.
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