STMicroelectronics N.V. - STM STOCK NEWS

STMicroelectronics has published its IFRS 2021 Semi Annual Accounts for the six-month period ending July 3, 2021. The documents are available on the company’s website and have been filed with the Netherlands Authority for the Financial Markets. STMicroelectronics is a leading semiconductor manufacturer with a workforce of 46,000, serving over 100,000 customers. The firm focuses on technologies that support sustainable development, including Internet of Things and 5G technology.

Cree and STMicroelectronics have expanded their silicon carbide wafer supply agreement, now exceeding $800 million. This long-term contract allows STMicroelectronics to acquire 150mm bare and epitaxial wafers from Cree over several years, enhancing their supply flexibility for automotive and industrial applications. The growing adoption of silicon carbide technology is driven by the shift to electric vehicles and cleaner energy solutions. Cree's CEO emphasized the strategic importance of this partnership, noting that their total wafer supply agreements have surpassed $1.3 billion.

Cree and STMicroelectronics have expanded their multi-year silicon carbide wafer supply agreement, now valued at over $800 million. This agreement involves the supply of 150mm silicon carbide bare and epitaxial wafers to meet growing demands in the automotive and industrial sectors. Cree's CEO noted that this marks a total of over $1.3 billion in long-term wafer agreements, emphasizing the transition from silicon to silicon carbide technology. Both companies are positioned to capitalize on the increasing adoption of energy-efficient solutions in electric vehicles and industrial applications.

STMicroelectronics reported on its common share repurchase program, detailing transactions from August 9 to August 13, 2021. During this period, 198,835 ordinary shares were repurchased, representing 0.02% of its issued share capital, for a total of EUR 7,246,276.76 at an average price of EUR 36.4437 per share. Following these transactions, the company retains 8,223,352 treasury shares, equivalent to approximately 0.9% of its issued share capital. This buyback aligns with the company's strategy to enhance shareholder value.

STMicroelectronics has announced its common share repurchase program, detailing transactions from August 2 to August 6, 2021. In this period, the company bought back 296,249 shares at an average price of EUR 35.4337, totaling EUR 10,497,185.94. Following these repurchases, STMicroelectronics now holds 8,024,517 treasury shares, approximately 0.9% of its issued capital. The buyback aims to enhance shareholder value and is part of a previously approved program initiated in May.

STMicroelectronics has disclosed detailed results of its common share repurchase program conducted between July 26 and July 30, 2021. During this period, the company bought back 277,802 ordinary shares, representing 0.03% of its issued capital, at a total cost of approximately EUR 9.38 million. The average purchase price per share was EUR 33.7798. Following these transactions, STMicroelectronics now holds a total of 9,021,141 treasury shares, equating to about 1.0% of its total issued shares. This program is part of the company's commitment to enhance shareholder value.

STMicroelectronics (NYSE: STM) reported Q2 2021 net revenues of $2.99 billion, a 43.4% increase year-over-year, with a gross margin of 40.5% and net income of $412 million, or $0.44 per diluted share. First half revenues reached $6.01 billion, marking a 39.1% increase. The company expects Q3 revenues of $3.20 billion, driven by strong demand across product groups. Operating income surged 358.8% to $489 million, while gross profit increased 66.1%.

STMicroelectronics has achieved a significant milestone by manufacturing its first 200mm Silicon-Carbide (SiC) wafers for next-gen power devices at its Norrköping, Sweden facility. This transition enhances capacity for automotive and industrial markets, supporting their electrification efforts. The high-quality wafers exhibit minimal defects, leveraging expertise from ST's SiC ingot technology. The company aims to internally source over 40% of its SiC substrates by 2024, thereby improving manufacturing efficiency and reducing costs.

STMicroelectronics (STM) announced that its Bouskoura plant in Morocco will source 50% of its energy from renewable sources by 2022, up from 1% in 2020. This initiative is part of the company's goal to become carbon-neutral by 2027. The Bouskoura facility has implemented several renewable energy projects, including a wind farm and solar carport, which will significantly reduce CO₂ emissions. The wind farm is expected to mitigate about 60,000 metric tons of CO₂ annually, equivalent to planting 1,100,000 trees. STMicroelectronics aims to procure 100% renewable energy by 2027.