Friday, October 24, 2003
STMicroelectronics Inc. posted sales of $1.8 billion in the third quarter of 2003, a 6 percent sequential increase over second quarter 2003 revenues of $1.7 billion and 9.6 percent above the $1.6 billion of last year's third quarter.
The company posted a net loss of $49.1 million compared to net income of $79.5 million in the prior quarter. In last year's third quarter, net income was $131.2 million.
The company plans to boost its capital spending to $1.6 billion in 2004, up 33 percent from 2003. STs restructuring plan includes the migration of approximately 60 percent of the company's European and U.S. 6-inch wafer production either to finer geometry 8-inch wafer fabs or to its 6-inch wafer fab in Singapore.
"Building upon the company's full year 2003 capital expenditures of approximately $1.2 billion, ST's 2004 capex will increase by about 33 percent to an estimated $1.6 billion, of which over 50 percent will be allocated to strategic R&D programs and leading-edge technologies," the company executive said.
By: DocMemory
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