Shares of electronics and semiconductor manufacturer STMicroelectronics (STM) are moving higher after reporting third quarter financial results. The chip maker, based in Geneva, Switzerland, made a profit of $302M, compared with $369M in Q3 of 2018, on revenue that rose 1.2% to $2.55B. The company’s gross margin in Q3 was 37.9%, resulting in Q3 EPS of 34c, which easily exceeded the analyst consensus view of 29c. CEO COMMENTS: STMicroelectronics CEO Jean-Marc Chery said: “Third quarter net revenues grew 17.5% sequentially, above the mid point of our guidance of 15.3%, driven by engaged customer programs and new products in, as expected, a soft legacy automotive and industrial market.” GUIDANCE: ST’s fourth quarter outlook, at the mid-point, is for net revenues to grow sequentially about 5.0%, translating into year-over-year growth of about 1.2%. Q4 gross margin is expected to be about 38.2%, including about 120 basis points of unsaturation charges. For the full year 2019, ST expects net revenues at the mid-point to be about $9.48B, accompanied by a double-digit operating margin performance. Analysts were projecting full year revenue of $9.46B. PRICE ACTION: Shares of STMicroelectronics are currently up approximately 9% to $22.34 per share in midday trading.