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STMicro Beats Estimates

But quarterly profit slips.
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(STM) - Get STMicroelectronics NV Report

surpassed fourth-quarter earnings estimates and issued first-quarter guidance above consensus expectations.

The Geneva-based semiconductor products maker said late Tuesday that fourth-quarter profit slipped to $183 million, or 20 cents a share, from $187 million, or 20 cents a share, a year earlier.

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A Thomson First Call analyst consensus survey was expecting STMicro to earn 17 cents a share in the fourth quarter.

Revenue rose 2.7% to $2.39 billion, in line with analysts' forecast.

The company said sales growth was primarily driven by wireless applications, which generated double-digit percentage increases both sequentially and year-over-year.

For the first quarter, STMicro said it expects revenue to decline sequentially by 1% to 7%, following normal seasonality, to $2.27 billion to $2.37 billion, compared with Street estimates of $2.26 billion.

Shares of STMicro closed Tuesday up 22 cents, or 1.2%, to $19.21.