NXP Semiconductors Reports Second Quarter 2016 Results

 

 Q2 2016
Revenue$2.365 billion
GAAP Gross margin
GAAP Operating margin
GAAP Diluted earnings per share
46.5%
(1.1%)
($0.04)
  
  
Non-GAAP Gross margin
Non-GAAP Operating margin
Non-GAAP Diluted earnings per share
50.0%
25.6%
$1.39
  

EINDHOVEN, The Netherlands, July 28, 2016 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ:NXPI) today reported financial results for the second quarter 2016, ended July 3, 2016, and provided guidance for the third quarter of 2016. 

“NXP delivered solid results for the second quarter of 2016, with revenue at $2.37 billion, an increase of 57 percent year on year, an increase of 6 percent versus the prior quarter and $20 million above the mid-point of our guidance.  HPMS segment revenue was $2.01 billion, an increase of 76 percent year-on-year, and an increase of approximately 5 percent from the prior quarter.  Standard Product segment revenue was $303 million, a decrease of 6 percent year-on-year and an increase of 11 percent from the prior quarter.  Our GAAP diluted net loss per share was ($0.04), primarily due to merger-related accounting, and our non-GAAP diluted earnings per share of $1.39 was near the high end of our guidance, as a result of positive fall through on incrementally higher revenue and good operating expense control.  During the quarter, we repaid $100 million of debt and we returned cash to shareholders, by repurchasing $365 million or approximately 4.3 million shares of our stock,” said Richard Clemmer, NXP Chief Executive Officer.

“On a comparable basis, taking into account the Freescale merger and product line divestures, our year-on-year revenue trends reflect the semiconductor industry weakness that accelerated throughout the second half of 2015.  On a comparable basis, total revenue was down approximately 8 percent year on year, notwithstanding our Automotive operating segment which delivered positive year-on-year comparable growth.  We believe we have begun to see incremental positive trends in a number of our businesses, with comparable sequential revenue up approximately 6 percent into the second quarter.  While we anticipate many of the headwinds experienced in the second half of 2015 should begin to generally subside in the coming quarters, the overall demand environment currently continues to be subdued.

“In summary, I am pleased with the progress we continue to achieve.  In the second quarter we took another step in our journey, as we announced the divesture of our Standard Products business.  We continue to anticipate the transaction to close in the first quarter of 2017.  I would like to thank all of the members of the Standard Products business for their years of hard work and dedication,” said Clemmer.

Summary of Reported Second Quarter 2016 Results ($ millions, except diluted EPS, unaudited)

            
            
            
   Q2 2016  Q1 2016  Q2 2015  Q - Q  Y - Y  
            
Product Revenue $  2,317  $  2,185  $  1,468   6.0%  57.8% 
            
Corporate & Other $  48  $  39  $  38   23.1%  26.3% 
            
Total Revenue  $     2,365     $     2,224     $     1,506       6.3 %     57.0 %  
                       
GAAP Gross Profit   $     1,099     $     597     $     724       84.1 %     51.8 %  
                       
Gross Profit Adjustments (1) $   (84 )   $   (515 )   $   (10 )          
                       
Non-GAAP Gross Profit   $     1,183     $     1,112     $     734       6.4 %     61.2 %  
                       
GAAP Gross Margin     46.5 %     26.8 %     48.1 %          
                       
Non-GAAP Gross Margin     50.0 %     50.0 %     48.7 %          
                       
GAAP Operating Income   $     (26 )   $     (471 )   $     332       NM     NM  
                       
Operating Income Adjustments (1)     (632 )       (990 )       (86 )          
                       
Non-GAAP Operating Income $     606     $     519     $     418       16.8 %     45.0 %  
                       
GAAP Operating Margin     -1.1 %     -21.2 %     22.0 %          
                       
Non-GAAP Operating Margin   25.6 %     23.3 %     27.8 %          
                       
GAAP Net Income / (Loss)   $     (13 )   $     (398 )   $     300       NM     NM  
                       
Net Income Adjustments (1)       (499 )       (799 )       (51 )          
                       
Non-GAAP Net Income / (Los s) $     486     $     401     $     351       21.2 %     38.5 %  
                       
GAAP EPS   $     (0.04 )   $     (1.16 )   $     1.23       NM     NM  
                                   
EPS Adjustments (1)   $   (1.43 )   $   (2.30 )   $   (0.21 )          
                                   
Non-GAAP EPS   $     1.39     $     1.14     $     1.44       21.9 %     -3.5 %  
                       
                       

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11  Next Page »



Review Article Be the first to review this article
Featured Video
Editorial
Jobs
Product Design Engineer - Softgoods for Apple Inc at Cupertino, California
Director, Industrial Machinery Solutions- SISW PLM for Siemens AG at Livonia, Michigan
Transit GIS analyst/planner for Jarrett Walker and Associates at Portland, Oregon
Senior Highway Engineer for RS&H at Jacksonville, Florida
ASIC Architects and Hardware Engineers at D. E. Shaw Research for D. E. Shaw Research at New York, New York
Upcoming Events
3D Collaboration & Interoperability Congress at Golden CO - Feb 21 - 24, 2022
IMTS 2022 at McCormick Place Chicago IL - Sep 12 - 17, 2022



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise