NXP Semiconductors Issues Q2 Guidance Above Expectations
Mobile-chip maker NXP Semiconductors reported first-quarter earnings that came in ahead of top-line consensus estimates by Capital IQ analysts, and issued guidance for the full year that was above expectations.
NXP reported revenues for the three months ending on March 31 of $1.09 billion, up 11% from the same period last year, when it recorded revenues of $978 million, and ahead of analysts' expectations of $1.07 billion. The chipmaker recorded a GAAP loss $0.06 per share, but adjusted profits of $0.72, more than triple the $0.23 per share in adjusted profits it generated last year.
Guidance for the second quarter 2013, however, was expected to be in a range of $1.15 billion to $1.21 billion, with the $1.18 billion mid-range number above the $1.16 billion expectations of analysts. On the bottom line, it anticipates $0.62 to $0.70 per share, with the midrange of $0.66 ahead of Wall Street's $0.63-per-share estimates.
Noting that its standard products segment performed more weakly than desired because of product mix, pricing pressures, and poor factory performance that resulted from a slower-than-expected recovery from its recent quality control issues, NXP CEO Richard Clemmer said, "Our strategy continues to be focused on providing unique and differentiated product solutions to enable our customers' success, which over the longer-term should allow NXP to outpace the cyclical growth of the overall semiconductor market."
NXP Semiconductors provides chips used in a wide range of automotive, identification, wireless infrastructure, lighting, industrial, mobile, consumer, and computing applications.
Editor's note: The Q1 top-line consensus estimate number in this article has been updated.
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