NXP Semiconductors Reports Third Quarter 2019 Results

EINDHOVEN, The Netherlands, Oct. 28, 2019 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the third quarter of 2019, ended September 29, 2019.

“NXP delivered revenue of $2.3 billion for the third quarter. With sales near the high-end of our guidance and good expense control, we successfully delivered improved operating profitability above the high-end of our guidance range. Additionally, during the quarter we returned $79 million to our shareholders, for a total of $6.6 billion returned to shareholders since July 2018. Looking forward, we continue to believe that our product portfolio investments are addressing our customers’ long-term requirements, while in the short-term the global demand environment appears to have stabilized, but the intermediate demand environment continues to be uncertain, and has not markedly improved.” said Richard Clemmer, NXP Chief Executive Officer.

Key Highlights

  • Revenue was $2.3 billion, down 7 percent year-on-year;
  • GAAP gross margin was 52.4 percent, and GAAP operating margin was 10.3 percent;
  • Non-GAAP gross margin was 53.7 percent, and non-GAAP operating margin was 30.3 percent;
  • Cash flow from operations was $746 million, with net capex investments of $115 million, resulting in non-GAAP free cash flow of $631 million;
  • On August 29, 2019, the NXP Board of Directors approved the payment of an interim dividend for the third quarter 2019 of $0.375 per ordinary share, reflecting an increase of 50 percent from the prior quarterly dividend. 

Summary of Reported Third Quarter 2019 ($ millions, unaudited ) (1)

  Q3 2019 Q2 2019 Q3 2018 Q - Q Y - Y
Total Revenue $ 2,265  $ 2,217  $ 2,445  2 % -7 %
GAAP Gross Profit $ 1,186  $ 1,151  $ 1,256  3 % -6 %
Gross Profit Adjustments (i)$(30)$(30)$(39)  
Non-GAAP Gross Profit $ 1,216  $ 1,181  $ 1,295  3 % -6 %
GAAP Gross Margin52.4%51.9%51.4%  
Non-GAAP Gross Margin53.7%53.3%53.0%  
GAAP Operating Income / (Loss) $ 233  $ 157  $ 2,211  48 % -89 %
Operating Income Adjustments (i) $ (454 ) $ (483 ) $ 1,478      
Non-GAAP Operating Income $ 687   $ 640   $ 733   7 % -6 %
GAAP Operating Margin 10.3 % 7.1 % 90.4 %    
Non-GAAP Operating Margin 30.3 % 28.9 % 30.0 %    

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