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Mar 31, 2024
NXP Q1 2024 Earnings Report
NXP delivered first quarter 2024 results in-line with the midpoint of guidance, demonstrating resilience amidst an industry-wide cyclical downturn.
Key Takeaways
NXP Semiconductors reported first quarter revenue of $3.13 billion, aligning with guidance expectations. The company highlighted its ability to navigate a challenging demand environment while maintaining solid profitability and earnings. NXP continues to manage costs and execute its capital return policy, returning $564 million to shareholders through dividends and share repurchases.
Revenue was $3.13 billion, up 0.2 percent year-on-year.
GAAP gross margin was 57.0 percent, with a GAAP operating margin of 27.4 percent.
Non-GAAP gross margin reached 58.2 percent, and non-GAAP operating margin was 34.5 percent.
Cash flow from operations was $851 million, resulting in non-GAAP free cash flow of $627 million.
NXP
NXP
NXP Revenue by Segment
Revenue by Segment
Automotive Revenue
CapyFin.comIndustrial & IoT Revenue
CapyFin.comMobile Revenue
CapyFin.comComm. Infra. & Other Revenue
CapyFin.com Forward Guidance
NXP projects revenue between $3.025 billion and $3.225 billion for the second quarter of 2024. They anticipate a GAAP gross margin between 56.7% and 57.8%, and a GAAP operating margin between 27.1% and 29.4%.
Positive Outlook
- Revenue is expected to be between $3.025 billion and $3.225 billion.
- GAAP gross margin is projected to be between 56.7% and 57.8%.
- GAAP operating margin is expected to range from 27.1% to 29.4%.
- Non-GAAP gross margin is forecasted to be between 58.0% and 59.0%.
- Non-GAAP operating margin is anticipated to be between 33.1% and 35.0%.
Challenges Ahead
- Revenue is projected to decrease by 3% to increase by 3% quarter-over-quarter.
- Revenue is expected to decrease by 8% to 2% year-over-year.
- GAAP Financial Income (expense) is expected to include Other financial expense $(6) million
- GAAP Non-Controlling Interest (NCI) and Other includes non-controlling interest $(5) million and Other $(4) million;
- The guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP's control.
Revenue & Expenses
Visualization of income flow from segment revenue to net income