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Jul 02, 2023
NXP Q2 2023 Earnings Report
NXP delivered Q2 2023 revenue of $3.3 billion, performing better than anticipated across all focus end-markets. First-half results and Q3 guidance support confidence in navigating the cyclical downturn. Continued strength is seen in automotive, core-industrial, and communications infrastructure businesses.
Key Takeaways
NXP Semiconductors reported Q2 2023 revenue of $3.3 billion, a slight decrease of 0.4% year-over-year. The company's performance in all focus end-markets exceeded expectations. NXP is successfully navigating the cyclical downturn in consumer-exposed businesses, with continued strength in automotive, core-industrial, and communications infrastructure.
Revenue was $3.3 billion, down 0.4 percent year-on-year.
GAAP gross margin was 57.0 percent, GAAP operating margin was 28.4 percent and GAAP diluted Net Income per Share was $2.67.
Non-GAAP gross margin was 58.4 percent, non-GAAP operating margin was 35.0 percent, and non-GAAP diluted Net Income per Share was $3.43.
Cash flow from operations was $756 million, with net capex investments of $200 million, resulting in non-GAAP free cash flow of $556 million.
Revenue by Segment
Forward Guidance
NXP projects Q3 2023 revenue between $3.3 billion and $3.5 billion. GAAP gross margin is expected to be between 56.4% and 57.5%, while non-GAAP gross margin is projected to be between 57.9% and 58.9%.
Positive Outlook
- Total Revenue between $3,300 and $3,500 million
- Q-Q 0% to 6%
- GAAP Gross Profit between $1,861 and $2,013 million
- GAAP Gross Margin between 56.4% and 57.5%
- Operating Margin between 27.9% and 30.1%
Challenges Ahead
- Y-Y -4% to 2%
- GAAP Operating Income between $921 and $1,053 million
- Financial Income (expense) $(70) million
- Tax rate 16.5%-17.5%
- Shares - diluted 261.3 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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