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Jun 30, 2024
NXP Q2 2024 Earnings Report
NXP's revenue was consistent with guidance, with all focus end-markets performing in-line with expectations and successfully navigated the cyclical trough.
Key Takeaways
NXP Semiconductors reported Q2 2024 revenue of $3.13 billion, a 5% decrease year-over-year. The company's GAAP gross margin was 57.3%, with a GAAP operating margin of 28.7%, resulting in a GAAP diluted net income per share of $2.54. NXP anticipates resuming sequential growth and continues to manage profitability in a challenging demand environment.
Revenue was $3.13 billion, down 5% year-on-year.
GAAP gross margin was 57.3%, GAAP operating margin was 28.7% and GAAP diluted Net Income per Share was $2.54.
Non-GAAP gross margin was 58.6%, non-GAAP operating margin was 34.3%, and non-GAAP diluted Net Income per Share was $3.20.
Cash flow from operations was $761 million, with net capex investments of $(184) million, resulting in non-GAAP free cash flow of $577 million.
Revenue by Segment
Forward Guidance
NXP projects revenue between $3.15 billion and $3.35 billion for Q3 2024. The company expects a GAAP gross margin between 57.0% and 58.0% and an operating margin between 28.8% and 30.9%.
Positive Outlook
- Total Revenue between $3,150 and $3,350 million
- Gross Profit between $1,794 and $1,944 million
- Gross Margin between 57.0% and 58.0%
- Operating Income between $906 and $1,036 million
- Operating Margin between 28.8% and 30.9%
Challenges Ahead
- Year-over-year Total Revenue decrease between -8% and -2%
- GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(12) million
- Share-based Compensation, $(15) million
- Other Incidentals, $(6) 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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