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Oct 01, 2023
NXP Q3 2023 Earnings Report
NXP delivered third quarter results slightly above expectations, with revenue trends in Mobile, Industrial & IoT and Automotive end-markets performing in-line or better than anticipated.
Key Takeaways
NXP Semiconductors reported third quarter revenue of $3.43 billion, $34 million above the midpoint of guidance. The company's full year 2023 revenue is expected to be flat compared to 2022.
Revenue was $3.43 billion, down 0.3 percent year-on-year.
GAAP gross margin was 57.2 percent, GAAP operating margin was 28.9 percent and GAAP diluted Net Income per Share was $3.01.
Non-GAAP gross margin was 58.5 percent, non-GAAP operating margin was 35.0 percent, and non-GAAP diluted Net Income per Share was $3.70.
Cash flow from operations was $988 million, with net capex investments of $200 million, resulting in non-GAAP free cash flow of $788 million.
Revenue by Segment
Forward Guidance
NXP expects fourth quarter 2023 revenue to be in the range of $3.30 billion to $3.50 billion.
Positive Outlook
- Total Revenue to be between $3,300 and $3,500 million
- Gross Profit to be between $1,866 and $2,017 million
- Gross Margin to be between 56.5% and 57.6%
- Operating Income (loss) to be between $928 and $1,059 million
- Operating Margin to be between 28.1% and 30.3%
Challenges Ahead
- Financial Income (expense) to be $(77) million
- Tax rate to be 15.5%-16.5%
- NCI & Other to be $(9) million
- Shares - diluted to be 260.0 million
- Earnings Per Share - diluted to be between $2.71 and $3.13
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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