NXP Semiconductors N.V. (NASDAQ:NXPI) reported second-quarter financial results after the market close on Monday. Here’s a rundown of the report.
Q2 Earnings: NXP reported second-quarter revenue of $2.93 billion, beating analyst estimates of $2.90 billion, according to Benzinga Pro. The chipmaker reported second-quarter adjusted earnings of $2.72 per share, beating analyst estimates of $2.67 per share.
Total revenue was down 6% year-over-year. NXP generated $779 million in cash flow from operations and $696 million of free cash flow in the quarter.
NXP said it returned $204 million to shareholders during the quarter via buybacks and $257 million through dividends. The company ended the period with $3.17 billion in cash and cash equivalents.
“We continue to drive solid profitability and earnings, by strengthening our competitive portfolio and by aligning our wafer fabrication footprint consistent with our hybrid manufacturing strategy,” said Kurt Sievers, president and CEO of NXP.
Outlook: NXP expects third-quarter revenue of $3.05 billion to $3.25 billion versus estimates of $3.05 billion. The company sees third-quarter adjusted earnings in the range of $2.89 to $3.30 per share versus estimates of $3.06 per share.
“Our guidance for the third quarter reflects the combination of an emerging cyclical improvement in NXP’s core end markets as well as the performance of our company specific growth drivers,” Sievers said.
NXP’s management team will further discuss the quarter on a call with analysts and investors Tuesday morning at 8 a.m. ET.
NXPI Price Action: NXP Semiconductors shares were down 4.74% after-hours, trading at $217.45 at the time of publication on Monday, according to Benzinga Pro.
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