NXP Semiconductors Reports Third Quarter 2013 Results

EINDHOVEN, THE NETHERLANDS -- (Marketwired) -- Oct 23, 2013 -- NXP Semiconductors N.V. (NASDAQ: NXPI)

                                                                            
                                                              Q3 2013       
                                                        ------------------  
Revenue                                                 $    1,249 million  
GAAP Gross margin                                                     45.6% 
GAAP Operating margin                                                 13.5% 
GAAP Diluted earnings per share                         $             0.60  
                                                                            
Non-GAAP Gross margin                                                 46.8% 
Non-GAAP Operating margin                                             22.8% 
Non-GAAP Diluted earnings per share                     $             0.85  
                                                                            

  • Trailing twelve month adjusted EBITDA $1,279 million
  • Net debt reduced $124 million year-on-year to $2,756 million
  • Record quarterly non-GAAP free cash flow of $244 million, 20% of revenue

NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the third quarter of 2013, ended September 29, 2013, and provided guidance for the fourth quarter 2013.

"Our revenue results for the third quarter of 2013 came in essentially in-line with the mid-point of our guidance, as NXP delivered Product revenue of $1,213 million, approximately a five percent sequential increase, and an eight percent increase from the comparable prior year period. Total NXP revenue in the third quarter was $1,249 million, a five percent sequential increase, and nearly a seven percent increase from the comparable year ago period," said Richard Clemmer, NXP Chief Executive Officer.

"Our revenue performance during the quarter reflected record revenue across nearly all of our HPMS end-markets as segment growth achieved nearly 15% year-on-year growth. We experienced particularly strong growth in our Infrastructure & Industrial and our Portable & Computing businesses, a result of new design wins ramping into production. Our Automotive business delivered good sequential growth due to better than seasonal demand, combined record sales of our entertainment and keyless-entry products, along with strong sequential growth of in-vehicle networking products. Our Identification business delivered in-line performance, as we experienced the anticipated pause in banking and mobile transaction programs, offset by good demand for our secure identification products. The revenue performance of the Standard products segment was slightly below our expectations as a result of weaker than expected demand in mobile for both the Logic and Discrete businesses.

"From an earnings perspective, we exceeded guidance due to a combination of significantly improved sequential gross margin within our Standard Products segment, better HPMS gross margin, and good overall operating expense control. We are pleased to see the operational challenges in our Standard Products segment resolved, and the group making good progress toward our long-term model. Taken together, our above market growth and improving margin performance resulted in 20 percent non-GAAP free cash flow margin during the quarter, a new record for NXP. Our strategy of providing unique and differentiated product solutions continues to resonate with our customers, and should result in continued long-term growth in excess of the overall end market," said Clemmer.

Summary of Third Quarter 2013 Results ($ millions, except EPS, unaudited)

                                                                            
                         Q3 2013     Q2 2013     Q3 2012     Q - Q    Y - Y 
                        ---------   ---------   ---------   ------   ------ 
                                                                            
Product Revenue         $   1,213   $   1,159   $   1,120        5%       8%
Manufacturing                                                                                         
  Operations                          $            36      $            29      $            49              24%          -27%
Corporate  &  Other              $              -      $              -      $              1              NM              NM  
                                                ---------      ---------      ---------                                      
Total  Revenue                      $      1,249      $      1,188      $      1,170                5%              7%
GAAP  Gross  Profit              $          570      $          535      $          536                7%              6%
    Gross  Profit                                                                                                                            
      Adjustments  (1)            $          (15)    $            (5)    $            (7)                                    
Non-GAAP  Gross  Profit      $          585      $          540      $          543                8%              8%
    GAAP  Gross  Margin                        46%                  45%                  46%                                    
    Non-GAAP  Gross  Margin                47%                  46%                  46%                                    
GAAP  Operating  Income      $          168      $          170      $          168              -1%              0%
    Operating  Income                                                                                                                    
      Adjustments  (1)                      (117)                (86)                (76)                                    
Non-GAAP  Operating                                                                                                                    
  Income                                  $          285      $          256      $          244              11%            17%
    GAAP  Operating  Margin                13%                  14%                  14%                                    
    Non-GAAP  Operating                                                                                                                
      Margin                                            23%                  22%                  21%                                    
GAAP  Net  Income  /                                                                                                                      
  (Loss)                                  $          155      $          111      $          115              40%            35%
    Net  Income                                                                                                                                
      Adjustments  (1)                        (64)                (71)                (39)                                    
Non-GAAP  Net  Income  /                                                                                                              
  (Loss)                                  $          219      $          182      $          154              20%            42%
GAAP  EPS                                $        0.60      $        0.43      $        0.45              40%            33%
    EPS  Adjustments  (1)      $      (0.25)    $      (0.28)    $      (0.16)                                    
Non-GAAP  EPS                        $        0.85      $        0.71      $        0.61              20%            39%
                                                                                                                                                        
 

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