NXP Semiconductors Reports First Quarter 2014 Results

EINDHOVEN, THE NETHERLANDS -- (Marketwired) -- Apr 23, 2014 -- NXP Semiconductors N.V. (NASDAQ: NXPI)

                                                                  Q1 2014   
                                                              --------------
Revenue                                                       $1,246 million
GAAP Gross margin                                                  47.0%    
GAAP Operating margin                                              14.7%    
GAAP Diluted earnings per share                                    $0.43    
                                                                            
Non-GAAP Gross margin                                              49.5%    
Non-GAAP Operating margin                                          24.2%    
Non-GAAP Diluted earnings per share                                $0.98    

NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the first quarter of 2014, ended March 30, 2014, and provided guidance for the second quarter 2014.

"Our results for the first quarter of 2014 were very good, above the mid-point of our guidance, as NXP delivered Product revenue of $1,207 million, a 14 percent increase from the prior year period and a 4 percent sequential decline. Total NXP revenue in the first quarter was $1,246 million, a 15 percent increase year-on-year, and a 4 percent sequential decline, slightly better than typical seasonal decline," said Richard Clemmer, NXP Chief Executive Officer.

"Our HPMS segment performed better than expected during the first quarter, resulting in 18 percent year-on-year growth, though declining about 5 percent sequentially -- this after a better than seasonally strong fourth quarter. Performance within our Automotive business was better than our initial expectations, resulting in 20 percent year-on-year growth primarily due to better than expected demand for in-vehicle networking solutions. Similarly, within our Identification business, revenue performance was better than planned resulting in 6 percent year-on-year growth due to improved demand for infrastructure and mobile payment products. In our Portable & Computing business, our results were near the high end of expectations, reflecting 45 percent growth versus the prior year. Within our Industrial & Infrastructure business, revenue performance was slightly below plan but still up 19 percent year-on-year. Within our Standard products segment, revenue performance was incrementally better than originally planned.

"During the quarter, non-GAAP, diluted earnings per share were $0.98, above the mid-point of guidance due to the combination of better product revenue; positive product mix; and offset by slightly higher operating expenses. Taken together, NXP generated $223 million in free cash flow during the quarter, representing 18 percent non-GAAP free cash flow margin. Additionally, we repurchased 8.3 million shares during the quarter, executing on our commitment to aggressively and opportunistically return cash to shareholders via our share repurchase program. In summary the first quarter results were better than anticipated, and we believe NXP is ideally positioned to continue to deliver solid revenue growth, strong earnings and robust free cash flow in future periods," said Clemmer.

                                                                            
Summary of First Quarter 2014 Results ($ millions, except EPS, unaudited)   
                                                                            
----------------------------------------------------------------------------
                                                                            
                                  Q1 2014  Q4 2013  Q1 2013   Q - Q   Y - Y 
                                  -------  -------  -------  ------  ------ 
                                                                            
Product Revenue                   $ 1,207  $ 1,251  $ 1,055      -4%     14%
                                                                            
Corporate & Other                                  $        39    $        42    $        30            -7%          30%
                                                                    -------    -------    -------                                  
                                                                                                                                                        
Total  Revenue                                          $  1,246    $  1,293    $  1,085            -4%          15%
                                                                                                                                                        
GAAP  Gross  Profit                                  $      585    $      589    $      483            -1%          21%
                                                                                                                                                        
    Gross  Profit  Adjustments  (1)        $      (32)  $      (47)  $      (54)                                
                                                                                                                                                        
Non-GAAP  Gross  Profit                          $      617    $      636    $      537            -3%          15%
                                                                                                                                                        
    GAAP  Gross  Margin                                        47%            46%            45%                                
                                                                                                                                                        
    Non-GAAP  Gross  Margin                                50%            49%            50%                                
                                                                                                                                                        
GAAP  Operating  Income                          $      183    $      198    $      115            -8%          59%
                                                                                                                                                        
    Operating  Income  Adjustments                                                                                            
      (1)                                                              (118)        (126)        (140)                                
                                                                                                                                                        
Non-GAAP  Operating  Income                  $      301    $      324    $      255            -7%          18%
                                                                                                                                                        
    GAAP  Operating  Margin                                15%            15%            11%                                
                                                                                                                                                        
    Non-GAAP  Operating  Margin                        24%            25%            24%                                
                                                                                                                                                        
GAAP  Net  Income  /  (Loss)                    $      110    $        96    $      (14)          15%          NM  
                                                                                                                                                        
    Net  Income  Adjustments  (1)                  (139)        (157)        (200)                                
                                                                                                                                                        
Non-GAAP  Net  Income  /  (Loss)            $      249    $      253    $      186            -2%          34%
                                                                                                                                                        
GAAP  EPS                                                    $    0.43    $    0.37    $  (0.06)          16%          NM  
    EPS  Adjustments  (1)                          $  (0.55)  $  (0.62)  $  (0.78)                                
Non-GAAP  EPS                                            $    0.98    $    0.99    $    0.72            -1%          36%
                                                                                                                                                        
----------------------------------------------------------------------------
                                                                                                                                                        
1.  Please  see  "Discussion  of  GAAP  to  non-GAAP  Reconciliation"  following  in    
this  release.                                                                                                                              
                                                                                                                                                        
                                                                                                                                                        
Supplemental  Information  ($  millions,  unaudited)                                                        
                                                                                                                                                        
----------------------------------------------------------------------------
                                                                                                                                                        
                                                                    Q1          Q4          Q1        Percent                              
                                                                  2014      2013      2013    Q1  Total    Q  -  Q    Y  -  Y  
                                                                ------  ------  ------  --------    -----    -----  
                                                                                                                                                        
  Automotive                                          $    276  $    275  $    230              22%          0%        20%
                                                                                                                                                        
  Identification                                  $    319  $    329  $    300              26%        -3%          6%
                                                                                                                                                        
  Infrastructure  &  Industrial        $    182  $    194  $    153              15%        -6%        19%
                                                                                                                                                        
  Portable  &  Computing                      $    135  $    159  $      93              11%      -15%        45%
                                                                ------  ------  ------  --------                              
                                                                                                                                                        
High  Performance  Mixed  Signal                                                                                              
  (HPMS)                                                  $    912  $    957  $    776              73%        -5%        18%
                                                                                                                                                        
Standard  Products  (STDP)                $    295  $    294  $    279              24%          0%          6%
                                                                ------  ------  ------  --------                              
                                                                                                                                                        
Product  Revenue                                  $1,207  $1,251  $1,055              97%        -4%        14%
                                                                                                                                                        
Corporate  &  Other                              $      39  $      42  $      30                3%        -7%        30%
                                                                ------  ------  ------  --------                              
                                                                                                                                                        
Total  Revenue                                      $1,246  $1,293  $1,085            100%        -4%        15%
                                                                                                                                                        
----------------------------------------------------------------------------
                                                                                                                                                        
Product  Revenue  is  the  combination  of  revenue  from  the  High  Performance          
Mixed  Signal  (HPMS)  and  Standard  Products  (STDP)  segments.  Percent  of              
quarterly  total  amounts  may  not  add  to  100  percent  due  to  rounding.                  
                                                                                                                                                        
                                                                                                                                                        
 

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