Freescale Semiconductor Announces First Quarter 2015 Results

AUSTIN, Texas — (BUSINESS WIRE) — April 23, 2015 — Freescale Semiconductor, Ltd. (NYSE: FSL) today announced financial results for the first quarter ended April 3, 2015. Highlights include:

GAAP Results

 

Non-GAAP Results*

  • Net sales of $1.17 billion
  • Gross margin of 47.3%
  • Earnings per share of $0.22
  • EBITDA** of $294 million
  • Adjusted earnings per share of $0.48

 

“First quarter results marked another quarter of solid execution for Freescale,” said Gregg Lowe, president and CEO. “Revenue and earnings per share both showed strong sequential and year over year improvement. First quarter product revenue grew 6 percent year-on-year, starting off 2015 with another quarter of market share growth. In addition, the increase in gross margin represents the ninth consecutive quarter of growth in margins, and is the third quarter in a row of record gross margins.”

*Adjusted for various items as indicated and defined in Note 1 to the Notes to the Consolidated Financial Information attached to this press release.

**Reflects EBITDA excluding the effects of other items.

First Quarter Highlights

Net sales for the first quarter of 2015 were $1.17 billion, compared to $1.10 billion in the fourth quarter of 2014 and $1.13 billion in the first quarter of 2014.

Operating earnings for the period were $179 million, compared to $178 million in the fourth quarter of 2014 and $155 million in the first quarter of 2014. Operating earnings were in line with the prior quarter. On a year-over-year basis, operating earnings benefitted from higher sales and improving gross margins. Included in first quarter 2015 operating earnings were $26 million of reorganization of business costs, which was an increase over the prior quarter and comprised of severance as well as costs associated with the company’s planned merger with NXP Semiconductors.

Net earnings for the first quarter were $70 million, or $0.22 per share, compared to net earnings of $63 million, or $0.20 per share, in the fourth quarter of 2014 and a net loss of $23 million, or $(0.08) per share, in the first quarter of 2014. Included in first quarter 2015 net earnings were $21 million of costs associated with the company’s redemption of $250 million of debt securities during the first quarter.

Adjusted operating earnings (defined in Note 1 to the Consolidated Financial Information attached to this press release) for the three months ended April 3, 2015 were $234 million compared to earnings of $211 million in the fourth quarter of 2014 and $186 million in the first quarter of 2014.

Adjusted net earnings (defined in Note 1 to the Consolidated Financial Information attached to this press release) for the first quarter of 2015 were $150 million, or $0.48 per share, compared to $129 million, or $0.42 per share, in the fourth quarter of 2014 and $77 million, or $0.27 per share, in the first quarter of 2014. Adjusted net earnings improved sequentially due to improving sales and higher gross margins. On a year-over-year basis, adjusted net earnings improved due to higher sales, improving gross margins and lower interest expense.

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