Freescale Semiconductor Announces Second Quarter 2015 Results

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

GAAP Results

         

Non-GAAP Results*

  • Net sales of $1.20 billion
  • Gross margin of 48.1%
  • Earnings per share of $0.38
  • EBITDA** of $320 million
  • Adjusted earnings per share of $0.57

 

Debt Redemption

  • Announced redemption of $302 million of remaining 10.75% Notes during the third quarter.
  • Freescale will have reduced debt by approximately $1.40 billion and annualized interest expense by $160 million, since January 2014.

“Second quarter results represented record performance for Freescale,” said Gregg Lowe, president and CEO. “Gross margins of 48.1 percent established a new record and were 300 basis points ahead of the prior year’s quarter. Gross margins have now increased sequentially for 10 consecutive quarters. Adjusted earnings per share of $0.57 were also a record and were 50 percent ahead of the second quarter last year. The execution on gross margin, combined with operating expense discipline and de-leveraging work we have done, have helped generate record operating cash flow as well as record free cash flow in the quarter.”

*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 effect of other items.

Second Quarter Highlights

Net sales for the second quarter of 2015 were $1.20 billion, compared to $1.17 billion in the first quarter of 2015 and $1.19 billion in the second quarter of 2014.

Operating earnings for the period were $226 million, compared to $179 million in the first quarter of 2015 and $180 million in the second quarter of 2014. Operating earnings increased due to higher revenues, improving gross margins and lower operating expenses. Operating expenses as a percentage of sales were 28.3 percent in the quarter, 100 basis points lower than the preceding quarter and 80 basis points lower than second quarter of 2014. Second quarter 2015 operating earnings included $6 million of reorganization of business costs comprised of expenses associated with the company’s planned merger with NXP Semiconductors and severance.

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10  Next Page »



Review Article Be the first to review this article
Featured Video
Editorial
More Editorial  
Jobs
Engr, Elec Des 2 for KLA-Tencor at Milpitas, CA
ASIC Design Engineer for Ambarella at Santa Clara, CA
Verification Engineer for Ambarella at Santa Clara, CA
Lead Java Platform Engineer IOT-WEB for EDA Careers at San Francisco Area, CA
Timing Design Engineer(Job Number: 17001757) for Global Foundaries at Santa Clara, CA
Technical Support Engineer Germany/UK for EDA Careers at San Jose, CA
Upcoming Events
CDNLive Silicon Valley 2017 at Santa Clara Convention Center Santa Clara CA - Apr 11 - 12, 2017
10th Anniversary of Cyber-Physical Systems Week at Pittsburgh, PA, USA PA - Apr 18 - 21, 2017
DVCon 2017 China, April 19, 2017, Parkyard Hotel Shanghai, China at Parkyard Hotel Shanghai Shanghai China - Apr 19, 2017
Zuken Innovation World 2017 at Hilton Head Marriott Resort & Spa Hilton Head Island NC - Apr 24 - 26, 2017
S2C: FPGA Base prototyping- Download white paper



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy