Freescale Semiconductor Announces Third Quarter 2011 Results

AUSTIN, Texas — (BUSINESS WIRE) — October 20, 2011 — Freescale Semiconductor Holdings I, Ltd. (NYSE: FSL) today announced financial results for the third quarter ended September 30, 2011. Highlights include:

GAAP Results

  • Net Sales of $1.14 billion
  • Gross margin of 42.1%
  • Operating earnings of $110 million
  • Loss per share of $.36

Non GAAP Results*

  • Adjusted gross margin of 46.1%
  • Adjusted operating earnings of $200 million
  • Adjusted earnings per share of $.29

“Despite challenging macroeconomic environment conditions, Freescale continued to generate solid gross margins and overall profitability,” said Rich Beyer, chairman and CEO. “Looking ahead to the fourth quarter, we expect the weakness in the semiconductor market to continue to negatively impact our business.”

Third Quarter Highlights

Net sales for the third quarter of 2011 were $1.14 billion, compared to $1.22 billion in the second quarter of 2011 and $1.15 billion in the third quarter of 2010.

Income from operations for the three months ended September 30, 2011, was $110 million, compared to $31 million in the second quarter of 2011 and $1 million in the third quarter of 2010. Income from operations benefited from the partial settlement of an insurance claim the company made following the damage to its Sendai, Japan fabrication facility during the earthquake in March 2011. The benefit was partially offset by continuing charges associated with closing this facility. The net benefit for the third quarter was $20 million.

The net loss for the third quarter of 2011 was $88 million, or $.36 per share, compared to a loss of $168 million, or $.79 per share, in the second quarter of 2011 and a loss of $156 million, or $.79 per share, in the same period last year. The net loss for the third quarter included charges of $55 million associated with debt extinguishment costs related primarily to the completion of the company’s initial public offering and the 8.05% Notes issuance in June 2011.

Adjusted operating earnings (defined in Note 1 to the Notes to the Consolidated Financial Information attached to this press release) for the three months ended September 30, 2011, were $200 million compared to earnings of $216 million in the second quarter of 2011 and $158 million in the third quarter of 2010.

Adjusted net earnings (defined in Note 1 to the Notes to the Consolidated Financial Information attached to this press release) for the three months ended September 30, 2011, were $72 million, or $.29 per share, compared to earnings of $70 million, or $.33 per share, in the second quarter of 2011 and $12 million or $.06 per share, in the third quarter of 2010. Adjusted net earnings per share in the third quarter of 2011 were impacted by a higher number of diluted shares outstanding related to the full effect of the initial public offering completed late in the second quarter of 2011.

Descriptions of adjusted gross margin, EBITDA, Adjusted EBITDA, adjusted operating earnings (loss) and adjusted net earnings (loss) and the reconciliations to our GAAP results are included in the tables and notes attached to this press release.

Product Revenues

The company’s net sales figures for the third quarter of 2011 were as follows:

  • Microcontroller net sales were $395 million, compared to $430 million in the second quarter of 2011 and $418 million in the third quarter of 2010.
  • RF, Analog and Sensor net sales were $306 million, compared to $315 million in the second quarter of 2011 and $272 million in the third quarter of 2010.
  • Networking and Multimedia net sales were $292 million, compared to $312 million in the second quarter of 2011 and $338 million in the third quarter of 2010.
  • Cellular net sales were $97 million, compared to $122 million in the second quarter of 2011 and $90 million in the third quarter of 2010.
  • Other net sales were $52 million, compared to $44 million in the second quarter of 2011 and $30 million in the third quarter of 2010.

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