NXP Semiconductors Reports Second Quarter 2013 Results

EINDHOVEN, THE NETHERLANDS -- (Marketwired) -- Jul 31, 2013 -- NXP Semiconductors N.V. (NASDAQ: NXPI)

                                                              
                                                    Q2 2013   
                                                --------------
             Revenue                            $1,188 million
             GAAP Gross margin                       45.0%    
             GAAP Operating margin                   14.3%    
             GAAP Diluted earnings per share         $0.43    
                                                              
             Non-GAAP Gross margin                   45.5%    
             Non-GAAP Operating margin               21.5%    
             Non-GAAP Diluted Earnings per share     $0.71    
                                                              

  • Trailing twelve month adjusted EBITDA $1,235 million
  • Net debt reduced $170 million year-on-year to $2,812 million
  • Announced new 10 million share repurchase program

NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the second quarter of 2013, ended June 30, 2013, and provided guidance for the third quarter 2013.

"Our revenue results for the second quarter of 2013 came in at the higher end of our guidance, as NXP delivered Product revenue of $1,159 million, a ten percent sequential increase, and a twelve percent increase from the comparable year ago period. Total NXP revenue in the second quarter was $1,188 million, just over a nine percent sequential increase, and nearly a nine percent increase from the comparable year ago period," said Richard Clemmer, NXP Chief Executive Officer.

"Our revenue performance during the quarter reflected robust double digit sequential growth across all of our HPMS end-markets with a strong rebound in growth in our Infrastructure & Industrial and our Portable & Computing business. Our Identification business continues to perform very well, as a result of strong ongoing demand for our banking and transit products, offset slightly by product transitions in our mobile payments business. Our Automotive business delivered strong sequential growth due to better than seasonal demand, combined with the launch of a new customer entertainment program and the continued ramp of major keyless entry programs. During the second quarter both the Identification and Automotive business' achieved historic revenue record levels -- a positive reflection of the intense passion and customer focus both teams demonstrate in managing their business. The revenue performance of the Standard products segment was slightly below our expectations as a result of weaker than expected demand for certain Logic products within the mobile end-market. From an earnings perspective, we exceeded guidance primarily as a result of better operating expense control combined with strong revenue growth in our HPMS segment.

"Our focus continues to be delivering top-line growth in excess of our peers, while delivering best in class operating profitability. The overall performance of HPMS is very good, with operating margin solidly within our long-term target, and we are comfortable delivering on our intermediate profitability goals. 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 Second Quarter 2013 Results ($ millions, except EPS, unaudited)

                                                                            
                                                                            
                                  Q2 2013   Q1 2013  Q2 2012    Q - Q  Y - Y
                                  -------   -------  -------   ------ ------
                                                                            
Product Revenue                   $ 1,159   $ 1,055  $ 1,032     10%    12% 
Manufacturing Operations          $    29   $    29  $    62     0%    -53% 
Corporate & Other                 $   -     $   1    $   -       NM     NM  
                                        -------      -------    -------                                
Total  Revenue                                          $  1,188      $  1,085    $  1,094          9%          9%    
GAAP  Gross  Profit                                  $      535      $      483    $      538          11%        -1%  
    Gross  Profit  Adjustments  (1)        $        (5)    $      (54)  $        33                                
Non-GAAP  Gross  Profit                          $      540      $      537    $      505          1%          7%    
    GAAP  Gross  Margin                                                                                                                  
                                                                              45%              45%            49%                              
    Non-GAAP  Gross  Margin                                                                                                          
                                                                              46%              50%            46%                              
GAAP  Operating  Income                          $      170      $      115    $      156          48%        9%    
    Operating  Income  Adjustments                                                                                            
      (1)                                                                (86)          (140)          (59)                              
Non-GAAP  Operating  Income                  $      256      $      255    $      215          0%          19%  
    GAAP  Operating  Margin                                                                                                          
                                                                              14%              11%            14%                              
    Non-GAAP  Operating  Margin                                                                                                  
                                                                              22%              24%            20%                              
GAAP  Net  Income  /  (Loss)                    $      111      $      (14)  $      (90)        NM          NM    
    Net  Income  Adjustments  (1)                    (71)          (200)        (214)                              
Non-GAAP  Net  Income  /  (Loss)            $      182      $      186    $      124          -2%        47%  
GAAP  EPS                                                    $    0.43      $  (0.06)  $  (0.36)        NM          NM    
    EPS  Adjustments  (1)                          $  (0.28)    $  (0.78)  $  (0.85)                              
Non-GAAP  EPS                                            $    0.71      $    0.72    $    0.49          -1%        45%  
 

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