NXP Semiconductor Stock Rallies 5% as Earnings Edge Estimates

Dow Jones04-30

NXP Semiconductor shares are gaining ground in premarket trading Tuesday after the Dutch chip maker posted first-quarter financial results that matched the company's forecast.

Revenue fell by 1% from a year ago in the company's automotive chip segment, which accounts for more than half of NXP's business, amid ongoing weak demand, extending a recent multi-quarter trend.

Revenue improved 14% from a year ago in the industrial and internet of things segment and 34% in mobile device chips but fell 25% in communications infrastructure, a business that has been working through high customer inventories.

Overall, NXP reported revenue for the quarter of $3.13 billion, up 0.2% from a year earlier and in line with guidance. Adjusted profit was $3.24 a share, inching past both the company's forecast of $3.17 a share and the Wall Street consensus as tracked by FactSet at $3.19 a share.

For the June quarter, the company projects revenue of $3.13 billion, about in line with consensus, with adjusted profit of $3.20 a share, a little above consensus at $3.14.

"Our first-quarter results, guidance for the second quarter, and our early views into the second half of the year underpin a cautious optimism that NXP is successfully navigating through this industry-wide cyclical downturn," CEO Kurt Sievers said. "We continue to manage what is in our control enabling NXP to drive solid profitability and earnings in a challenging demand environment."

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