NXP Semiconductors (NXPI) late Monday beat estimates for the fourth quarter due to a surge in automotive chip gross sales. However it set its outlook decrease for the present interval. NXPI inventory slid in prolonged buying and selling.
The Dutch chipmaker earned an adjusted $3.73 a share on gross sales of $3.31 billion within the December quarter. Analysts polled by FactSet had anticipated NXP to earn $3.64 a share on gross sales of $3.3 billion. On a year-over-year foundation, NXP earnings rose 17% whereas gross sales climbed 9%.
Within the fourth quarter, NXP’s automotive chip gross sales jumped 17% to just about $1.81 billion. Nevertheless, industrial chip gross sales dropped 8% to $605 million. In the meantime, cell chip gross sales elevated 9% and communications infrastructure chips superior 8% within the quarter.
For the present quarter, NXP forecasts adjusted earnings of $3.01 a share on gross sales of $3 billion. That is based mostly on the midpoint of its outlook. Wall Road had predicted earnings of $3.14 a share on gross sales of $3.17 billion within the first quarter.
NXPI Inventory Drops On Weak Outlook
In after-hours buying and selling on the inventory market at this time, NXPI inventory dropped 3.6% to 172.99. In the course of the common session Monday, NXPI inventory fell 1.1% to shut at 179.48.
“From an end-market perspective, our automotive enterprise carried out very effectively, whereas in our client IoT (Web of Issues) and cell companies we skilled a softening demand surroundings by the second half of 2022,” Chief Government Kurt Sievers stated in a information launch.
In different information, NXP introduced a 20% improve to its quarterly money dividend to $1.014 per strange share.
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