AUSTIN, Texas — (BUSINESS WIRE) — October 24, 2013 — Freescale Semiconductor, Ltd. (NYSE: FSL) today announced financial results for the third quarter ended September 27, 2013. Highlights include:
|
GAAP Results |
Non-GAAP Results* |
|||
|
• Net sales of $1.09 billion |
• EBITDA of $236 million |
|||
|
• Gross margin of 43.6% |
• Adjusted earnings per share of $0.20 |
|||
|
• Earnings per share of $0.09 |
“We continue to see solid progress on our strategic objectives sequentially and year over year,” said Gregg Lowe, president and CEO. “Our team remains focused on meeting our long-term goals of delivering revenue growth and margin expansion.”
Third Quarter Highlights
Net sales for the third quarter of 2013 were $1.09 billion, compared to $1.04 billion in the second quarter of 2013 and $1.01 billion in the third quarter of 2012.
Operating earnings for the period were $157 million, compared to $125 million in the second quarter of 2013 and $127 million in the third quarter of 2012. Income from operations improved on a sequential and year-over-year basis due to higher sales and improved gross margins. Third quarter 2013 results included a cash charge in selling, general and administrative expense related to the settlement of an intellectual property litigation matter.
Net earnings for the third quarter were $23 million, or $0.09 per share, compared to a loss of $65 million, or $0.25 per share, in the second quarter of 2013 and a loss of $24 million, or $0.10 in the third quarter of 2012.
Adjusted operating earnings (defined in Note 1 to the Consolidated Financial Information attached to this press release) for the three months ended September 27, 2013 were $174 million compared to earnings of $151 million in the second quarter of 2013 and $139 million in the third quarter of 2012.
Adjusted net earnings in the third quarter (defined in Note 1 to the Consolidated Financial Information attached to this press release) were $51 million, or $0.20 per share compared to earnings of $23 million, or $0.09 per share, in the second quarter of 2013 and earnings of $10 million, or $0.04 per share, in the third quarter of 2012. Sequentially and year over year, adjusted net earnings benefitted from higher sales, improving gross margins and lower interest expense.
Descriptions of EBITDA, adjusted operating earnings and adjusted net earnings and the reconciliations to our GAAP results are included in the tables and notes attached to this press release.
