EINDHOVEN, The Netherlands, April 26, 2021 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the first quarter 2021, ended April 4, 2021.
“NXP delivered first quarter revenue of $2.6 billion, an increase of 27 percent versus the year-ago period, and better than the mid-point of our guidance. Positive product mix and increased revenue helped deliver excellent operating profit in excess of our guidance. We continue to be encouraged by the long-term demand trends across all our end markets, which underpin our continued confidence of very robust growth throughout 2021,” said Kurt Sievers, NXP President and Chief Executive Officer.
Key Highlights
- First-quarter revenue was $2.6 billion, up 27.0 percent year-on-year;
- First-quarter GAAP gross margin was 52.8 percent, and GAAP operating margin was 19.2 percent;
- First-quarter non-GAAP gross margin was 54.2 percent, and non-GAAP operating margin was 30.9 percent;
- First-quarter cash flow from operations was $732 million, with net capex investments of $150 million, resulting in non-GAAP free cash flow of $582 million;
- On March 4, 2021, the NXP Board of Directors approved the payment of an interim dividend for the first quarter 2021 of $0.5625 per ordinary share, reflecting an increase of 50 percent from the prior quarterly dividend;
- In the first quarter of 2021 NXP returned $1.0 billion to shareholders through previously announced share repurchases and dividend payments;
- On March 22, 2021, NXP was added to the S&P 500 index.
Summary of Reported First Quarter 2021 ($ millions, unaudited ) (1)
| Q1 2021 | Q4 2020 | Q1 2020 | Q - Q | Y - Y | ||||||||||||
| Total Revenue | $ | 2,567 | $ | 2,507 | $ | 2,021 | 2 | % | 27 | % | ||||||
| GAAP Gross Profit | $ | 1,355 | $ | 1,288 | $ | 997 | 5 | % | 36 | % | ||||||
| Gross Profit Adjustments (i) | $ | (37 | ) | $ | (38 | ) | $ | (50 | ) | |||||||
| Non-GAAP Gross Profit | $ | 1,392 | $ | 1,326 | $ | 1,047 | 5 | % | 33 | % | ||||||
| GAAP Gross Margin | 52.8 | % | 51.4 | % | 49.3 | % | ||||||||||
| Non-GAAP Gross Margin | 54.2 | % | 52.9 | % | 51.8 | % | ||||||||||
| GAAP Operating Income / (Loss) | $ | 492 | $ | 463 | $ | 68 | 6 | % | 624 | % | ||||||
| Operating Income Adjustments (i) | $ | (300 | ) | $ | (301 | ) | $ | (434 | ) | |||||||
| Non-GAAP Operating Income | $ | 792 | $ | 764 | $ | 502 | 4 | % | 58 | % | ||||||
| GAAP Operating Margin | 19.2 | % | 18.5 | % | 3.4 | % | ||||||||||
| Non-GAAP Operating Margin | 30.9 | % | 30.5 | % | 24.8 | % | ||||||||||
