EINDHOVEN, The Netherlands, Nov. 01, 2021 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the third quarter 2021, ended October 3, 2021.
"NXP delivered third-quarter revenue of $2.9 billion, an increase of 26 percent versus the year-ago period, and better than the mid-point of our guidance. Overall, customer adoption of our latest products as well as long-term demand trends across our end markets remain at unprecedented levels. We continue to take additional actions to assure supply to our customers, which underpins our continued confidence in robust growth in the remainder of 2021 and through 2022,” said Kurt Sievers, NXP President and Chief Executive Officer.
Key Highlights for the Third-quarter:
- Revenue was $2.9 billion, up 26.2 percent year-on-year;
- GAAP gross margin was 55.3 percent, and GAAP operating margin was 24.9 percent;
- Non-GAAP gross margin was 56.5 percent, and non-GAAP operating margin was 33.5 percent;
- Cash flow from operations was $924 million, with net capex investments of $200 million, resulting in non-GAAP free cash flow of $724 million;
- Capital return of $1.3 billion to shareholders through previously announced share repurchases and dividend payments. Subsequent to the end of the third quarter, between October 3, 2021 and November 1, 2021, NXP executed via a 10b5-1 program additional share repurchases totaling $0.3 billion;
- On August 26, 2021, the NXP Board of Directors approved the payment of an interim dividend for the third quarter 2021 of $0.5625 per ordinary share; and
- On October 12, 2021, NXP announced that Bill Betz has been named Executive Vice President and Chief Financial Officer. Mr. Betz, formerly Senior Vice President, Business Finance for NXP, replaces Peter Kelly, who previously announced in February 2021 his decision to retire from NXP in February 2022. Mr. Betz will report directly to NXP President and Chief Executive Officer Kurt Sievers.
Summary of Reported Third Quarter 2021 ($ millions, unaudited ) (1)
| Q3 2021 | Q2 2021 | Q3 2020 | Q - Q | Y - Y | |||||||
| Total Revenue | $ | 2,861 | $ | 2,596 | $ | 2,267 | 10 % | 26 % | |||
| GAAP Gross Profit | $ | 1,583 | $ | 1,422 | $ | 1,090 | 11 % | 45 % | |||
| Gross Profit Adjustments (i) | $ | (34 | ) | $ | (34 | ) | $ | (45 | ) | ||
| Non-GAAP Gross Profit | $ | 1,617 | $ | 1,456 | $ | 1,135 | 11 % | 42 % | |||
| GAAP Gross Margin | 55.3 | % | 54.8 | % | 48.1 | % | |||||
| Non-GAAP Gross Margin | 56.5 | % | 56.1 | % | 50.1 | % | |||||
| GAAP Operating Income / (Loss) | $ | 711 | $ | 573 | $ | 32 | 24 % | 2,122 % | |||
| Operating Income Adjustments (i) | $ | (248 | ) | $ | (257 | ) | $ | (554 | ) | ||
| Non-GAAP Operating Income | $ | 959 | $ | 830 | $ | 586 | 16 % | 64 % | |||
| GAAP Operating Margin | 24.9 | % | 22.1 | % | 1.4 | % | |||||
| Non-GAAP Operating Margin | 33.5 | % | 32.0 | % | 25.8 | % | |||||
