EINDHOVEN, The Netherlands, May 02, 2022 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the first quarter, ended April 3, 2022.

“NXP delivered record quarterly revenue of $3.14 billion, an increase of 22 percent year-on-year and above the mid-point of our guidance range. The strong growth we have anticipated for 2022 is materializing. We continue to see robust customer demand, especially our company-specific accelerated growth drivers. Overall, demand continues to outstrip increased supply, and inventory across all end markets remains very lean,” said Kurt Sievers, NXP President and Chief Executive Officer.

Key Highlights for the First Quarter 2022:

• Revenue was $3.14 billion, up 22.2 percent year-on-year;
• GAAP gross margin was 56.7 percent, and GAAP operating margin was 27.8 percent;
• Non-GAAP gross margin was 57.6 percent, and non-GAAP operating margin was 35.7 percent;
• Cash flow from operations was $856 million, with net capex investments of $279 million, resulting in non-GAAP free cash flow of $577 million;
• On January 31, 2022, the NXP Board of Directors approved the payment of an interim dividend for the first quarter 2022 of $0.845 per ordinary share, reflecting an increase of 50 percent from the prior quarterly dividend. The interim dividend was paid in cash on April 6, 2022 to shareholders of record as of March 15, 2022;
• During the first quarter of 2022, NXP repurchased 2.65 million shares for a total cost of $552 million and paid cash dividends of $149 million, returning $701 million to shareholders, representing 121 percent of non-GAAP free cash flow;
• On April 1, 2022 NXP published its annual Corporate Sustainability Report (CSR), reinforcing its commitment to transparency and sustainable business practices. Highlights include commitments to achieve carbon neutrality by 2035 and support for the Science Based Targets initiative. Additionally the company is committed to achieve several specific goals by 2027: reduce carbon emissions by 35 percent over a 2021 baseline; increase renewable energy use by 50 percent; recycle 60 percent of water; and achieve a 90 percent waste recycling rate;
• On April 14, 2022 NXP announced that Jennifer Wuamett has been named NXP’s inaugural Chief Sustainability Officer. Ms. Wuamett will continue in her position as executive vice president, general counsel and corporate secretary of NXP in addition to serving in this newly created role;
• On Jan 4, 2022, NXP announced two updates to its industry leading automotive radar portfolio, now designed-in at 20 top global OEMs. The industry’s first dedicated 16nm imaging radar processor, the NXP S32R45, has been released into mass production, with initial customer ramp-up starting in the first half 2022. Additionally, the new NXP S32R41 has been introduced to extend 4D imaging radar’s benefits to a much larger number of vehicles. Together these processors serve the L2+ through L5 autonomy sectors, enabling 4D imaging radar for 360-degree surround sensing; and
• On Jan 4, 2022 NXP announced the IW612, the industry’s first secure tri-radio device to support the Wi-Fi 6, Bluetooth 5.2 and 802.15.4 protocols. Part of NXP’s new family of tri-radio products, the new device enables seamless, secure connectivity for smart home, automotive and industrial use cases, and supports the new groundbreaking Matter connectivity protocol.

Summary of Reported First Quarter 2022 ($ millions, unaudited ) ⁽¹⁾