NXP Semiconductors (NASDAQ:NXPI) jumped out of the gate Tuesday after the company beat analysts’ expectations for first-quarter revenue and operating income. Revenue guidance for the second quarter was better than anticipated as well.
Revenue was $3.12 billion, down 0.5% year-on-year; GAAP gross margin was 56.7%, GAAP operating margin was 26.4% and GAAP diluted Net Income per Share was $2.35; Cash flow from operations was $632 million, with net capex investments of $251 million, resulting in non-GAAP free cash flow of $381 million.
During the first quarter of 2023, NXP paid cash dividends of $219 million. The interim dividend for the first quarter 2023 was paid in cash on April 5, to shareholders of record as of March 15.
Said CEO Kurt Sievers, “Solid first-quarter results, guidance for the second quarter, and our early views into the second half of the year underpin a cautious optimism that NXP is successfully navigating through the cyclical downturn in our consumer-exposed businesses, while we see continued strength in our automotive and core-industrial businesses.”
NXP Semiconductors brings together bright minds to create breakthrough technologies that make the connected world better, safer and more secure. As a world leader in secure connectivity solutions for embedded applications, NXP is pushing boundaries in the automotive, industrial & IoT, mobile, and communication infrastructure markets while delivering solutions that advance a more sustainable future.
NXPI shares hiked $5.10, or 3.1%, to $171.11.