NXP Semiconductors' 4Q Revenue Forecast Beats Wall Street Projections on Automotive, Mobile Rebound -- Earnings Review
October 26 2020 - 5:51PM
Dow Jones News
By Maria Armental
NXP Semiconductors NV swung to a third-quarter loss amid the
coronavirus pandemic, but Chief Executive Kurt Sievers pointed to a
rebound mobile and automotive, and said positive trends continued
in the current quarter and are expected to "deliver robust growth
in 2021." Here's what you need to know:
LOSS: NXP swung to a loss of $22 million, or 8 cents a share,
from a profit of $109 million, or 38 cents a share, a year earlier.
Analysts surveyed by FactSet had expected a loss of 33 cents a
share, or an adjusted profit of $1.54.
REVENUE: Revenue was $2.27 billion, in line with the company's
preliminary results released this month, and showed automotive
rebounding 43% from the previous quarter, albeit down 8% from the
year earlier. Industrial & IoT saw 21% revenue growth from the
year earlier and mobile experienced a 5% increase.
OUTLOOK: This quarter, the company expects $2.38 billion to
$2.53 billion in revenue, compared with analysts' projected $2.27
billion.
PANDEMIC: Chief Executive Kurt Sievers had pointed to a
significant demand improvement across end markets, but particularly
in automotive and mobile. Mr. Sievers said in a statement Monday
that the momentum continued into the current quarter, adding that
automotive, industrial & IoT and mobile benefited from a
rebound in core business as well as "solid contribution from the
ramp of new products."
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
October 26, 2020 17:36 ET (21:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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