NXP Semiconductors Reports First Quarter 2021 Results

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		%

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