NXP Half-Year Report 2023
“NXP delivered quarterly revenue of $3.3 billion at the high end of guidance, with revenue trends in all our focus end-markets performing better than anticipated. Our first-half results and guidance for the third quarter underpin our confidence that NXP is successfully navigating through the cyclical downturn in our consumer-exposed businesses. At the same time, we see continued strength in our automotive, core-industrial and communications infrastructure businesses,” said Kurt Sievers, NXP President and Chief Executive Officer.
Key Highlights for the Second Quarter 2023:
- Revenue was $3.3 billion, down 0.4 percent year-on-year;
- GAAP gross margin was 57.0 percent, GAAP operating margin was 28.4 percent and GAAP diluted Net Income per Share was $2.67;
- Non-GAAP gross margin was 58.4 percent, non-GAAP operating margin was 35.0 percent, and non-GAAP diluted Net Income per Share was $3.43;
- Cash flow from operations was $756 million, with net capex investments of $200 million, resulting in non-GAAP free cash flow of $556 million;
- During the second quarter of 2023, NXP continued to execute its capital return policy with the payment of $264 million in cash dividends, and the repurchase of $302 million of its common shares. The total capital return of $566 million in the quarter represented 102 percent of second quarter non-GAAP free cash flow. The interim dividend for the second quarter 2023 was paid in cash on July 6, 2023 to shareholders of record as of June 14, 2023. Subsequent to the end of the second quarter, between July 3, 2023 and July 21, 2023, NXP executed via a 10b5-1 program additional share repurchases totaling $69 million
