NXP Semiconductors N.V. NXPI shares are buying and selling lower in Monday’s after-hours session soon after the company claimed fourth-quarter financial results and issued weak steerage.
What Occurred: NXP stated fourth-quarter earnings was up 9% year-about-12 months to $3.31 billion, which defeat common analyst estimates of $3.3 billion, in accordance to consensus estimates from Benzinga Pro. The chip enterprise mentioned comprehensive-calendar year 2023 revenue increased across all of its focus conclusion-markets.
NXP described quarterly modified earnings of $3.73 per share, which conquer estimates of $3.60 for each share.
“From an conclusion-current market viewpoint, our automotive company carried out very effectively, even though in our customer IoT and mobile businesses we seasoned a softening desire natural environment by way of the 2nd 50 percent of 2022,” said Kurt Sievers, president and CEO of NXP.
“Accordingly, we have adopted a vigilant operational stance, aiming to improve provider to those people prospects who keep on to knowledge content shortages though taking care of the distribution channel inventory degrees perfectly underneath our very long-time period targets.”
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NXP stated it repurchased 3.16 million shares for a overall charge of $475 million and compensated income dividends of $221 million through the fourth quarter. The company’s board also approved a dividend enhance from $.845 to $1.014 for every share.
NXP sees first-quarter revenue concerning $2.9 billion and $3.1 billion versus estimates of $3.17 billion. NXP expects first-quarter adjusted earnings to be involving $2.82 and $3.22 for every share compared to estimates of $3.09 for every share.
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NXPI Rate Action: NXP has a 52-7 days high of $211.83 and a 52-week very low of $132.08.
The stock was down 3.69% in immediately after several hours at $172.85 at the time of composing, in accordance to Benzinga Professional.
Image: courtesy of NXP.
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