From Nasdaq:

NXP Semiconductors N.V. (NXPI) exceeded expectations for Q4 2023 Non-GAAP earnings at $3.71 per share (1.92% above Zacks Consensus), a 0.5% YoY decrease. Revenues of $3.42 billion, up 3% from last year, were driven by strength in Automotive and Industrial & IoT markets but offset by slow growth in Communication Infrastructure & Others and Mobile end markets.

End-Market Detail:
Automotive set the pace generating $1.9B in revenues, up 5% YoY, followed by Industrial & IoT, $662M, up 9%, and Mobile, $406M, down 0.5%. Revenue from Communication Infrastructure & Others was the lowest in this quarter at $455M, down 8% YoY.

Operating Results:
Non-GAAP gross margin expanded 70 bps YoY to 58.7%. Research and Development expenses were $651M, and Selling, General and Administrative expenses were $311M. The non-GAAP operating margin contracted by 90 bps from the previous year to 35.6%.

Balance Sheet & Cash Flow:
The company reported $3.86B in cash and cash equivalents at the end of Q4 2023. Long-term debt was $10.175B and the company generated a cash flow of $1.14B.

Guidance:
For Q1 2024, NXP Semiconductors expects revenues of $3.025-$3.225 billion. Non-GAAP gross margin is anticipated to be between 57.5% and 58.5%. Non-GAAP earnings are expected to be between $2.97-$3.38 per share.

Zacks Rank & Stocks to Consider:
NXP Semiconductors currently carries a Zacks Rank #4 (Sell). Recommended stocks in the technology sector are Arista Networks, Badger Meter, and AMETEK, each with a Zacks Rank #1 (Strong Buy) or Zacks Rank #2 (Buy).

Source: https://www.nasdaq.com/articles/nxp-semiconductors-nxpi-reports-q4-earnings:-beats-revenues-rise-y-y-2024-02-06



Read more: NXP Semiconductors (NXPI) Q4 Earnings Beat, Revenues Rise Y/Y