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Research Tree provides access to ongoing research coverage, media content and regulatory news on NXP SEMICONDUCTORS NV. We currently have 6 research reports from 1 professional analysts.
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NXP SEMICONDUCTORS NV
NXP SEMICONDUCTORS NV
Positive momentum in Automotive, positive impact of the synergies on margins
28 Jul 16
NXP reported Q2 revenues of $2,365m, corresponding to a sequential increase of 6.6% but to a 7.7% yoy decrease. In HPMS ($1,911m, up 5.4% sequentially, down 8% yoy), most of the segments were negative yoy by a double-digit in comparable figures, with the exception of Automotive, $805m, up 5.3% yoy. Standard Products have also witnessed a dip ($303m, +10.6% sequentially, -6.5% yoy). The non-GAAP gross margin reached 50% (46.5% for the GAAP gross margin due to €32m of restructuring charges), a 130bp increase yoy, while the non-GAAP operating profit came in at $606m, representing a 25.6% margin, a decrease of 220bp versus the previous year; the GAAP operating result was negative by $26m, due to $514m of PPA effects. The non-GAAP net income came in at $486m, for a GAAP net result of -$13m. The mid-point of the Q3 guidance points at revenues of $2.47bn, corresponding to a 4.2% sequential increase but to a 3.3% yoy decrease. The non-GAAP operating margin is expected to be around 27.5%, but c. $400m of PPA is expected, as well as c. $120m of other adjustments.
Strong perspectives as the merger is being processed
02 May 16
NXP reported Q1 results, and provided a detailed breakdown of historical revenues taking into consideration Freescale’s revenues, as well as the divestments made to obtain the regulatory approvals for the merger. The Q1 revenues came in at $2,224m, corresponding to an adjusted lfl sequential increase of 2.3% but to a yoy decrease of 10.7%. The situation was mixed in HPMS, with Automotive displaying some positive momentum (+8.8% sequentially, +1.3% yoy), as well as Secure Interface & Infrastructure in some way (+12.8% sequentially, but -25% yoy). On the other hand, Secure Identification Solutions (-5.8% sequentially, -4.5% yoy) and Secure Connected Devices (-9.1% sequentially, -10.3% yoy) were both down. The non-GAAP gross margin reached 50% (26.8% for the GAAP gross margin due to €496m of PPA effects), a 130bp increase yoy, while the non-GAAP operating profit came in at $519m, representing a 23.3% margin, a decrease of 450bp versus the previous year; the GAAP operating result was a negative $471m, due to PPA effects of $861m. The non-GAAP net income came in at $412m, for a GAAP net loss of $387m. The guidance provided for Q1 16 shows a sequential increase of 5% plus or minus 2%, for a non-GAAP gross margin of 50% and an operating margin of 25.3%. The company also hosted its Analysts Day on Thursday, 28 April, during which it announced it would implement a dividend by 2018, without indicating the amount. The expected top-line growth rate for the 2016-19 timeframe is 5-7%, with non-GAAP EBIT margins of 30-33% leading to an EBITDA objective of about $4bn.
Work in progress
04 Feb 16
NXP reported Q4 results, consolidating Freescale for the first time, which contributed to the quarter over approximately one month. Revenues reached $1,606m, corresponding to a sequential increase of 5.5%. In HPMS, most of the segments were clearly positive thanks to the extra revenues from the acquisition, with the exception of Secure Identification Solutions, which did not benefit from the consolidation and is down 16.4% sequentially (+0.9% yoy). Standard Products have also witnessed a dip (-16.6% sequentially, -18.1% yoy). The non-GAAP gross margin reached 50.2% (38.5% for the GAAP gross margin due to €167m of PPA effects), a 360bp increase yoy, while the non-GAAP operating profit came in at $433m, representing a 27% margin, an increase of 170bp versus the previous year; the GAAP operating result reached $1,013m, thanks to the recognition of $1,257m from the sale of the RF Power business. The non-GAAP net income came in at $341m, for a GAAP net result of $962m. The guidance provided for Q1 16 shows a sharp sequential increase due to the full consolidation of Freescale, with product revenues expected to grow by 38% at the mid-point of the guidance, for a non-GAAP operating margin of 23%.
Brutal cut in the guidance to prevent massive inventory build up
29 Oct 15
NXP reported Q3 revenues of $1,522m, corresponding to a sequential increase of 1.1% but almost flat yoy (+0.5%). In HPMS, most of the segments were clearly positive both sequentially and yoy, with the exception of Automotive, up 6.9% yoy but slightly down sequentially (-0.6%), but these good performances have been offset by a sharp fall in Secure Interfaces and Power, down 10.9% sequentially and 9.4% yoy. The non-GAAP gross margin reached 49.1% (48.6% for the GAAP gross margin), a 120bp increase yoy, while the non-GAAP operating profit came in at $449m, representing a 29.5% margin, an increase of 380bp versus the previous year. The non-GAAP net income came in at $381m, for a GAAP net result of $361m. The guidance provided for the next quarter shows a sharp sequential decline, with revenues expected to fall sequentially by the upper-teens range.
Roaring margins in light of an excellent quarter
31 Jul 15
NXP reported Q2 revenues of $1,506m, corresponding to a 2.7% sequential increase and 11.6% yoy. The biggest contributor was Automotive with $310m (+2.6% sequentially, +7.6% yoy), and the strongest growth yoy was reached by Secure Connected Devices ($276m, +39.4%), while Secure Identification Solutions witnessed the strongest sequential growth ($257m, +15.8%). Standard Products were relatively flat sequentially and yoy (-0.3% and +1.9%). The non-GAAP gross margin reached 48.7% (48.1% for the GAAP gross margin), flat yoy, while the non-GAAP operating profit came in at $418m, representing a 27.8% margin, an increase of 300bp versus the previous year. The non-GAAP net income came in at $351m, for a GAAP net result of $300m. The guidance communicated for the next quarter expects revenues between $1,492m and $1,542m, corresponding to a sequential increase of 3% at the midpoint, while non-GAAP gross and operating margin should respectively come in at 48.8% and 28%.
Earnings upgrade following acquisition
17 Apr 17
Following the recent acquisition of Ingresso we upgrade our estimates by c10% in 2017. Ingresso owns and operates a software platform which enables sales through global third party distribution channels. This looks another smart acquisition by ACSO who continue to create a more efficient flow in the extremely fragmented leisure and ticketing industry. We increase our T/P to 2000p and upgrade to BUY.
N+1 Singer - Servelec Group - Calling the bottom
20 Apr 17
We are increasingly confident that Servelec’s travails are behind it and the business is returning to growth. Recent share price weakness looks unwarranted in this context and the valuation now looks compelling. Our forecasts are essentially unchanged, but we see medium term upside as the group’s markets improve. Servelec remains a key idea for 2017 and we reiterate our Buy recommendation and 325p Target Price.
N+1 Singer - Morning Song 24-04-2017
24 Apr 17
First Derivatives (FDP LN) FY slightly ahead as strong trading momentum continues | Goals Soccer Centres (GOAL LN) A potentially exciting corporate development | mporium Group (MPM LN) 2016 results: course set for exciting 2017 | Vectura Group (VEC LN) VR315 risk outweighs longer-term potential
Pickup in H2 organic growth as expected
20 Apr 17
Headline revenue growth of 19% reflects a full half contribution of ID Scan and a pickup in organic growth to 12% across the year driven by the excellent performance from the higher margin international services. The mix effects of this growth resulted in EBIT of £17m, 4% ahead of our forecasts, and a 1.1pp improvement in the operating margin.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)