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 Margin52.8 %   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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