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NXP Semiconductors (NASDAQ:NXPI) shares ticked up 3% in post-market trading Monday after the Dutch semiconductor designer and manufacturer reported fourth-quarter results that beat analysts’ estimates.
Looking ahead, results for the upcoming quarter ending in March appeared largely in line with expectations. NXP expects first quarter 2024 sales to be between $3.02B and $3.22B, compared to the analysts’ estimate of $3.17B.
Adjusted earnings are forecast to be between $2.97 and $3.38 per share, with the mid-point near the $3.17 per share estimate. Adjusted operating income is forecast to be between $994M and $1.12B, which is in line with the estimate of $1.07B. Adjusted gross margins are forecast to be between 57.5% and 58.5%, which nearly matches the estimate of 58.1%.
“In review, NXP delivered solid results throughout 2023 … despite a challenging semiconductor market environment,” said NXP CEO Kurt Sievers. “We are navigating a soft landing by managing what is in our control, especially limiting over shipment of products to customers.”
For the period ending Dec. 31, 2023, NXP earned an adjusted $3.71 per share on $3.42B in revenue. Analysts had expected adjusted earnings of $3.64 per share on $3.4B in revenue. Adjusted free cash flow for the period came in at $962M.
Microcontroller peer Texas Instruments (TXN) was up 0.7%, while Analog Devices (ADI) was flat and ON Semiconductor (ON) were flat in post-market trading Monday.
