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NXP reports excellent results: automotive chip revenue up 24% year-on-year, revenue share rises to 52.4%

Update time : 2022-11-02 09:00:58

NXP Semiconductors NV, the automotive chip maker, announced its third quarter 2022 (ended Oct. 2, 2022) results after the market closed on Monday (Oct. 31).

Revenue for the quarter increased 20% (4% QoQ) to $3,445 million, better than the midpoint of the forecast released on July 25 ($3,425 million), non-GAAP revenue increased 33% (7% QoQ) to $1,271 million, non-GAAP gross margin was 58.0%, better than the midpoint of the forecast released on July 25 (57.8%), and diluted earnings per share was 58.0%. Non-GAAP gross margin was 58.0%, better than the midpoint of the forecast (57.8%) released on July 25, and diluted earnings per share increased 46.1% YoY (10.3% QoQ) to US$2.79.
NXP's non-GAAP revenue margin for the third quarter was 36.9 percent, better than the 36.0 percent reported in the second quarter and the 33.5 percent reported in the third quarter of last year, and the non-GAAP revenue margin for the current quarter is estimated to be between 35.1-36.8 percent (median 36.0 percent).
NXP CEO Kurt Sievers noted on Monday that overall, NXP's third quarter performance was very good, but the consumer-related IoT business was hit by the weakening general economic environment. At the same time, automotive and industrial market demand remained resilient, driven by long-term and company-specific drivers, and supply improved slightly.
Specifically, NXP's automotive revenue grew 24% (up 5% QoQ) to US$1.804 billion in the third quarter, with its share of revenue increasing to 52.4% from 51.7% in the second quarter, while industrial and IoT revenue grew 17% (up 0% QoQ) to US$713 million, mobile revenue grew 19% (up 6% QoQ) to US$410 million, and communications infrastructure and other products revenue grew 14% (up 4% QoQ). Revenue from communications infrastructure and other products increased by 14% (4% QoQ) to US$518 million.
NXP's channel inventory days were 1.6 months in the third quarter, the same as in the second quarter and the third quarter last year.
Looking ahead to the fourth quarter, NXP expects revenue to be between US$3.200-3.400 billion, equivalent to an annual increase of 9% (4% QoQ) at the midpoint (US$3.300 billion), and Non-GAAP gross margin is estimated to be between 57.3-58.3% (57.8% at the midpoint).
According to Yahoo Finance, analysts expect NXP's revenue to reach $3.41 billion in the current quarter.
NXP CEO Kurt Sievers said that while NXP continues to be affected by supply constraints, the company is cautious about the future in the medium term based on the uncertainty of the general economic environment.

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