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NXP Semiconductors N.V. NXPI shares are trading lower in Monday’s after-hours session after the company reported fourth-quarter financial results and issued weak guidance.
What Happened: NXP said fourth-quarter revenue was up 9% year-over-year to $3.31 billion, which beat average analyst estimates of $3.3 billion, according to consensus estimates from Benzinga Pro. The chip company said full-year 2023 revenue increased across all of its focus end-markets.
NXP reported quarterly adjusted earnings of $3.73 per share, which beat estimates of $3.60 per share.
“From an end-market perspective, our automotive business performed very well, while in our consumer IoT and mobile businesses we experienced a softening demand environment through the second half of 2022,” said Kurt Sievers, president and CEO of NXP.
“Accordingly, we have adopted a vigilant operational stance, aiming to improve service to those customers who continue to experience material shortages while managing the distribution channel inventory levels well below our long-term targets.”
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NXP said it repurchased 3.16 million shares for a total cost of $475 million and paid cash dividends of $221 million during the fourth quarter. The company’s board also approved a dividend increase from $0.845 to $1.014 per share.
NXP sees first-quarter revenue between $2.9 billion and $3.1 billion versus estimates of $3.17 billion. NXP expects first-quarter adjusted earnings to be between $2.82 and $3.22 per share versus estimates of $3.09 per share.
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NXPI Price Action: NXP has a 52-week high of $211.83 and a 52-week low of $132.08.
The stock was down 3.69% in after hours at $172.85 at the time of writing, according to Benzinga Pro.
Photo: courtesy of NXP.
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Image and article originally from www.benzinga.com. Read the original article here.