NXP Semiconductors Updates View of First Quarter 2020 Performance and Sets Date to Review Detailed Results
07 Abril 2020 - 7:00AM
NXP Semiconductors N.V. (NASDAQ: NXPI) today updated its
performance expectations for first quarter 2020, due to the
business impact from the novel coronavirus (“COVID-19”). This
pre-announcement is currently the company’s best estimate but may
change following the completion of its first quarter financial
closing procedures. These estimates reflect a worse than
anticipated impact from the COVID-19 pandemic versus what the
company had anticipated on March 2, 2020.
“Consistently during this challenging period, we have taken
stringent actions to ensure the health and safety of all of our NXP
team members and are extremely proud of their continued
dedication,” said Richard Clemmer, NXP Chief Executive Officer.
“Additionally, the impact to our first quarter results due to
COVID-19 were more significant than we anticipated on March 2.
While the supply chain disruption experienced post Lunar New Year
in China appears to be subsiding, the end market demand trends in
the rest of the world have started to significantly deteriorate.
Throughout March, the demand headwinds accelerated in the
automotive market where many global auto OEMs outside of China have
shut production lines, and within the industrial and mobile markets
where customer demand trends have resulted in the push-out of
orders. We continue to be vigilant in the management of our
distribution channel, aligning channel inventory to the sales out
of the channel, and expect channel inventory to be consistent with
prior periods, in the 2.4 months of supply range. Furthermore, we
chose not to ship roughly $150 million of orders to our
distribution partners in order to maintain our normal channel
inventory. The current customer demand environment remains quite
fluid and we will provide our best perspective for the second
quarter during our earnings call on April 28.”
“While the demand environment is challenging, NXP continues to
have a strong balance sheet and excellent liquidity. We expect our
cash balance to be $1.1 billion as of the end of March, and in
addition we have an untapped revolving credit facility of $1.5
billion, should we need it,” said Peter Kelly, NXP Chief Financial
Officer.
The preliminary results set forth below are unaudited, are based
on management’s initial review of NXP’s operating results for the
three-month period ended March 29, 2020 and are subject to revision
based upon the quarter-end closing procedures and the completion of
the financial statements for the three-month period ended March 29,
2020. Actual results may differ materially from these preliminary
results as a result of the completion of quarter-end closing
procedures, final adjustments and other developments arising
between now and the time that the company’s financial results are
finalized. In addition, these preliminary unaudited results are not
a comprehensive statement of the financial results for the quarter
ended March 29, 2020, should not be viewed as a substitute for full
financial statements prepared in accordance with generally accepted
accounting principles, and are not necessarily indicative of the
results for any future period.
1Q
2020: https://www.globenewswire.com/NewsRoom/AttachmentNg/55106fe1-04d6-4a31-86b4-203d3968e6f5Note
(1): On March 2, 2020, NXP updated its revenue outlook for the
first quarter of 2020. At that time, NXP anticipated revenue would
be lower than its original guidance in a range of $50 to $150
million.
Additional Information:
- Non-GAAP Gross profit excludes Purchase Price Accounting
effects (“PPA”), $(36) million; Stock Based Compensation, $(11)
million; Restructuring and Other Incidentals, $(3) million;
- Non-GAAP Operating income excludes PPA effects, $(419) million;
Stock Based Compensation, $(107) million; Merger related costs,
$(4) million; Restructuring and Other Incidentals, $96
million;
- Non-GAAP Financial Income (expense) excludes Other financial
expense $(3) million;
- Cash paid for income taxes related to on-going operations was
$28 million. Items not related to on-going operations resulted in
additional cash payments of $11 million;
- Non-controlling interest is expected to be approximately $(7)
million;
NXP is currently in its quiet period and will not be hosting a
call to add any further commentary. The company will plan to review
the second quarter outlook during its earnings call on April 28,
2020.
Earnings Conference Call Details The company
will release the final financial results for the first quarter 2020
and its guidance for the second quarter of 2020 after the close of
normal trading on the NASDAQ Global Select Market on Monday, April
27, 2020. The company will host a conference call with the
financial community on Tuesday, April 28, 2020 at 8:00 a.m. U.S.
Eastern Daylight Time (EDT) to review the results in detail.
Interested parties may join the scheduled conference call by
dialing the following numbers:
Within the U.S.: 1 - 888 - 603 - 7644Outside the U.S.: 1 - 484 -
747 - 6631Participant Passcode: 3279125
The call will be webcast and can be accessed from the NXP
Investor Relations website https://investors.nxp.com. A replay of
the call will be available on the NXP Investor Relations website
within 24 hours of the actual call.
About NXP SemiconductorsNXP Semiconductors N.V.
(NASDAQ: NXPI) enables secure connections for a smarter world,
advancing solutions that make lives easier, better, and safer. As
the world leader in secure connectivity solutions for embedded
applications, NXP is driving innovation in the automotive,
industrial & IoT, mobile, and communication infrastructure
markets. Built on more than 60 years of combined experience and
expertise, the company has approximately 29,000 employees in more
than 30 countries and posted revenue of $8.88 billion in 2019. Find
out more at www.nxp.com.
Forward-looking Statements This document
includes forward-looking statements which include statements
regarding NXP’s business strategy, financial condition, results of
operations, and market data, as well as any other statements which
are not historical facts. By their nature, forward-looking
statements are subject to numerous factors, risks and uncertainties
that could cause actual outcomes and results to be materially
different from those projected. These factors, risks and
uncertainties include the following: market demand and
semiconductor industry conditions; the ability to successfully
introduce new technologies and products; the end-market demand for
the goods into which NXP’s products are incorporated; the ability
to generate sufficient cash, raise sufficient capital or refinance
corporate debt at or before maturity; the ability to meet the
combination of corporate debt service, research and development and
capital investment requirements; the ability to accurately estimate
demand and match manufacturing production capacity accordingly or
obtain supplies from third-party producers; the access to
production capacity from third-party outsourcing partners; any
events that might affect third-party business partners or NXP’s
relationship with them, including the outbreak of COVID-19 or the
requirements to suspend activities with customers or suppliers
because of changing import and export regulations; the
ability to secure adequate and timely supply of equipment and
materials from suppliers; the ability to avoid operational problems
and product defects and, if such issues were to arise, to correct
them quickly; the ability to form strategic partnerships and joint
ventures and to successfully cooperate with alliance partners; the
ability to win competitive bid selection processes to develop
products for use in customers’ equipment and products; the ability
to achieve targeted efficiencies and cost savings; the
ability to successfully hire and retain key management and senior
product architects; and, the ability to maintain good relationships
with our suppliers. In addition, this document contains
information concerning the semiconductor industry and NXP’s
business generally, which is forward-looking in nature and is based
on a variety of assumptions regarding the ways in which the
semiconductor industry, NXP’s markets and product areas may
develop. NXP has based these assumptions on information
currently available, if any one or more of these assumptions turn
out to be incorrect, actual results may differ from those
predicted. While NXP does not know what impact any such
differences may have on its business, if there are such
differences, its future results of operations and its financial
condition could be materially adversely affected. There can be no
assurances that a pandemic, epidemic or outbreak of a contagious
diseases, such as COVID-19, will not have a material and adverse
impact on our business, operating results and financial condition
in the future. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak to results only as of
the date the statements were made. Except for any ongoing
obligation to disclose material information as required by the
United States federal securities laws, NXP does not have any
intention or obligation to publicly update or revise any
forward-looking statements after we distribute this document,
whether to reflect any future events or circumstances or
otherwise. For a discussion of potential risks and
uncertainties, please refer to the risk factors listed in our SEC
filings. Copies of our SEC filings are available on our Investor
Relations website, www.nxp.com/investor or from the SEC website,
www.sec.gov.
For further information, please contact:
Investors:
Jeff Palmer
jeff.palmer@nxp.com
+1 408 518 5411
Media:Jacey Zunigajacey.zuniga@nxp.com+1 512 895 7398
NXP-Corp
NXP Semiconductors NV (NASDAQ:NXPI)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
NXP Semiconductors NV (NASDAQ:NXPI)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024