NXPI NXP Semiconductors NV

   By Maria Armental 
 

NXP Semiconductors NV swung to a second-quarter loss amid the coronavirus pandemic. Here's what you need to know:

LOSS: NXP swung to a loss of $214 million, or 77 cents a share, from a profit of $41 million, or 14 cents a share, a year earlier. Analysts surveyed by FactSet expected a loss of 95 cents a share.

REVENUE: Revenue fell to $1.82 billion from $2.22 billion a year earlier. NXP had projected $1.7 billion to $1.9 billion, and analysts expected $1.81 billion.

OUTLOOK: This quarter, NXP expects revenue to fall to a range of $1.9 billion to $2.1 billion, compared with analysts' projected $1.89 billion.

PANDEMIC: Company officials had pointed to broad-based disruption as customers' manufacturing facilities shut down to help curb the spread of the pandemic. In the first quarter, the company estimated the revenue hit from the pandemic at about $200 million and pointed to automotive original equipment manufacturers' factory shutdowns and order push-outs from industrial and mobile customers. On Monday, Chief Executive Kurt Sievers said in a statement that the automotive end market was significantly affected by the pandemic but pointed to better-than-anticipated sequential trends in other end markets. "We are encouraged by the early positive trends we experienced in China and sales out of our distribution channel improved sequentially," Mr. Sievers said, adding: "We expect improved sales trends through the second half of this year, as a result of company specific program ramps and the ongoing stabilization of our end markets."

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

July 27, 2020 17:35 ET (21:35 GMT)

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