NXP Semiconductors is on Track for Record Closing on Improved 3Q Outlook
09 Octubre 2020 - 1:10PM
Noticias Dow Jones
By Maria Armental
Dutch chipmaker NXP Semiconductors NV is on track for a record
closing, a day after boosting financial projections for the
September quarter on improved demand, particularly from automobile
and mobile.
Shares are trading 4.3% higher at $140.62, on track to beat Feb.
13's $138.69 closing record.
The company, which is slated to report third-quarter results on
Oct. 26, said it now expects to report an operating profit of about
$32 million and about $2.27 billion in revenue for the quarter
ended Sept. 27. It had previously projected a $12 million operating
profit at the high end of its projection and a $105 million
operating loss at the low end and $1.9 billion to $2.1 billion in
revenue.
"The business environment has improved at a
faster-than-anticipated pace, driving a broadbased increase in
revenue, which also enabled higher gross margin," Chief Executive
Kurt Sievers said in a statement.
Company officials had pointed to broad-based disruption as
customers' manufacturing facilities shut down to help curb the
spread of the coronavirus pandemic.
Raymond James Financial Inc.'s analysts raise their price target
to $150 from $130.
"The upside was substantial, with particular strength in auto
and mobile, echoing the commentary from STM's preannouncement last
week," the analysts wrote in a note.
STMicroelectronics NV, which is slated to report third-quarter
results on Oct. 22, similarly pointed to a stronger-than-expected
third-quarter performance driven by a sharp demand acceleration for
automotive products and microcontrollers.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
October 09, 2020 13:55 ET (17:55 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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