2023-05-02 09:27:00 ET
NXP Semiconductors (NASDAQ: NXPI) just reported its financial results for the first quarter of 2023. The Dutch-American company's revenue was down year over year, but it still managed to beat its own guidance with a side order of robust earnings in this period. The company is making its way through a cyclical downturn in consumer-exposed businesses, boosted by its leading role in the resurgent automotive and industrial niches.
Total revenue for the quarter was $3.12 billion, ever so slightly down from $3.14 billion in the same period last year. I'd call it a rounding error. The gross margin according to generally accepted accounting principles ( GAAP ) was 56.7%. The unadjusted operating margin was 26.4%, and NXP's non-GAAP diluted net income per share was $3.19.
The results exceeded Wall Street's consensus targets by a comfortable margin. Your average analyst would have settled for earnings of roughly $3.02 per share on top-line sales near $3 billion.
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