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Components | August 01, 2011

NXP with sequential increase in 2Q product revenue

Product Revenue from continuing operations was USD 1,025 million, an increase of 10.7% from the USD 926 million reported in the 2Q/2010, and an increase of 4.7% from the USD 979 million reported in the 1Q/2011.
Product Revenue is the combination of revenue from the HPMS and Standard Products segments. Total revenue from continuing operations was USD 1,121 million, an increase of 0.2% from the USD 1,119 million reported in second quarter of 2010 and an increase of 3.6% from the USD 1,082 million reported in the first quarter of 2011.

Revenue attributable to the combination of the Manufacturing Operations and Corporate and Other segments was $96 million, a 50.3% decrease from the USD 193 million reported in the second quarter of 2010, and a 6.8% decrease from the USD 103 million reported in the first quarter of 2011.

The anticipated decline was primarily due to lower revenue in the Manufacturing Operations segment, as contractual obligations to provide manufacturing services for previously divested businesses continue to expire. Included in the total revenue for the second quarter of 2010 was USD 28 million related to the divested NuTune business.

Gross profit from continuing operations for the second quarter of 2011 was USD 523 million, or 46.7% of revenue, as compared to USD 446 million, or 39.9% of revenue reported in the second quarter of 2010. This compares to the USD 506 million, or 46.8% of revenue reported in the first quarter 2011.

Operating income from continuing operations for the second quarter of 2011 was USD 133 million, or 11.9% of revenue, as compared to an operating income of USD 76 million reported in the second quarter of 2010, or 6.8% of revenue. This compares to an operating income of USD 108 million, or 10.0% of revenue as reported in the first quarter of 2011.

Net income for the second quarter of 2011 was USD 84 million or USD 0.33 per share (diluted). This compares to a net loss of USD 362 million, or a loss of USD 1.68 per share reported in the second quarter of 2010, and net income of USD 187 million or USD 0.73 per share (diluted) reported in the first quarter of 2011. During the second quarter of 2011 net income was impacted as compared to the first quarter of 2011 due to currency fluctuations on the company’s U.S. dollar- denominated debt.

Guidance for the Third Quarter 2011

- Product Revenue for the third quarter of 2011 is anticipated to be in a range of down 5 to up 1% sequentially as compared to the second quarter of 2011. Product Revenue is the combination of revenue from the HPMS and Standard Products segments.

- The combination of revenue from Manufacturing Operations and Corporate and Other segments is anticipated to be approximately USD 96 million.

- Non-GAAP operating profit from continuing operations is expected to be in a range of USD 210-232 million.

- Interest expense is anticipated to be approximately USD 72 million.

- Cash income tax is anticipated to be approximately USD 5 million.

- Income attributable to non-controlling interests is anticipated to approximately USD 12 million.

- Average diluted share count is anticipated to be approximately 257 million shares.

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