First-quarter GAAP gross margin stood at 49.3 percent, while the GAAP operating margin was reported as 3.4 percent. First-quarter cash flow from operations was USD 0.51 billion, with net capex investments of USD 143 million, the fiscal states.
“Consistent with our pre-announcement on April 7, 2020, NXP delivered first quarter revenue of $2.02 billion, a 3 percent decline from the year ago period,” said Richard Clemmer, NXP Chief Executive Officer. “During this period of widespread societal disruption, our focus continues to be the long-term health and safety of all our NXP team members, and on assuring the utmost support for our customers and partners. I am extremely proud of the adaptability and engagement of all our teams during this challenging period. From a business perspective, we currently find ourselves navigating a challenging and very fluid environment. We are working diligently with our direct and distribution partners to determine accurate projections of customer demand, especially within the global automotive and industrial markets. Notwithstanding the current challenges, NXP continues to have the financial strength, the product portfolio and customer engagements to emerge strongly from the current unpredictable environment.”
Reported First Quarter 2020 ($ millions, unaudited)
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| Q1 2020 | Q4 2019 | Q1 2019 | Q - Q | Y - Y
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| Total Revenue | $ 2,021 | $ 2,301 | $ 2,094 | -12% | -3%
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| GAAP Gross Profit | $ 997 | $ 1,209 | $ 1,072 | -18% | -7%
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| GAAP Operating Income / (Loss) | $ 68 | $ 197 | $ 54 | -65% | 26% |
On February 3, 2020, The Netherlands-based chip manufacturer announced the completion of the sale of its Voice and Audio Solutions (VAS) assets pursuant to the definitive agreement dated August 16, 2019 for a net gain of USD 110 million, a fiscal report states.
Segment Results for the First Quarter 2020
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| Automotive | $ 994 | $ 1,097 | $ 1,036 | -9% | -4%
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| Industrial & IoT | $ 376 | $ 415 | $ 368 | -9% | 2%
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| Mobile | $ 247 | $ 332 | $ 241 | -26% | 2%
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| Comm. Infra. & Other | $ 404 | $ 457 | $ 449 | -12% | -10% |
