© studio 37 dreamstime.com Components | July 29, 2013
Freescale increase revenue in 2Q
Net sales for the second quarter of 2013 were $1.04 billion, compared to $981 million in the first quarter of 2013 and $1.03 billion in the second quarter of 2012.
“Our overall financial results continued to improve both sequentially and year over year,” said Gregg Lowe, president and CEO. “Revenues, operating earnings and adjusted earnings per share all continued to grow and while we are still early into implementing our new strategy, we do see some signs of good progress.” Second Quarter Highlights Net sales for the second quarter of 2013 were $1.04 billion, compared to $981 million in the first quarter of 2013 and $1.03 billion in the second quarter of 2012. Income from operations for the period was $125 million, compared to $104 million in the first quarter of 2013 and $112 million in the second quarter of 2012. Income from operations improved on a sequential basis due to higher sales and improved gross margins. On a year over year basis, income from operations increased primarily due to lower reorganization of business expense. The net loss for the second quarter was $65 million, or $0.25 per share, compared to a loss of $48 million, or $0.19 per share, in the first quarter of 2013 and a loss of $34 million, or $0.14, in the second quarter of 2012. Second quarter 2013 results included a $59 million charge associated with a debt refinancing transaction completed in June 2013. Adjusted operating earnings (defined in Note 1 to the Consolidated Financial Information attached to this press release) for the three months ended June 28, 2013 were $151 million, compared to earnings of $117 million in the first quarter of 2013 and $146 million in the second quarter of 2012. Second quarter adjusted net income (defined in Note 1 to the Consolidated Financial Information attached to this press release) was $23 million, or $0.09 per share, compared to a loss of $8 million, or $0.03 per share, in the first quarter of 2013 and income of $17 million, or $0.07 per share, in the second quarter of 2012. Sequentially, adjusted net income benefitted from higher sales and improving gross margins. On a year over year basis, adjusted net income benefitted primarily from higher operating income. Descriptions of EBITDA, Adjusted EBITDA, adjusted operating earnings and adjusted net earnings (loss) and the reconciliations to our GAAP results are included in the tables and notes attached to this press release. Product Group Revenues The company’s net sales figures for the second quarter of 2013 were as follows: Microcontroller net sales were $199 million in the second quarter, compared to $177 million in the first quarter of 2013 and $169 million in the second quarter last year. Sequentially and year over year, sales benefitted from increased sales into distribution in Asia as well as higher sales of applications processors into the general embedded and automotive markets. Digital Networking net sales were $229 million, compared to $202 million in the first quarter of 2013 and $220 million in the second quarter last year. Networking sales benefitted both sequentially and year over year from higher spending on current and next generation wireless networks and higher sales of products used in enterprise solutions. Automotive Microcontroller net sales were $272 million, compared to $254 million in the first quarter of 2013 and $258 million in the second quarter last year. Automotive microcontrollers sales benefitted both sequentially and year over year from the positive vehicle production and sales trends in the U.S. and China. Analog & Sensor net sales were $188 million, compared to $177 million in the first quarter of 2013 and $190 million in the second quarter last year. Analog and sensor net sales benefitted on a sequential basis from increases in global automotive production. RF net sales, which includes sales of power amplifiers to the wireless infrastructure market, were $81 million, compared to $86 million in the first quarter of 2013 and $66 million in the second quarter last year. On a year over year basis, RF sales increased due to increased spending on 3G and 4G wireless networks, particularly in China. Other net sales were $69 million, compared to $85 million in the first quarter of 2013 and $126 million in the second quarter last year. Both sequentially and year over year, other net sales declined due to lower sales into the wireless handset market and a decline in IP revenue. Other Second Quarter 2013 Financial Information - Capital Expenditures were $40 million; - Cash and Cash Equivalents were $785 million and; - Adjusted EBITDA* for the latest twelve months ending June 28, 2013 was $802 million. Third Quarter 2013 Outlook For the third quarter of 2013, the company expects: - Net sales to be between $1.05 billion and $1.09 billion; - Gross margins to increase approximately 75 to 100 basis points on a sequential basis.
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