© NXP Electronics Production | May 09, 2011
NXP: Net debt reduced USD 568 million Y-o-Y
Product revenue was USD 979 million, an increase of 9.5% from the USD 894 million reported in the 1Q/2010, and an increase of 4.4% from the USD 938 million reported in the 4Q/2010 (non-GAAP).
Revenue from continuing operations was USD 1,082 million, a decrease of less than 1.0% from the USD 1,085 million reported in first quarter of 2010 and an increase of less than 1.0% from the USD 1,078 million reported in the fourth quarter of 2010. Non-GAAP gross profit from continuing operations was USD 517 million, or 47.8% of revenue, an increase from the USD 423 million, or 39.0% of revenue reported in the first quarter of 2010. This compares to USD 508 million, or 47.1% of revenue reported in the fourth quarter of 2010. Non-GAAP operating income from continuing operations was USD 223 million, or 20.6% of revenue, an increase from the USD 127 million, or 11.7% of revenue, reported in the first quarter of 2010. This compares to the non-GAAP operating income of USD 208 million, or 19.3% of revenue reported in the fourth quarter of 2010. Non-GAAP net income was USD 117 million, or USD 0.46 per share (diluted). This compares to non-GAAP net income of USD 35 million, or USD 0.16 per share reported in the first quarter of 2010, and a profit of USD 95 million or USD 0.37 per share (diluted) reported in the fourth quarter of 2010. Guidance for the Second Quarter 2011 - Product Revenue for the second quarter of 2011 is anticipated to increase 2-5% sequentially as compared to the first quarter of 2011. Product Revenue is the combination of revenue from HPMS and Standard Products segments. - Revenue in our Manufacturing Operations and Corporate and Other segments is anticipated to decline by approximately USD 10-15 million sequentially as compared to the first quarter 2011. - Non-GAAP operating margin from continuing operations is anticipated to be about 21%. - During the second quarter of 2011, SSMC, NXP’s financially consolidated joint-venture wafer fabrication with Taiwan Semiconductor Manufacturing Corporation (TSMC) paid a dividend of USD 170 million. TSMC will receive USD 65.9 million of the dividend, equivalent to TSMC’s 38.79% equity ownership. As a result of the dividend, the consolidated cash balance of NXP will decrease by USD 65.9 million.
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