Electronics Production | October 30, 2007
NXP shows good result in Q3
NXP Semiconductors has announced third quarter sales of EUR 1,211 million, a 7.4% currency and business comparable growth over the second quarter of 2007 (nominal 6.1%) and a 2.8% comparable decline over the third quarter of 2006
Third quarter sales at EUR 1,211 million vs EUR 1,141 million in the second quarter. Currency and business comparable sequential sales growth of 7.4% (nominal growth 6.1%), comparable year on year decrease of 2.8%. Third quarter adjusted EBITDA, excluding effects of Purchase Price Accounting, at EUR 226 million (adjusted EBITA, excluding effects PPA at EUR 97 million). Cash position increased to EUR 681 million at end of third quarter, compared to EUR 514 million at the end of the second quarter of 2007. Book to bill ratio of 1.01 in third quarter. Factory loading up to 85% in the third quarter from 74% in the second quarter and 69% in the first quarter of 2007. Excluding the impact of Purchase Price Accounting, adjusted EBITDA was EUR 226 million compared to EUR 267 million in the third quarter of 2006 and 141 million in the second quarter of 2007. “Against a background of continuing soft industry conditions, NXP has performed in line with our expectations. The improvements in Mobile and Personal continue with the group announcing the shipment of its 500 millionth AERO RF CMOS transceiver to the mobile handset market, reflecting the successful integration of the wireless operations of Silicon Labs, acquired earlier in the year. The third quarter also witnessed a good performance from MultiMarket Semiconductors and stabilisation in the Home Business Unit after a series of challenging quarters. The Home group won some notable clients, particularly in the area of Digital TV with three leading television manufacturers of which the impact will become visible in the course of 2008. The Automotive business gained market share and the Identification business slowed in line with the industry as a whole,” said Frans van Houten, President and CEO of NXP Semiconductors. “The improved results in the third quarter can be attributed to normal seasonal sales growth leading to improved factory loading, as well as the impact of our Business Renewal Program, where we are well on our way to realize the EUR 100 million savings on a run rate basis by the end of 2007. Our active portfolio management program continued in particular with the divestment of the Cordless and VoIP Terminal operations. In addition we had a successful start of the assembly and test joint venture with ASE (called ASEN) in Suzhou, China, executing on our asset-light strategy.” At the end of the third quarter, NXP’s book to bill ratio stood at 1.01 whilst its cash amounted to EUR 681 million. Outlook: The market remains soft and visibility remains short. Given NXP’s book-to-bill ratio of 1.01 in the third quarter, the company expects low single digit sequential sales growth for the fourth quarter 2007 on a currency comparable basis.
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