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NXP SEMICONDUCTORS N.V.

(NXPI)
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NXP Semiconductors is on Track for Record Closing on Improved 3Q Outlook

10/09/2020 | 01:56pm EDT

By Maria Armental

Dutch chipmaker NXP Semiconductors NV is on track for a record closing, a day after boosting financial projections for the September quarter on improved demand, particularly from automobile and mobile.

Shares are trading 4.3% higher at $140.62, on track to beat Feb. 13's $138.69 closing record.

The company, which is slated to report third-quarter results on Oct. 26, said it now expects to report an operating profit of about $32 million and about $2.27 billion in revenue for the quarter ended Sept. 27. It had previously projected a $12 million operating profit at the high end of its projection and a $105 million operating loss at the low end and $1.9 billion to $2.1 billion in revenue.

"The business environment has improved at a faster-than-anticipated pace, driving a broadbased increase in revenue, which also enabled higher gross margin," Chief Executive Kurt Sievers said in a statement.

Company officials had pointed to broad-based disruption as customers' manufacturing facilities shut down to help curb the spread of the coronavirus pandemic.

Raymond James Financial Inc.'s analysts raise their price target to $150 from $130.

"The upside was substantial, with particular strength in auto and mobile, echoing the commentary from STM's preannouncement last week," the analysts wrote in a note.

STMicroelectronics NV, which is slated to report third-quarter results on Oct. 22, similarly pointed to a stronger-than-expected third-quarter performance driven by a sharp demand acceleration for automotive products and microcontrollers.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

10-09-20 1355ET

Stocks mentioned in the article
ChangeLast1st jan.
NXP SEMICONDUCTORS N.V. -0.86% 198.51 Delayed Quote.25.94%
RAYMOND JAMES FINANCIAL, INC. -2.58% 127.69 Delayed Quote.36.06%
STMICROELECTRONICS N.V. 1.14% 31.86 Real-time Quote.4.03%
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Financials (USD)
Sales 2021 10 564 M - -
Net income 2021 1 588 M - -
Net Debt 2021 5 600 M - -
P/E ratio 2021 36,4x
Yield 2021 1,04%
Capitalization 55 222 M 55 222 M -
EV / Sales 2021 5,76x
EV / Sales 2022 5,38x
Nbr of Employees 29 000
Free-Float 95,0%
Chart NXP SEMICONDUCTORS N.V.
Duration : Period :
NXP Semiconductors N.V. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends NXP SEMICONDUCTORS N.V.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 222,89 $
Last Close Price 200,26 $
Spread / Highest target 24,8%
Spread / Average Target 11,3%
Spread / Lowest Target -16,6%
EPS Revisions
Managers and Directors
NameTitle
Kurt Sievers President, CEO & Executive Director
Peter Kelly Chief Financial Officer & Executive Vice President
Peter Leahy Bonfield Non-Executive Chairman
Lars Reger Chief Technology Officer & Executive VP
Petri Kuivala Chief Information Security Officer
Sector and Competitors
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TEXAS INSTRUMENTS14.92%173 373