NXP Semiconductors Q1 Profit Beats Views

reported better-than-expected earnings for the first quarter on Wednesday. The company posted a quarterly loss of $90 million, or $0.46 per share, versus a year-ago profit of $124 million, or $0.43 per share. Excluding items, the company's adjusted earnings came in at $1.35 per share. Its revenue climbed 17.7 percent year-over-year to $1.47 billion. However, analysts were expecting a profit of $1.30 per share on revenue of $1.48 billion. The average estimate among 4 Estimize users was for earnings of $1.32 per share and revenue of $1.52 billion. "Our results in the first quarter of 2015 were strong, as NXP delivered total revenue of $1.47 billion and non-GAAP operating margin of 26 percent. Revenue increased nearly 18 percent from the same period in the prior year, and declined about 5 percent from the prior quarter, despite the strengthening of the US dollar during the quarter. Our product mix was better than planned, allowing us to deliver significantly better profitability. Non-GAAP diluted earnings per share were $1.35, at the high-end of guidance, and we generated $288 million non-GAAP free cash flow," said Richard Clemmer, NXP Chief Executive Officer. For the second quarter, NXP Semi projects adjusted earnings of $1.33 to $1.43 per share on revenue of $1.485 billion to $1.535 billion. Analysts had expected earnings of $1.41 per share on revenue of $1.54 billion. NXP Semiconductors shares gained 2.70 percent to $98.00 at 10:45 a.m. ET.