NXP Semiconductors (NXPI) late Monday outperformed analysts’ second-quarter estimates on continued sturdy auto chip gross sales. Shares of NXPI rose throughout prolonged buying and selling.
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The Netherlands-based chipmaker earned an adjusted $3.43 per share on income of $3.3 billion within the quarter ended June. Analysts polled by FactSet had forecast NXP earnings of $3.28 per share on income of $3.21 billion. Nevertheless, on a year-over-year foundation, NXP’s revenues have been down 3%, whereas gross sales fell a fraction.
For the present quarter, NXP forecast adjusted earnings of $3.60 per share on income of $3.4 billion. That is based mostly on the midpoint of his outlook. Wall Road claimed earnings of $3.44 per share on income of $3.31 billion for the third quarter. In the identical quarter final yr, NXP earned $3.76 per share on income of $3.45 billion.
“Our first half outcomes and our steering for the third quarter help our confidence that NXP is efficiently navigating the cyclical downturn of our consumer-exposed companies,” CEO Kurt Sievers stated in an announcement. press release. “On the similar time, we see continued power in our automotive, core industrial and communications infrastructure companies.”
NXPI inventory is a latest breakout
NXP makes chips for automotive, industrial, Web of Issues, cell and communications infrastructure markets. The corporate’s largest section, the automotive trade, noticed gross sales develop 9% yr over yr to $1.87 billion within the second quarter.
In after-hours buying and selling on the inventory market right this moment, NXPI inventory was up 0.9% to 212.79. Throughout Monday’s common session, NXPI shares fell 1.1% to shut at 210.88.
On June 13, the shares broke out of a cup base at a purchase level of 197.71, in accordance with IBD MarketSmith charts.
NXP Semiconductors ranks fourth out of 32 shares in IBD’s semiconductor manufacturing group, in accordance with IBD Inventory Control. It has an IBD Composite Score of 92 out of 99.
Moreover, NXPI inventory is on the IBD Tech Leaders listing.
Comply with Patrick Seitz on Twitter @IBD_PSeitz for extra tales on client expertise, software program and semiconductor shares.
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