“NXP delivered solid results for the second quarter of 2016, with revenue at $2.37 billion, an increase of 57% year on year, an increase of 6% versus the prior quarter and $20 million above the mid-point of our guidance. HPMS segment revenue was $2.01 billion, an increase of 76% year-on-year, and an increase of approximately 5% from the prior quarter. Standard Product segment revenue was $303 million, a decrease of 6% year-on-year and an increase of 11% from the prior quarter. Our GAAP diluted net loss per share was ($0.04), primarily due to merger-related accounting, and our non-GAAP diluted earnings per share of $1.39 was near the high end of our guidance, as a result of positive fall through on incrementally higher revenue and good operating expense control,” said Richard Clemmer, NXP CEO.
“On a comparable basis, taking into account the Freescale merger and product line divestures, our year-on-year revenue trends reflect the semiconductor industry weakness that accelerated throughout the second half of 2015. On a comparable basis, total revenue was down approximately 8% year on year, notwithstanding our Automotive operating segment which delivered positive year-on-year comparable growth.
“We believe we have begun to see incremental positive trends in a number of our businesses, with comparable sequential revenue up approximately 6% into the second quarter,” Clemmer added. “While we anticipate many of the headwinds experienced in the second half of 2015 should begin to generally subside in the coming quarters, the overall demand environment currently continues to be subdued.
“In summary, I am pleased with the progress we continue to achieve. In the second quarter we took another step in our journey, as we announced the divesture of our Standard Products business. We continue to anticipate the transaction to close in the first quarter of 2017. I would like to thank all of the members of the Standard Products business for their years of hard work and dedication,” said Clemmer.