NXP Semiconductors N.V. reported financial results for the second quarter 2020, ended June 28, 2020.
Second-quarter revenue was $1.8 billion, down 18% year-on-year, while second-quarter GAAP gross margin was 47.3% and GAAP operating margin was (8)%. Second-quarter cash flow from operations was $414 million, with net capex investments of $74 million, resulting in non-GAAP free cash flow of $340 million.
“NXP delivered second quarter revenue of $1.82 billion, an 18% decline from the year-ago period, and modestly better than the mid-point of our guidance," said Kurt Sievers, NXP president and CEO. "Our Automotive end market was significantly impacted by the effects of the COVID-19 pandemic on the global macro-economic environment, though we did experience better than anticipated sequential trends in our other end markets.
“We are encouraged by the early positive trends we experienced in China and sales out of our distribution channel improved sequentially,” Sievers added. “We expect improved sales trends through the second half of this year, as a result of company-specific program ramps and the ongoing stabilization of our end markets.”
