Kurt Sievers, chief govt officer of NXP Semiconductors NV, throughout the Federation of German Industries (BDI) convention in Berlin, Germany, on Monday, June 19, 2023.
Liesa Johannssen-Koppitz | Bloomberg | Getty Photos
NXP Semiconductor Inc. fell about 7% on Monday after the chip firm introduced that CEO Kurt Sievers would step down and launched first-quarter earnings for fiscal 2025.
Sievers will retire on the finish of the yr, with Rafael Sotomayor stepping in as president on April 28, 2025.
This is how the corporate did, versus LSEG consensus estimates:
- Earnings per share: $2.64 adjusted vs. $2.58 anticipated
- Income: $2.84 billion vs. $2.83 billion anticipated
Whereas the corporate beat expectations on the highest and backside traces, Sievers cited a “difficult set of market situations” trying ahead.
“We’re working in a really unsure surroundings influenced by tariffs with unstable direct and oblique results,” Sievers stated in an earnings launch.
Gross sales in NXP’s first quarter declined 9% yr over yr.
The corporate posted $1.67 billion in auto gross sales throughout the first quarter, trailing analyst estimates of $1.69 billion.
NXP Semi stated that second-quarter gross sales would are available in at a midpoint of $2.9 billion, forward of the $2.87 billion that analysts had been projecting. Second-quarter adjusted EPS is anticipated to be $2.66, consistent with analyst estimates.
The corporate logged first-quarter internet earnings of $490 million, which was a 23% year-to-year drop from $639 million.
NXP’s internet earnings per share was $1.92 in comparison with $2.47 throughout the identical time a yr in the past. A drop of twenty-two%.
The corporate stated Sievers’ retirement was a “private determination” and there have been no points with the board or efficiency of the corporate.
