NXP Semiconductors Announces Second Quarter 2009 Results
• Q2 sales at USD 857* M versus USD 1,200 M in Q2 2008 (excl. wireless activities) and USD 673** M in Q1 2009.
• Comparable QoQ sales increased by 26.2%. The increase in sales is largely attributable to supply chain replenishment and increased demand in China.
• Q2 adjusted EBITDA (excluding effects of Purchase Price Accounting and incidental items) was a profit of USD 89 M, compared to a profit of USD 114 M in Q2 2008 and a loss of USD 71 M in Q1 2009.
• Q2 Net income amounted to profit of USD 344 M compared to loss of USD 319 M in Q2 2008 and a loss in Q1 2009 of USD 568 M.
• Cash position of USD 1,373 M at the end of Q2 compared to USD 1,706 M at the end of Q1 2009.
• Factory loading of 53% in Q2 compared to 78% in Q2 2008 and 36% in Q1 2009.
• Book to bill ratio at 1.20 in Q2 2009 compared to 1.18 in Q1 2009.
*) Excluding USD 46 million wafer sales to ST-Ericsson in Q2 2009
**) Excluding USD 29 million wafer sales to ST-NXP Wireless JV in Q1 2009
Eindhoven, The Netherlands – NXP Semiconductors today announced second quarter sales of USD 857 million, a comparable increase of 26.2% from the first quarter of 2009. The increase in sales is mainly attributable to supply chain replenishment following a soft first quarter of 2009 and the continued impact of various, mainly Chinese, stimulus packages.
Adjusted EBITDA in the second quarter amounted to a profit of USD 89 million, down from a profit of USD 114 million in the second quarter of 2008 and up from a loss of USD 71 million in the first quarter of 2009. Adjusted EBITA was a loss of USD 18 million this quarter compared to a loss of USD 29 million in the same period last year and a loss of USD 188 million in the previous quarter.
Net income for the second quarter of 2009 was a profit of USD 344 million compared to a loss of USD 319 million in the second quarter of 2008 and a loss of USD 568 in the first quarter of 2009. The increase in net income is largely attributable to higher financial income as a result of the bond exchanges.
The cash position was USD 1,373 million at the end of the second quarter compared with USD 1,706 million at the end of the first quarter of 2009.
The execution of the Redesign Program is on track. The fab in Caen was sold during the second quarter of 2009. The fab in Fishkill stopped production in early July 2009.
Outlook: The weak macro-economic conditions are still continuing. Although we have recently experienced positive order book developments, we believe this may be driven mainly by supply chain replenishment and not by a fundamental improvement of the semiconductors market, apart from China where we have seen real demand increase and recent improvements in other Asian countries. Considering the current business development we expect a sequential sales increase between 10% and 20% in the third quarter on a business and currency comparable basis (excluding wafer sales to ST-Ericsson). However, visibility beyond the third quarter is still limited.