EINDHOVEN, The Netherlands, July 27, 2020 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the second quarter 2020, ended June 28, 2020.

“NXP delivered second quarter revenue of $1.82 billion, an 18 percent decline from the year ago period, and modestly better than the mid-point of our guidance," said Kurt Sievers, NXP President and Chief Executive Officer. "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. 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.”

Key Highlights

• Second-quarter revenue was $1.8 billion, down 18 percent year-on-year;
• Second-quarter GAAP gross margin was 47.3 percent, and GAAP operating margin was (8.0) percent;
• Second-quarter non-GAAP gross margin was 49.1 percent, and non-GAAP operating margin was 20.7 percent;
• 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;
• On May 28, 2020, the NXP Board of Directors approved the payment of an interim dividend for the second quarter 2020 of $0.375 per ordinary share;
• In the second quarter of 2020 NXP returned $108 million to shareholders, primarily through previously announced dividend payments;
• On May 1, 2020, NXP issued unsecured notes for a total amount of $2 billion. The amount is split in 3 notes: $500 million with maturity 2025, $500 million matures in 2027 and the remaining $1 billion is a green bond that matures in 2030. Net proceeds were $1,985 million.

Summary of Reported Second Quarter 2020 ($ millions, unaudited ) ⁽¹⁾