- NXP stated that its focus continues to be the long-term health and safety of all its team members
- In the first quarter of 2020 NXP returned $0.46 billion to shareholders through previously announced share repurchases and dividend payment
NXP Semiconductors (NXP) has reported financial results for the first quarter 2020 that ended on 29 March 2020. Company’s two billion dollars revenue during the quarter, represent a three per cent decline in figures in comparison to the same period last year.
“Consistent with our pre-announcement on Seven April 2020, NXP delivered first quarter revenue of $2.02 billion, a three percent decline from the year ago period,” said Richard Clemmer, NXP Chief Executive Officer.
NXP returned $0.46 billion to shareholders
In the first quarter of 2020 NXP returned $0.46 billion to shareholders through previously announced share repurchases and dividend payments. Additionally, the company had announced the completion of the sale of it’s voice and audio solutions (VAS) assets pursuant to the definitive agreement dated 16 August 2019 for a net gain of $110 million.
“While the demand environment is challenging, NXP continues to have a strong balance sheet and excellent liquidity. We expect our cash balance to be $1.1 billion as of the end of March, and in addition we have an untapped revolving credit facility of $1.5 billion, should we need it,” Peter Kelly, NXP chief financial officer had stated earlier.
NXP had also mentioned about the current demand for products and solutions in the global markets. The company had earlier informed that orders worth $150 million were not shipped on purpose to maintain normal channel inventory.
“From a business perspective, we currently find ourselves navigating a challenging and very fluid environment. We are working diligently with our direct and distribution partners to determine accurate projections of customer demand, especially within the global automotive and industrial markets,” added Clemmer.
