NXP Semiconductors delivers Q1 revenue in line with expectations

NXP's Automotive, Industrial & IoT, and Mobile sales all saw double-digit growth in the first quarter.

NXP Semiconductors published first quarter financial results on Monday, delivering revenue in line with market expectations. 

The company reported a Q1 net income of $364 million, or $1.25 per diluted share. Revenue for the quarter was $2.567 billion, up 27 percent year-over-year.

Analysts were expecting earnings of $2.21 on revenue of $2.56 billion. 

"Positive product mix and increased revenue helped deliver excellent operating profit in excess of our guidance," President and CEO Kurt Sievers said in a statement. "We continue to be encouraged by the long-term demand trends across all our end markets, which underpin our continued confidence of very robust growth throughout 2021."

NXP's automotive business brought in $1.23 billion in revenue, up 24 percent year-over-year. Industrial & IoT sales brought in $571 million, up 52 percent.  Mobile revenue came to $346 million, up 40 percent. The "Communications Infrastructure & Other" category brought in $421 million, up 4 percent.

The company also announced that on March 4, its board of directors approved the payment of an interim dividend for Q1 of $0.5625 per ordinary share.

For the second quarter, NXP gave an outlook of $2.57 billion in revenue, plus or minus $70 million.