NXP Semiconductors reported higher third-quarter revenue and profit on October 27, alongside an additional $5 billion share-repurchase authorization.
The chipmaker said revenue for the quarter ended September 27 was $3.786 billion, up 19% from a year earlier and 8% from the preceding quarter. Net income attributable to stockholders reached $884 million, compared with $631 million a year earlier.
Reported diluted earnings were $3.48 per share. Adjusted earnings, which exclude specified costs and other items, were $4.20 per share.
Growth varied across NXP’s markets. Automotive revenue rose 13% year over year, while industrial and Internet of Things revenue increased 39%. Mobile revenue declined 4%.
NXP reported $1.26 billion in operating cash flow and $1.21 billion in non-GAAP free cash flow.
The board approved the new repurchase program in October, after quarter-end. It supplements $1.3 billion remaining under the previous authorization. An authorization permits purchases; it does not establish that the company has already bought that amount of shares.
Sources: NXP — October 27 quarterly release: https://investors.nxp.com/static-files/b2823fd8-43f5-4001-a3bb-1113c4e078c0