NXP Semiconductors N.V. NXPI shares are buying and selling decrease in Monday’s after-hours session after the corporate reported fourth-quarter monetary outcomes and issued weak steering.

What Occurred: NXP stated fourth-quarter income was up 9% year-over-year to $3.31 billion, which beat common analyst estimates of $3.3 billion, in line with consensus estimates from Benzinga Professional. The chip firm stated full-year 2023 income elevated throughout all of its focus end-markets.

NXP reported quarterly adjusted earnings of $3.73 per share, which beat estimates of $3.60 per share. 

“From an end-market perspective, our automotive enterprise carried out very properly, whereas in our shopper IoT and cellular companies we skilled a softening demand setting via the second half of 2022,” stated Kurt Sievers, president and CEO of NXP.

“Accordingly, now we have adopted a vigilant operational stance, aiming to enhance service to these clients who proceed to expertise materials shortages whereas managing the distribution channel stock ranges properly under our long-term targets.”

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NXP stated it repurchased 3.16 million shares for a complete price of $475 million and paid money dividends of $221 million in the course of the fourth quarter. The corporate’s board additionally authorized a dividend enhance from $0.845 to $1.014 per share.

NXP sees first-quarter income between $2.9 billion and $3.1 billion versus estimates of $3.17 billion. NXP expects first-quarter adjusted earnings to be between $2.82 and $3.22 per share versus estimates of $3.09 per share.

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NXPI Value Motion: NXP has a 52-week excessive of $211.83 and a 52-week low of $132.08.

The inventory was down 3.69% in after hours at $172.85 on the time of writing, in line with Benzinga Professional.

Picture: courtesy of NXP.