NXP Semiconductors 2nd-quarter beats on NFC growth
(Reuters) - NXP Semiconductors NV (NXPI.O) reported quarterly results above analysts' estimates, helped mainly by higher sales of its chips used in smart-cards and contact-less security products, and forecast third-quarter results largely above estimates.
NXP, which competes with Skyworks Solutions Inc (SWKS.O), RF Micro Devices Inc (RFMD.O) and Analog Devices Inc ADI.N, projected a third-quarter profit of 50 cents to 62 cents per share on revenue of $1.08 billion to $1.15 billion.
Analysts were looking for 54 cents per share on $1.11 billion in revenue, according to Thomson Reuters I/B/E/S.
For the second quarter, the company reported an adjusted profit of 45 cents a share, compared with the 40 cents analysts had expected, according to Thomson Reuters I/B/E/S.
Revenue fell slightly to $1.09 billion, but topped the $1.05 billion expected by analysts.
Growth in the company's identification business, which makes radio frequency (RFID) and near-field communication (NFC) chips, offset declines in its automotive and industrial segments.
Revenue in the identification business rose 21 percent to $234 million.
NXP is one of the world's largest producers of NFC chips -- a technology that mobile phone makers are standardizing as the enabler for mobile wallets.
After accounting for one-time charges related to restructuring and divestment, NXP swung to a second-quarter loss of $90 million, or 36 cents per share, compared with a profit of $84 million, or 33 cents per share, a year earlier.
Shares of the Nasdaq-listed Dutch company closed at $21.98 on Monday.
(Reporting by Himank Sharma in Bangalore; Editing by Sreejiraj Eluvangal)