2/9/2012 9:32 PM ET
(RTTNews) - Mixed signal solutions provider NXP Semiconductors NV (NXPI: News ) reported Thursday a loss for the fourth quarter that widened from last year, reflecting significant drop in margins and lower revenues. The company's shares rose nearly 6 percent in extended trading after it said it expects a profit for the first quarter, with revenues projected to be nearing a billion dollars.
"During the fourth quarter NXP delivered revenue of $931 million, essentially in-line with the mid-point of our original guidance. We are cautiously optimistic that our customers and channel partners have made major progress in the process of aligning their on-hand inventory to end-market demand. While the broader macro-environment continues to be uncertain, we are encouraged by the somewhat improved order rates so far into the current quarter," CEO Richard Clemmer said in a statement.
The Eindhoven, Netherlands-based company reported a net loss of $182 million or $0.73 per share for the fourth quarter, wider than $118 million or $0.47 per share in the year-ago quarter.
Excluding items, adjusted net income for the quarter declined to $59 million or $0.24 per share from $95 million or $0.37 per share in the prior-year quarter.
Loss from continuing operations for the quarter also widened to $75 million or $0.74 per share from $107 million or $0.51 per share last year.
Total revenues for the quarter dropped 13.6 percent to $931 million from $1.08 billion in the same quarter last year.
Product revenue declined 8.6 percent to $857 million from last year, and manufacturing and other revenues plunged 47.1 percent to $74 million from the year ago.
Operating margin for the quarter contracted 900 basis points to 0.8 percent from a year ago, and gross profit margin also dropped 410 basis points to 41,8 percent from last year.
For fiscal 2011, the company posted a net income of $390 million or $1.57 per share, compared to a net loss of $456 million or $1.99 per share in the prior year.
Excluding items, adjusted net income for the year surged to $432 million or $1.71 per share from $298 million or $1.28 per share in the prior year.
Income from continuing operations for the year was $2 million, compared to loss of $465 million last year, but loss per share sharply widened to $2.25 per share from last year's or $0.17 per share.
Total revenues for the full year dropped 4.7 percent to $4.19 billion from $4.40 billion in the previous year.
Looking ahead to the first quarter of fiscal 2012, the company expects adjusted earnings in a range of $0.10 to 0.24 per share, on projected revenues between $927 million and $984 million.
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