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NXP Semiconductors Higher on Swing to Quarterly Profit

NXP Semiconductors swings a stronger-than-expected first-quarter profit from a year-earlier loss on 27% higher revenue.
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NXP Semiconductors  (NXPI) - Get NXP Semiconductors N.V. Report swung to a stronger-than-expected first-quarter profit from a year-earlier loss on 27% higher revenue.

The Eindhoven, Netherlands, chipmaker reported that it earned $1.25 a share compared with a loss of 8 cents a share in the year-earlier quarter. Revenue reached $2.57 billion from $2.02 billion.

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A survey of analysts by FactSet produced consensus estimates of IFRS earnings of $1.18 a share on revenue of $2.56 billion.

At last check, NXP shares were trading up 1.5% to $208.10. They closed regular Monday trading at $205.02, up 1.7%. The stock touched a 52-week high of $216.43 on April 5.

Gross-profit margin widened to 52.8% for the quarter from 49.3% a year earlier.

"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," President and Chief Executive Kurt Sievers said in a statement.

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First-quarter revenue from NXP's automotive operations leaped 24% to $1.23 billion. The automotive revenue accounted for 48% of total revenue in the period.

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