Investing.com — NXP Semiconductors (NASDAQ:) has unveiled a higher-than-expected fourth-quarter profit forecast, as the chipmaker said resilience at its key automotive unit will help offset pressures from “challenging” operating conditions.
The company, which has been passing on costs to its customers to help support income, guided for current-quarter adjusted earnings per share of between $3.44 to $3.86, implying a mid-point of $3.65. Bloomberg consensus estimates had seen the figure at $3.61.
In the three months ended on Oct. 1, NXP reported profit per share of $3.70 on revenue of $3.43 billion, beating estimates of $3.61 and revenue of $3.40B.
“The combination of our third-quarter results, and the mid-point of our fourth quarter guidance indicates revenue for the full year 2023 will be flat versus 2022 in a challenging and cyclical market environment,” said Kurt Sievers, NXP President and Chief Executive Officer, in a statement.
Yasin Ebrahim contributed to this report.