NXP Semiconductors gains 5% on upbeat guidance, earnings beat; results seen as 'solid'

Investing.com -- NXP Semiconductors on Monday reported first-quarter results that beat estimates and touted cautious optimism for the second half of the year after guiding the current quarter above Wall Street estimates.

NXP Semiconductors NV (NASDAQ: NXPI) shares were up more than 4% in after-hours trading following the report.

NXP reported EPS of $3.19 on revenue of $3.12 billion. Analysts polled by investing.com anticipated EPS of $3.02 on revenue of $3.00B.

The beat was driven by strong growth in chipmaker's Automotive and Industrial and internet of things, or IoT, units.

The automotive unit, which drives the bulk of growth, reported a 26% rise year-on-year to $1.83B.

The IoT unit saw revenue up 17% in Q1 year-on-year, while mobile revenue was down 35% year-on-year.

Looking ahead, the company guided Q2 adjusted EPS in a range of $3.07 to $3.49 on revenue of $3.10B to $3.30B. That compared with estimates for $2.99 a share on revenue of $3.04B.

Bernstein analyst Stacy Ragnan said the results were solid.

"The company continues to see strength in their automotive and core industrial businesses, and is "cautiously optimistic" they are handling the current cyclical downturn in their consumer businesses which we might read as hope for a 2H turnaround in these areas," Ragnan said.

Additional reporting by Senad Karaahmetovic

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