Recently, NXP Semiconductor NV (NASDAQ: NXPI) announced its results for the latest quarter. Even though the company was forced to shut down Texas production, it continued to grow in virtually all segments. The company also informed shareholders that it would expand its buyback program and bring in more dividends.
NXP Semiconductor reports $2.51 billion in the past quarter, an increase of 9% year-over-year. Adjusted earnings per diluted share of $2.3 rose by 6%. Wall Street was surprised by both metrics. Mobile and industrial chip sales grew by 23%. The automotive division saw 9 % growth while the communications division saw a 14% decline in revenue.
NXP Semiconductor also increased its dividends by 50%. The dividend yield is now around 1.3 % for the NXPI stock. Additionally, the company has a new buyback program of $2 billion.
NXP Semiconductor recently faced a major production problem in Texas. During severe frost and power outages, two plants in the region had to cease producing. NXP Semiconductor quotes were negatively affected by this news, losing approximately 6 % of their value over the month. Nevertheless, production lines at NXP are humming again.
NXP Semiconductors N.V. (NXPI) has soared by 2.52% over the past week. The share price has gone up by 9.29% over the past three months, while the share price has increased by 50.71% in the past six months and 68.86% year-to-date. In Wednesday’s trading session, NXP Semiconductors N.V. (NXPI) reached an intraday high of $187.35 and an intraday low of $180.23. There were 2.24 million shares traded on Wednesday.