Chipmaker NXP Semiconductors (NXPI) late Monday beat Wall Street’s targets for the fourth quarter and increased its quarterly dividend 50%. NXP kicked off a busy earnings week for semiconductor stocks.
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Netherlands-based NXP earned an adjusted $3.20 a share on sales of $3.04 billion in the December quarter. Analysts expected adjusted earnings of $3.01 a share on sales of $3 billion, according to FactSet. In the year-earlier period, NXP earned $2.15 a share on sales of $2.51 billion.
The Dutch chipmaker also increased its quarterly cash dividend 50% to 84.5 cents a share. Plus, it announced a new $2 billion share repurchase program. The new stock buyback plan is in addition to the $1.35 billion in repurchase authorizations still remaining on its prior plan.
For the current quarter, NXP expects to generate $3.1 billion in revenue vs. Wall Street’s target of $2.96 billion.
