Chipmaker NXP forecasts Q2 profit above estimates on industrial demand recovery
Adds analyst comment in paragraph 8, rival's results in paragraph 9
April 29 (Reuters) -NXP Semiconductors NV NXPI.O forecast second-quarter profit above estimates on Monday, as easing inventory corrections at its industrial and mobile customers helped offset decelerating revenue from automotive customers due to slowing EV demand.
U.S.-listed shares of the Eindhoven, Netherlands-based chipmaker rose 6%in extended trading.
After many quarters of working down existing chip inventory, orders from industrial and mobile customers show signs of rebounding. These markets were experiencing a chip supply glut after a pandemic-fueled buying spree.
Industrial and IoT revenue grew 14%,while mobile revenue was up 34%in the first quarter.
However, the automotive market, NXP's biggest by revenue share, is starting to see an inventory build-up.
Expensive EVs have put off consumers already grappling with higher-for-longer interest rates, hurting demand for the company's automotive chips, some of which are used in advanced driver-assistance system functions.
Revenue from the automotive segment fell 1%in the first quarter. NXP had said in February that automotiverevenue would be down in the low single-digit percent range in the quarter.
"Relative to its competitors and peers, NXP's first-quarter results and its second-quarter outlook are clearly better," said Summit Insights analyst Kinngai Chan.
Rival Mobileye Global MBLY.O reported a sharp fall in first-quarter revenue last week, hurt by fewer orders for its driver-assistance chips.
The company expects second-quarter adjusted earnings of about $3.20 per share,compared to analysts' average estimate of $3.11 per share, according to LSEG data. Its forecast for second-quarter revenue was in line with estimates.
It also forecast a second-quarter adjusted gross margin of about 58.5%, compared to an estimate of 58.1%.
NXP had increased pricing by about 8% in 2023 to help maintain its margins in the face of higher input costs. The company said in February it expects pricing to be flat in 2024.
Reporting by Arsheeya Bajwa in Bengaluru; Editing by Pooja Desai
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