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What's in Store for NXP Semiconductors' (NXPI) Q1 Earnings?

NXP Semiconductors N.V. NXPI is slated to report first-quarter 2024 results on Apr 29.

NXP Semiconductors expects first-quarter 2024 revenues in the range of $3.025-$3.225 billion, indicating no year-over-year change at the midpoint.

The Zacks Consensus Estimate for revenues is currently pegged at $3.13 billion, indicating growth of 0.17% from the year-ago quarter.

The company expects first-quarter 2024 non-GAAP earnings in the range of $2.97-$3.38 per share.

For the first quarter of 2024, the Zacks Consensus Estimate for earnings is pegged at $3.18 per share, which has remained unchanged in the past 30 days. The figure indicates a decline of 0.31% year over year.

The company’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 3.95%.

Let’s see how things have shaped up for the upcoming announcement.

NXP Semiconductors N.V. Price and EPS Surprise

NXP Semiconductors N.V. Price and EPS Surprise
NXP Semiconductors N.V. Price and EPS Surprise

NXP Semiconductors N.V. price-eps-surprise | NXP Semiconductors N.V. Quote

Factors to Note

NXP Semiconductors’ first-quarter 2024 results are likely to have benefitted from strength across the Industrial & IoT segment, owing to tight channel management and an increase in prices.

The Zacks Consensus Estimate for Industrial & IoT segment revenues in first-quarter 2024 is pegged at $581.7 million, indicating a rise of 15.4% on a year-over-year basis.

Growing demand for the company’s ultra-wideband solutions across automotive and OEM markets is expected to have boosted the Mobile segment’s performance in the to-be-reported quarter.

The consensus mark for Mobile segment revenues in the first quarter of 2024 is pegged at $343.83 million, indicating a jump of 32.2% on a year-over-year basis.

Strong momentum across NXPI’s radar systems, electrification solutions and high-performance processors for software-defined vehicles is expected to have bolstered its Automotive segment’s performance during the first quarter.

However, lower shipment volumes and increasing inventory correction are likely to have impacted the Automotive segment negatively in the quarter under review.

The consensus estimate for Automotive revenues is currently pegged at $1.8 billion, indicating a decline of 1.4% from the year-ago quarter.

Sluggishness in the communications infrastructure sector, due to weaker base station deployments globally and faster-than-expected demand shift to gallium nitride products, is expected to have been a major headwind for the company.

The consensus mark for Communications Infrastructure & Others segment revenues in first-quarter 2024 is pegged at $398.92 million, indicating a decline of 25.6% on a year-over-year basis.

Further, unfavorable seasonality and elevated inflation are likely to have hurt NXPI’s profitability in the quarter under review.

What Our Model Says

According to the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.

NXP Semiconductors has an Earnings ESP of 0.00% and carries a Zacks Rank #4 (Sell) at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks to Consider

Here are some stocks worth considering, as our model shows that they have the right combination of elements to beat on earnings this season.

APi Group APG has an Earnings ESP of +2.06% and a Zacks Rank #1 at present. You can see the complete list of today's Zacks #1 Rank stocks here.

APi Group is scheduled to release first-quarter 2024 results on May 2. The Zacks Consensus Estimate for APG’s earnings is pegged at 32 cents per share, indicating growth of 28% from the year-ago quarter’s reported figure.

Amazon AMZN has an Earnings ESP of +11.66% and a Zacks Rank #2 at present.

Amazon is set to announce first-quarter 2024 results on Apr 30. The Zacks Consensus Estimate for AMZN’s earnings is pinned at 82 cents per share, indicating a jump from the year-ago quarter’s reported figure of 31 cents per share.

Cardinal Health CAH has an Earnings ESP of +1.11% and a Zacks Rank #3 at present.

CAH is scheduled to release third-quarter fiscal 2024 results on May 2. The Zacks Consensus Estimate for CAH’s earnings is pegged at $1.95 per share, indicating growth of 12.1% from the year-ago quarter’s reported figure.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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