BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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NXP Semiconductors Reports Strong Q2 2024 Results and Optimistic Q3 Guidance
EINDHOVEN, The Netherlands, July 22, 2024 - NXP Semiconductors N.V. (NASDAQ: NXPI) announced its financial results for the second quarter ending June 30, 2024, showcasing robust performance and positive guidance for the upcoming quarter. Despite the strong results, the stock price dropped by 7.76% in after-market trading.
Key Highlights for Q2 2024:
- Revenue: Achieved $3.13 billion, aligning with the company's guidance, marking a 5% year-on-year decline.
- GAAP Gross Margin: Reported at 57.3%, with a GAAP operating margin of 28.7%.
- Non-GAAP Metrics: Gross margin at 58.6% and operating margin at 34.3%. Non-GAAP diluted Net Income per Share stood at $3.20.
- Cash Flow: Generated $761 million from operations, with net capex investments at $(184) million, resulting in a non-GAAP free cash flow of $577 million.
- Capital Returns: Paid $260 million in cash dividends and repurchased $310 million of common shares, returning 99% of Q2 non-GAAP free cash flow to shareholders. Over the trailing twelve months, capital return to shareholders reached $2.4 billion.
Strategic Developments:
- S32N55 Processor: On April 9, 2024, NXP unveiled the 5nm S32N55 processor, part of the S32N family of vehicle super-integration processors, addressing diverse central compute needs in the automotive sector.
- Collaboration with ZF Friedrichshafen AG: Announced on June 4, 2024, to accelerate the adoption of 800-V and SiC power devices for next-generation electric vehicles.
- Joint Venture with Vanguard International Semiconductor Corp.: On June 5, 2024, NXP and Vanguard announced a new manufacturing joint venture, VisionPower Semiconductor Manufacturing Company Pte Ltd, to build a 300mm semiconductor wafer facility in Singapore, targeting multiple end markets.
Financial Summary:
- Automotive Revenue: $1.728 billion, down 7% year-on-year.
- Industrial & IoT: $616 million, reflecting a 7% increase year-on-year.
- Mobile: $345 million, marking a 21% year-on-year growth.
- Comm. Infra. & Other: $438 million, down 23% year-on-year.
Q3 2024 Guidance:
NXP forecasts continued sequential growth with Q3 revenue expected to range between $3.15 billion and $3.35 billion. The company anticipates a non-GAAP gross margin of 58.0% to 59.0% and a non-GAAP operating margin of 34.2% to 36.0%. Diluted earnings per share are projected between $3.21 and $3.63.
CEO Kurt Sievers remarked, "NXP has effectively navigated the cyclical trough in our businesses, and we expect to resume sequential growth. Our focus on managing controllable factors ensures resilient profitability in a challenging demand environment."
NXP Semiconductors remains committed to driving innovation and maintaining robust financial health, positioning itself for sustainable growth in the evolving semiconductor industry.
However, despite these strong results, NXP’s stock price declined by 7.76% in after-market trading, reflecting investor concerns or profit-taking following the earnings announcement.
Source: NXPI
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