NXP Semiconductors narrows 3rd-quarter forecasts

Associated Press

NEW YORK (AP) — Dutch chip maker NXP Semiconductors is narrowing its third-quarter adjusted earnings and revenue forecasts.

The company said Friday that it now anticipates adjusted earnings between 53 cents and 59 cents per share. Its prior guidance was for 50 cents to 62 cents per share.

Analysts expect third-quarter earnings of 56 cents per share, according to FactSet, with estimates ranging from 55 cents to 58 cents..

NXP also revised its quarterly revenue outlook. The company now foresees revenue rising about 6 percent to 8 percent. Previously, it predicted a 4 percent to 10 percent increase.

NXP also narrowed its product revenue outlook. It currently expects product revenue to rise 8 percent to 10 percent sequentially. The company's prior forecast was for 6 percent to 12 percent growth.

NXP's chips are used in a wide range of products, from automobiles to wireless infrastructure equipment to TV sets.

Shares of NXP Semiconductors NV gained 68 cents, or 2.8 percent, to $25.23 in morning trading on Friday.