盘后股价跌斤6%！恩智浦Q4营收与指引双双超预期，但汽车业务拖后腿

Core Viewpoint - NXP Semiconductors reported Q4 revenue of $3.34 billion and non-GAAP EPS of $3.35, both exceeding market expectations, but lower-than-expected automotive business revenue raised concerns about recovery pace, leading to a post-earnings stock drop of over 6% [1][3][13]. Financial Highlights - Q4 Revenue: $3.34 billion, a 7% year-over-year increase, surpassing analyst expectations of $3.3 billion [4]. - Gross Margin: GAAP gross margin at 54.2%; non-GAAP gross margin at 57.4% [4]. - Operating Margin: GAAP operating margin at 22.3%; non-GAAP operating margin at 34.6% [4]. - EPS: GAAP diluted EPS at $1.79; non-GAAP diluted EPS at $3.35, exceeding analyst expectations of $3.31 [4]. - Operating Cash Flow: Q4 operating cash flow at $891 million, with net capital expenditures of $98 million, resulting in non-GAAP free cash flow of $793 million, representing 23.8% of quarterly revenue [4]. Full Year Performance - Full Year Revenue: $12.27 billion, a 3% year-over-year decline [5]. - Gross Margin: GAAP gross margin at 54.7%; non-GAAP gross margin at 56.8% [5]. - Operating Margin: GAAP operating margin at 24.8%; non-GAAP operating margin at 33.1% [5]. - EPS: GAAP diluted EPS at $7.95; non-GAAP diluted EPS at $11.81 [5]. - Operating Cash Flow: Full year operating cash flow at $2.82 billion, with net capital expenditures of $395 million, leading to non-GAAP free cash flow of $2.425 billion, accounting for 19.8% of annual revenue [5]. Business Segment Performance - Automotive: Q4 revenue at $1.876 billion, slightly below analyst expectations of $1.89 billion, with a year-over-year increase of 5% [6]. - Industrial & IoT: Q4 revenue at $640 million, a 24% year-over-year increase [6]. - Mobile: Q4 revenue at $485 million, a 22% year-over-year increase [7]. - Communication Infrastructure & Others: Q4 revenue at $334 million, an 18% year-over-year decline [7]. Q1 Guidance - Revenue Guidance: Expected between $3.05 billion and $3.25 billion, with a midpoint of $3.15 billion, above analyst expectations of $3.09 billion [8]. - Gross Margin Guidance: GAAP gross profit expected between $1.685 billion and $1.831 billion, corresponding to a gross margin of 55.2% to 56.3% [8]. - Operating Margin Guidance: GAAP operating profit expected between $1.395 billion and $1.521 billion, with operating margins of 45.7% to 46.8% [9]. - EPS Guidance: GAAP diluted EPS expected between $4.01 and $4.41 [9]. Strategic Insights - The CEO highlighted that all end markets showed sequential improvement in Q4, and despite challenges in the first half of 2025, the company is focused on strategic acquisitions and maintaining operational discipline to drive sustainable long-term value for shareholders [8][13]. - The company completed the sale of its MEMS sensor business for $900 million in cash, with potential additional payments based on milestones [11]. - NXP's automotive business, which constitutes over half of its revenue, is still facing recovery challenges, with concerns about the pace of recovery overshadowing positive sales guidance [13][14].