CORRECTED – UPDATE 1-Dutch chipmaker NXP posts higher Q3 profit

(Corrects lowest share price in fifth paragraph to $10.23 from
$0.23)

* Q3 revs $1.213 billion versus $1.2 bln in I/B/E/S

* Gross profit $507 million versus $472 mln year ago

* Non-Gaap operating income $211 mln vs $49 million

* Sees 3-7 pct rise in Q4 non-Gaap oper versus Q3

* Sees seasonal growth returning to normal

(Adds details, CEO quote and share price)

AMSTERDAM, Nov 2 (BestGrowthStock) – Dutch chipmaker NXP
Semiconductors NV (NXPI.O: ), which had a difficult IPO debut in
the United States, reported a rise in third-quarter operating
income on Tuesday and forecast a further rise in the fourth.

Riding a rise in chip use, the former Philips (PHG.AS: ) unit
booked higher orders for its specialised semiconductors and
reduced costs. Third-quarter revenues rose to $1.213 billion
from $1.077 billion, in line with market expectations.

“We have seen particular success in identification,
automotive entertainment and networking, micro controllers, base
stations and lighting markets,” chief executive Richard Clemmer
said in a statement.

NXP said lead times for most of its products were returning
to more typical levels, and that there were signs the
semiconductor market was shifting to “more normal” seasonal
growth patterns.

NXP floated in August at $14 per share, below its intended
range of $18-$21, and fell to as low at $10.23 on Aug. 5. It has
since regained some ground and closed at $12.69 on Monday.

NXP, whose customers include Apple Inc (Read more about Apple stock future.) (AAPL.O: ), Bosch and
Huawei Technologies Co Ltd [HWT.UL], was created by a leveraged
buy-out in 2006 as Dutch electronics group Philips divested the
businesses that made parts for its radios, television and other
equipment for over 50 years.

Philips sold its 17 percent stake in NXP in September to its
underfunded British pension fund.

Private equity firms KKR, Bain, SilverLake, Apax and
AlpInvest own a combined 69 percent and there is a free float of
14 percent.

Clemmer was installed as CEO by KKR in 2009 as the company
struggled under the weight of debt taken on before and after its
leveraged buyout. The net debt was reduced by $555 million sofar
in 2010 to $3.687 billion.
(Reporting by Marcel Michelson; Editing by Sara Webb)

CORRECTED – UPDATE 1-Dutch chipmaker NXP posts higher Q3 profit