NXP Semiconductors (NASDAQ:NXPI) reported better-than-expected first-quarter financial results, after the closing bell on Monday.

NXP Semiconductors reported quarterly earnings of $3.24 per share which beat the analyst consensus estimate of $3.16 by 2.53%. Quarterly sales came in at $3.13 billion which beat the analyst consensus estimate of $3.127 billion by 0.11% and represents a 0.29% increase over sales of $3.121 billion from the same period last year, according to data from Benzinga Pro.

"NXP delivered quarterly revenue of $3.13 billion, in-line with the midpoint of guidance with all our focus end-markets performing as expected. Our first-quarter results, guidance for the second quarter, and our early views into the second half of the year underpin a cautious optimism that NXP is successfully navigating through this industry-wide cyclical downturn. We continue to manage what is in our control enabling NXP to drive solid profitability and earnings in a challenging demand environment," said Kurt Sievers, NXP President and CEO.

NXP said it sees second-quarter adjusted earnings of between $3.00 and $3.41per share, versus the $3.11 per share estimate and total revenue in a range of $3.025B billion to $3.225 billion, versus the $3.13 billion estimate.

NXP Semiconductors shares rose 3.7% to close at $256.19 on Tuesday.

These analysts made changes to their price targets on NXP Semiconductors following earnings announcement.

• Needham raised the price target on NXP Semiconductors from $250 to $280. Needham analyst Quinn Bolton maintained a Buy rating.
• Oppenheimer increased the price target on NXP Semiconductors from $250 to $295. Oppenheimer analyst Rick Schafer maintained an Outperform rating.

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