Overnight, NXP Semiconductors (NASDAQ: NXPI) reported Q1 EPS of $1.36, $0.06 better than the analyst estimate of $1.30. Revenue for the quarter came in at $1.47 billion versus the consensus estimate of $1.48 billion.

NXP Semiconductors sees Q2 2015 EPS of $1.33-$1.43, versus the consensus of $1.41. NXP Semiconductors sees Q2 2015 revenue of $1.485-1.535 billion, versus the consensus of $1.54 billion.

"Our results in the first quarter of 2015 were strong, as NXP delivered total revenue of $1.47 billion and non-GAAP operating margin of 26 percent. Revenue increased nearly 18 percent from the same period in the prior year, and declined about 5 percent from the prior quarter, despite the strengthening of the US dollar during the quarter. Our product mix was better than planned, allowing us to deliver significantly better profitability. Non-GAAP diluted earnings per share were $1.35, at the high-end of guidance, and we generated $288 million non-GAAP free cash flow," said Richard Clemmer, NXP Chief Executive Officer.

"During the quarter we announced the merger between NXP and Freescale Semiconductor, creating the fourth largest non-memory semiconductor company – a true high performance mixed signal global powerhouse. We are making good progress on the integration planning of the two companies and are working through the regulatory process. We continue to see the merger closing in the second half of 2015, and have already named the top layer of management in the combined entity. As we progress through the process, I want to personally thank all the NXP and Freescale employees for their continued focus, diligence and openness to change. We are creating a true industry leader focused on delivering differentiated product solutions which we believe will create significant value for our customers and shareholders," said Clemmer.

For earnings history and earnings-related data on NXP Semiconductors (NXPI) click here.