Freescale trims debt
Freescale had Q1 sales of $1.17 billion, compared to $1.10 billion in Q4 2014 and $1.13 billion in the first quarter of 2014.
Operating earnings were $179 million, net earnings were $70 million.
Nine years ago, in 2006 the year it was taken over by private equity, Freescale had sales of $1.53 billion for net earnings of $212 million.
Q1 2015 microcontroller sales were $235 million, digital networking net sales were $214 million, and automotive MCU net sales were $307 million.
Capex was $50 million
Included in Q1 2015 net earnings were $21 million of costs associated with the company’s redemption of $250 million of debt securities during the first quarter.
At the end of last year Freescale had debt of $5.5 billion. In the last nine years it has paid off $4.5 billion of the $10 billion of debt loaded onto the company in 2006 by its private equity owners.