NXP Semiconductors N.V. (NASDAQ:NXPI) reported its Q4 results yesterday, with revenue coming in at $3.04 billion, slightly above the consensus estimate of $3 billion. Quarterly EPS was $3.20, beating the Street estimate of $3.03, driven by margin strength. Demand continues to outpace supply, while channel inventories remain lean.

The company returned $900 million to shareholders, out of which $750 million in the form of buybacks, and $150 million in the form of dividends. The company announced a new $2 billion buyback plan. Cash dividends were increased 50% to $0.845 per share.

The company expects Q1 sales to grow 21% year-over-year to $3.1 billion at the midpoint, which is above the consensus estimate of $2.96 billion.