According to yesterday's CNN Money:
Texas Instruments (NYSE:TXN) said it expects earnings per share of between 46 and 48 cents for the second quarter and revenue of between $3.63 billion and $3.78 billion.
TXN had originally forecast earnings per share for the second quarter of 38 cents to 43 cents, including about four cents for stock-based compensation, and revenue of $3.46 billion to $3.75 billion.
The company said the revenue estimate includes a $70 million cash payment from Conexant Systems for a previously announced settlement of patent-related litigation. TXN also received a sales tax benefit in the quarter. The two items are expected to contribute a combined 5 to 6 cents per share.
So, after adjusting for the one-time items, Texas Instruments’ old guidance was $0.43-$0.49, midpoint $0.46. Now the range is $0.46-$0.48, or a penny higher at the midpoint. It’s nice news, but not exactly knock-your-socks-off. The rally shows how desperately investors are searching for any positive signs.
TXN 1-wk chart: