Texas Instruments Inc. (TXN) - NASDAQ
  • Mon, Jul. 25, 5:15 PM
    • The release notes revenue and earnings within the top of the company's expected range, strong demand for automotive market products, growing demand for industrial and communications equipment products and slowing demand in the personal electronics sector.
    • Embedded Processing and Analog, Texas Instrument's (TXN) core businesses, registered +9% and about constant revenue growth, respectively. Operating margins improved in both.
    • Gross margin of 61.2% attributed to quality product lineup and manufacturing efficiencies.
    • Free cash flow +7% Y/Y.
    • Stock repurchases and dividends of $4.1B paid out over last year.
    • Reiterates focus on long-term sustainability.
    • Q3 revenue projected between $3.34B-$3.62B and EPS between $0.81-$0.91.
    | Mon, Jul. 25, 5:15 PM | 3 Comments
  • Mon, Jul. 25, 4:31 PM
    • Texas Instruments (NASDAQ:TXN): Q2 EPS of $0.76 beats by $0.03.
    • Revenue of $3.27B (+1.2% Y/Y) beats by $70M.
    • Press Release
    | Mon, Jul. 25, 4:31 PM | 9 Comments
  • Sun, Jul. 24, 5:35 PM
    | Sun, Jul. 24, 5:35 PM | 5 Comments
  • Wed, Apr. 27, 5:05 PM
    • Texas Instruments (TXN +0.9%) has picked up 0.8% in postmarket trade as improving industrial and communications equipment revenue joined automotive products as bright spots in its Q1 earnings report, though overall revenue fell 5%.
    • Sales dropped due to an expected decline in personal electronics. Meanwhile, gross margin rose to a record 60.6%.
    • Operating profit was up 1% and net income up 2% despite the revenue fall. Free cash flow was $423M; the company's committed to return 100% of free cash flow to shareholders (plus proceeds from exercises of equity compensation, minus net debt retirement).
    • Revenue by segment: Analog, $1.88B (down 8%); Embedded Processing, $729M (up 8%); Other, $400M (down 10%). Operating profit grew 48% in Embedded Processing, but fell 6% in Analog.
    • It's guiding for Q2 revenues of $3.07B-$3.33B and EPS of $0.67-$0.77, both in line with expectations. It sees an effective tax rate of about 30% (unchanged) for the full year.
    • Press Release
    | Wed, Apr. 27, 5:05 PM
  • Wed, Apr. 27, 4:34 PM
    • Texas Instruments (NASDAQ:TXN): Q1 EPS of $0.65 beats by $0.03.
    • Revenue of $3B (-4.8% Y/Y) beats by $20M.
    • Shares -0.03%.
    • Press Release
    | Wed, Apr. 27, 4:34 PM
  • Tue, Apr. 26, 5:35 PM
  • Wed, Jan. 27, 5:34 PM
    • Initially down following its Q4 report, Texas Instruments (NASDAQ:TXN) is now up 2.6% to $52.00. The gains come even though the analog IC and DSP maker has guided for Q1 revenue of $2.85B-$3.09B and EPS of $0.57-$0.67 (midpoints of $2.97B and $0.62) vs. a consensus of $3.12B and $0.64.
    • TI's guidance assumes "a $150 million decline in revenue from a year ago within a sector of the personal electronics market." Expectations for the rest of TI's business "are about even" with Q1 2015. Many other iPhone suppliers have also issued soft Q1 guidance; TI is believed to have gained content share with the iPhone 6S/6S+.
    • Q4 details: Though revenue fell 2% Y/Y, gross margin rose 60 bps Y/Y to 58.5%. Analog revenue -2% Y/Y to $2.07B; embedded processing +4% to $700M; Other (ASICs, DLPs, calculators, royalties) -13% to $416M. Lifting EPS: GAAP R&D spend fell by $5M Y/Y to $306M, and SG&A spend fell by $24M to $405M. Also helping: $627M was spent on buybacks.
    • 2015 free cash flow was $3.72B (+6% Y/Y), and 2015 capex $551M (+43%). TI ended 2015 with $3.2B in cash and $4.1B in debt.
    • TI's Q4 results, earnings release
    | Wed, Jan. 27, 5:34 PM
  • Wed, Jan. 27, 4:33 PM
    • Texas Instruments (NASDAQ:TXN): Q4 EPS of $0.71 beats by $0.02.
    • Revenue of $3.19B (-2.4% Y/Y) misses by $10M.
    • Shares -3%.
    | Wed, Jan. 27, 4:33 PM
  • Tue, Jan. 26, 5:35 PM
  • Oct. 29, 2015, 12:29 PM
    • Down on Monday following Dialog Semi's Q3 report and up yesterday in the wake of Apple's results/guidance, chip stocks are selling off again (SOXX -2.5%) after leading microcontroller vendor NXP (NXPI -18.2%) posted mixed Q3 results and (more importantly) guided for Q4 revenue to be down by a "low to upper-teens" % Q/Q. The Nasdaq is down 0.3%.
    • Also: 1) NXP rival and fellow European chipmaker STMicroelectronics (STM -5.8%) slightly missed Q3 revenue estimates and has guided for Q4 revenue to be down 6% (+/- 3.5%) Q/Q. 2) Network processor vendor Cavium (CAVM -5%) issued light Q4 guidance, while blaming a distribution model change at its biggest data center customer. 3) Microcontroller maker Atmel (ATML -2.4%, set to be acquired by Dialog) missed Q3 revenue estimates and guided for Q4 revenue of $266M-$286M, below a $296.1M consensus.
    • On the bright side, Apple-dependent Cirrus Logic (CRUS -5.7%) beat FQ2 EPS estimates (revenue was in-line) and provided solid FQ3 guidance, and fellow Apple/Samsung supplier InvenSense (INVN +14.3%) beat FQ2 estimates and issued in-line FQ3 guidance. Cirrus is nonetheless selling off; the earnings call (transcript) was generally upbeat, with management talking up FY16/FY17 growth opportunities related to smart codec and boosted amplifier sales.
    • NXP merger partner Freescale (FSL -15.4%) is naturally seeing big losses. Other decliners include RF chipmakers Skyworks (SWKS -3.1%), Avago (AVGO -6%), and Qorvo (QRVO -2.6%), analog/mixed-signal chipmakers Texas Instruments (TXN -3%), ON Semi (ON -5.9%), MagnaChip (MX -6.8%), Fairchild (FCS -4.3%), Maxim (MXIM -3.1%), and IDT (IDTI -5.2%), and smart TV SoC vendor/STMicro rival Sigma Designs (SIGM -3.2%).
    • Like NXP, Cirrus, and InvenSense, Skyworks, Avago, Qorvo, TI, and Fairchild are Apple suppliers. Fairchild and Maxim have recently benefited from M&A reports (I, II).
    • Both NXP and STMicro reported seeing conditions deteriorate as Q3 progressed. NXP added lower-than-expected chip sell-through led to higher channel inventories, and STMicro stated "lower consumer spending in China is impacting the dynamics of the distribution channel in the region and the industry more globally, particularly in automotive." NXP has added 20M shares to its buyback in an attempt to soften the blow.
    • Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
    | Oct. 29, 2015, 12:29 PM | 7 Comments
  • Oct. 22, 2015, 12:24 PM
    • The Philadelphia Semi Index (SOXX +3%) has risen above $90 for the first time since July on a day the Nasdaq is up 1.5%. Helping out: Texas Instruments (TXN +10.4%) soundly beat Q3 estimates, reported positive growth for its analog and embedded processing (DSP/microcontroller) units in spite of a customer inventory correction, and (with the help of iPhone content gains) provided mostly above-consensus Q4 guidance.
    • Meanwhile, Cypress Semi (up 4.1%) is rallying in spite of posting mixed Q3 results and issuing light Q4 guidance. A new $450M buyback is helping.
    • TI/Cypress microcontroller peers NXP (NXPI +4.2%), Freescale (FSL +3.5%), STMicroelectronics (STM +2.5%), and Microchip (MCHP +2.9%) are among the gainers. As are TI analog/mixed-signal peers ON Semi (ON +5%), Intersil (ISIL +3.2%), IDT (IDTI +3.6%), Monolithic (MPWR +3.3%), and Silicon Labs (SLAB +2.6%).
    • Other notable gainers include InvenSense (INVN +2.6%), Nvidia (NVDA +3.5%), Cavium (CAVM +4.4%), Knowles (KN +3.6%), and Lattice Semi (LSCC +7%).
    • On its earnings call (transcript), TI mentioned automotive chip demand (boosted by growing chip content in various systems) was strong. Industrial sales were roughly flat (better than expected), and personal electronics benefited from "demand from one customer" (likely Apple). Wireless infrastructure fell 30% Y/Y (Chinese weakness), but rose Q/Q.
    • Chip stocks also outperformed yesterday after Western Digital announced it's buying SanDisk, Lam Research announced it's buying KLA-Tencor, and CPU core giant ARM (ARMH +2.7%) beat Q3 revenue estimates (EPS slightly missed) with the help of a 20% Y/Y increase in ARM chip shipments to 3.6B, and stated it expects 2015 revenue to be in-line with market expectations.
    • Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
    | Oct. 22, 2015, 12:24 PM
  • Oct. 21, 2015, 6:28 PM
    • Texas Instruments (NASDAQ:TXN) has risen to $56.80 after hours after soundly beating Q3 estimates and reporting positive Y/Y growth in analog and embedded processing (DSP/microcontroller) sales in spite of an industry inventory correction. Q4 guidance is for revenue of $3.07B-$3.33B and EPS of $0.64-$0.74, largely above a consensus of $3.12B and $0.62.
    • Segment performance: Analog revenue +2% Y/Y to $2.18B; op. profit +1% to $812M. Embedded processing revenue +2% to $725M; op. profit +53% to  $174M. Other revenue (DLPs, calculators, royalties) -19% to $522M; op. profit -31% to $178M.
    • Financials: Gross margin was 58.2%, flat Q/Q and down 20 bps Y/Y. GAAP operating expenses fell 6% Y/Y to $750M. $790M was spent on buybacks. Free cash flow for the trailing 12 months totaled $3.6B (+4% Y/Y, 28% of revenue), with $512M spent on capex (+40%, but just 4% of revenue). TI ended Q3 with $2.7B in cash/short-term investments, and $4.1B in long-term debt.
    • Analog/mixed-signal peer Linear (NASDAQ:LLTC) is up 1.4% after hours. Linear rallied last week on account of its strong calendar Q4 guidance.
    • Q3 results, PR
    | Oct. 21, 2015, 6:28 PM
  • Oct. 21, 2015, 4:33 PM
    • Texas Instruments (NASDAQ:TXN): Q3 EPS of $0.76 beats by $0.08.
    • Revenue of $3.43B (-2.0% Y/Y) beats by $150M.
    • Shares +5%.
    | Oct. 21, 2015, 4:33 PM | 2 Comments
  • Oct. 20, 2015, 5:35 PM
  • Jul. 22, 2015, 6:37 PM
    • In addition to slightly missing Q2 revenue estimates (while posting in-line EPS), Texas Instruments (NASDAQ:TXN) is guiding for Q3 revenue of $3.15B-$3.41B and EPS of $0.62-$0.72, below a consensus of $3.47B and $0.75. However, many expected soft numbers, particularly following Linear's results/guidance.
    • Financials: Gross margin rose 50 bps Q/Q and 100 bps Y/Y to 58.2%. Cost cuts led R&D spend to fall by $29M Y/Y to $320M, and SG&A spend by $2M to $470M. $654M was spent on buybacks. TI ended Q2 with $3.3B in cash/short-term investments, and $4.9B in debt. Free cash flow for the trailing 12 months is $3.61B (+13% Y/Y).
    • Segment performance: Analog revenue +10% to $2.05B; op. profit +10% to $728M. Embedded processing (DSPs, microcontrollers) -2% to $690M; op. profit +30% to $135M. Other (calculators, DLPs, ASICs, royalties) revenue -17% to $493M; op. profit -31% to $147M.
    • TXN +1.8% AH to $50.20.
    • Q2 results, PR
    | Jul. 22, 2015, 6:37 PM | 4 Comments
Company Description
Texas Instruments Incorporated is a global analog and digital semiconductor IC design and manufacturing company. In addition, to analog technologies, digital signal processing and microcontroller semiconductors, it designs and manufactures semiconductor solutions for analog and digital embedded... More
Sector: Technology
Industry: Semiconductor - Broad Line
Country: United States