Oct. 21, 2013, 5:01 PM
- Texas Instruments (TXN) expects Q4 revenue of $2.86B-$3.1B and EPS of $0.42-$0.50, below a consensus of $3.12B and $0.51. "Legacy wireless" sales, which include Nokia baseband chip sales and TI's discontinued mobile app processor/combo chip ops, are expected to fall to just $50M in Q4.
- The midpoint of TI's revenue guidance range implies flat Y/Y rev. growth. Excluding legacy wireless, guidance is for 8% growth. Q3 book-to-bill was 0.97.
- Q3 EPS was boosted by $734M in buybacks, nearly even with Q2's $721M. Gross margin was 54.8%, +330 bps Q/Q and +350 bps Y/Y. Thanks in part to TI's minimal capex (less than 4% of revenue, far below industry norms), free cash flow was $1.03B, well above net income of $629M.
- The analog division (60% of revenue) posted sales of $1.93B (+5% Y/Y vs. +6% in Q2) and a $583M op. profit. Embedded processing (DSPs, microcontrollers) had sales of $668M (+13% vs. +10%), but only an $83M op. profit. "Other" (wireless, DLPs, calculators, royalties) had revenue of $645M (-33% Y/Y thanks to legacy wireless), and an op. profit of $178M.
- TXN -3.2% AH. CC at 5:30PM ET. Q3 results, PR.
Oct. 21, 2013, 4:31 PM
- Texas Instruments (TXN): Q3 EPS of $0.56 beats by $0.03.
- Revenue of $3.24B beats by $0.01B. Shares -2.4% AH. (PR)
Oct. 21, 2013, 12:10 AM
Oct. 20, 2013, 5:35 PM
Oct. 17, 2013, 4:33 PM
- Texas Instruments Inc. (TXN) declares $0.30/share quarterly dividend, 7.1% increase from prior dividend of $0.28.
- Forward yield 2.95%
- Payable Nov. 18; for shareholders of record Oct. 31; ex-div Oct. 29.
Oct. 15, 2013, 9:29 AM
- Teradata (TDC) has been cut to Neutral by Credit Suisse and Sterne Agee, and to Equal Weight by Morgan Stanley, following its Q3/2013 warning. Shares -14.9% premarket.
- Dassault (DASTY.PK) has been cut to Underweight by HSBC a day after the company reported weaker-than-expected preliminary Q3 results and cut its full-year guidance. Shares -3.2% in Paris.
- FireEye (FEYE) has received three bullish coverage launches and four neutral ones on underwriter coverage day. Shares +0.6%.
- Texas Instruments (TXN) has been upgraded to Neutral by Susquehanna. Shares +0.5%.
- Cogent (CCOI) has been upgraded to Buy by Citi.
- Veeco (VECO) has been cut to Market Perform by Oppenheimer.
- Marvell (MRVL) has been started at Outperform by Raymond James.
Sep. 19, 2013, 5:24 PM
- Texas Instruments (TXN) has raised its quarterly dividend to $0.30/share from a prior $0.28/share. That gives the chipmaker a yield of 2.9%. (PR)
- TI's next dividend is payable on Nov. 18 to shareholders on record as of Oct. 31.
- TI hiked its dividend by 33% earlier this year, while simultaneously announcing a $5B buyback. At the time, the company expressed confidence in posting a long-term free cash flow margin of 20%-25%, and returning all of that money (minus debt payments) to shareholders.
- Shares are nearly unchanged AH.
Sep. 10, 2013, 4:41 PM
- In its mid-quarter update, TI (TXN) says it now expects Q3 revenue of $3.15B-$3.29B and EPS of $0.51-$0.55. That compares with prior guidance of $3.09B-$3.35B and $0.49-$0.57, and a consensus of $3.23B and $0.53. (PR)
- Expectations had risen a bit following a summer rally; shares made new 52-week highs today.
- CC at 5PM ET.
Sep. 6, 2013, 7:14 PM
- TI (TXN) claims its new 0.2" TRP pico (miniature) projector DLP chipset delivers twice the brightness (on a frame-by-frame basis) and resolution of its predecessor, while consuming half as much power.
- These gains are attributed to the TRP's use of TI's new Tilt & Roll Pixel architecture, and its IntelliBright algorithms.
- TI, whose TV DLP chipset sales aren't what they used to be, is hoping the TRP finds its way into smartphones, tablets, digital cameras, and Google Glass-like "near-eye displays." With total 2013 smartphone/tablet sales expected to surpass 1.2B, even a 3%-5% penetration rate could drive huge volumes.
- DLPs continue to power a large portion of the most popular pico projectors. But there's growing competition from companies pushing liquid crystal on silicon (LCoS) solutions; Himax is one notable example.
Jul. 23, 2013, 12:39 PMThere's a growing risk Apple (a long-time Broadcom combo chip client) will use home-grown combo chips in the future, says Pac Crest's Michael McConnell while downgrading Broadcom (BRCM -3.5%) to Sector Perform ahead of this afternoon's Q2 report. McConnell points recent Apple hiring activity, and Texas Instruments' (TXN +4%) disclosure it has sold wireless connectivity tech to a customer. TI, which is exiting the combo chip market, stated on its Q2 call it recorded a $315M gain from the sale, which suggests the customer was a big one. Broadcom is down 8% over the last week thanks to Pac Crest and Barclays; can networking and low-end smartphone chip sales help the company beat lowered expectations? | Jul. 23, 2013, 12:39 PM | 2 Comments
Jul. 23, 2013, 10:06 AMA roundup of tech analyst ratings changes: 1) Broadcom (BRCM -5.3%) has been cut to Sector Perform by Pac Crest ahead of today's Q2 report. 2) JDS Uniphase (JDSU -3.4%) has been cut to Neutral by MKM. 3) Lam Research (LRCX +1.1%) has been started at Outperform by RBC ahead of its July 31 FQ4 report. 4) Texas Instruments (TXN +4.8%) has been upgraded to Neutral by SunTrust following its Q2 results and strong Q3 guidance. 5) Quad/Graphics (QUAD -2.2%) has been cut to Neutral by Sidoti. | Jul. 23, 2013, 10:06 AM
Jul. 22, 2013, 4:58 PM
More on Texas Instruments: Q3 guidance is for revenue of $3.09B-$3.35B and EPS of $0.49-$0.57 vs. consensus $3.2B and $0.51. $721M spent on buybacks in Q2 vs. $679M in Q1. Company still frugal with capex: $97M spent (just 3.2% of revenue) vs. $84M in Q1. Analog chip sales (57% of revenue) +6% Y/Y, better than Q1's -2%. Embedded processing (DSPs, microcontrollers) +10% (+4% in Q1). Other (DLPs, calculators, legacy wireless, royalties) +1% (-24% in Q1, hurt by wireless plunge). Gross margin was 51.5%, +390 bps Q/Q and +200 bps Y/Y. R&D spend -19% Y/Y thanks to wind-down of wireless chip lines. TXN +2% AH, CC at 5:30PM ET (webcast). (PR)| Jul. 22, 2013, 4:58 PM
Jul. 22, 2013, 4:31 PMTexas Instruments (TXN): FQ1 EPS of $0.44 in-line. Revenue of $3.05B misses by $0.01B. (PR) | Jul. 22, 2013, 4:31 PM
Jul. 22, 2013, 12:10 AM
Jul. 21, 2013, 5:35 PM
Jul. 18, 2013, 4:56 PMTexas Instruments Inc. (TXN) declares $0.28/share quarterly dividend, in line with previous. Forward yield 2.98%. For shareholders of record July 31. Payable Aug. 19. Ex-div July 29. (PR) | Jul. 18, 2013, 4:56 PM