TI reports 2Q17 financial results and shareholder returns

Conference call on TI website at 4 p.m. Central time today

DALLAS, July 25, 2017 — (PRNewswire) —  Texas Instruments Incorporated (TI) (NASDAQ: TXN) today reported second-quarter revenue of $3.69 billion, net income of $1.06 billion and earnings per share of $1.03.

Regarding the company's performance and returns to shareholders, Rich Templeton, TI's chairman, president and CEO, made the following comments:

  • "Revenue increased 13 percent from the same quarter a year ago. Demand for our products continued to be strong in the automotive market and continued to strengthen in the industrial market.
  • "In our core businesses, Analog revenue grew 18 percent and Embedded Processing revenue grew 15 percent from the same quarter a year ago. Operating margin increased in both businesses.
  • "Gross margin of 64.3 percent reflected the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter Analog production.
  • "Our cash flow from operations of $4.6 billion for the trailing 12 months again underscored the strength of our business model. Free cash flow for the trailing 12 months was $4.0 billion and represents 28.5 percent of revenue.
  • "We have returned $4.1 billion to owners in the past 12 months through stock repurchases and dividends.
  • "Our balance sheet remains strong with $3.0 billion of cash and short-term investments at the end of the quarter, about 80 percent of which was owned by the company's U.S. entities. Inventory ended the quarter at 133 days.
  • "TI's third-quarter outlook is for revenue in the range of $3.74 billion to $4.06 billion, and earnings per share between $1.04 and $1.18, which includes an estimated $20 million discrete tax benefit."

Free cash flow is a non-GAAP financial measure. Free cash flow is cash flow from operations less capital expenditures.

Certain amounts in the prior period have been recast to conform to the current presentation.

Earnings summary

Amounts are in millions of dollars, except per-share amounts.



2Q17


2Q16


Change

Revenue

$

3,693

$

3,273


13%

Operating profit

$

1,480

$

1,131


31%

Net income

$

1,056

$

819


29%

Earnings per share

$

1.03

$

0.79


30%

 

Cash generation

Amounts are in millions of dollars.






Trailing 12 Months




2Q17



2Q17



2Q16


Change

Cash flow from operations


$

917


$

4,564


$

4,624


-1%

Capital expenditures


$

151


$

527


$

585


-10%

Free cash flow


$

766


$

4,037


$

4,039


0%

Free cash flow % of revenue






28.5%



31.3%




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