TI reports Q4 2019 and 2019 financial results and shareholder returns

Conference call on TI website at 3:30 p.m. Central time today

DALLAS, Jan. 22, 2020 — (PRNewswire) — Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported fourth quarter revenue of $3.35 billion, net income of $1.07 billion and earnings per share of $1.12. Earnings per share include a 1-cent benefit for items that were not in the company's original guidance.

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

  • "Revenue decreased 10% from the same quarter a year ago as most markets showed signs of stabilizing.
  • "In our core businesses, Analog revenue declined 5% and Embedded Processing declined 20% from the same quarter a year ago.
  • "Our cash flow from operations of $6.6 billion for the year again underscored the strength of our business model. Free cash flow for the year was $5.8 billion and 40% of revenue. This reflects the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter Analog production.
  • "We returned $6.0 billion to owners in 2019 through stock repurchases and dividends. For the year, our dividends represented 52% of free cash flow, underscoring their sustainability. Together, our stock repurchases and dividends reflect our continued commitment to return all free cash flow to our owners.
  • "TI's first quarter outlook is for revenue in the range of $3.12 billion to $3.38 billion, and earnings per share between $0.96 and $1.14, which includes an estimated $20 million discrete tax benefit. We continue to expect our 2020 annual operating tax rate to be about 15%."

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

Earnings summary

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


Q4 2019


Q4 2018


Change

Revenue

$

3,350


$

3,717


(10)%

Operating profit

$

1,249


$

1,516


(18)%

Net income

$

1,070


$

1,239


(14)%

Earnings per share

$

1.12


$

1.27


(12)%

Cash generation

Amounts are in millions of dollars.




Trailing 12 Months


Q4 2019


Q4 2019


Q4 2018


Change

Cash flow from operations

$

1,754


$

6,649


$

7,189


(8)%

Capital expenditures

$

163


$

847


$

1,131


(25)%

Free cash flow

$

1,591


$

5,802


$

6,058


(4)%

Free cash flow % of revenue



40.3%


38.4%




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