16:34 TXN Texas Instruments beats by $0.03, beats on revs; guides Q2 EPS in-line, revs in-line (31.89 -0.58)
Reports Q1 (Mar) earnings of $0.32 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.29; revenues fell 8.0% year/year to $3.12 bln vs the $3.05 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.36-0.44, excluding non-recurring items, vs. $0.40 Capital IQ Consensus Estimate; sees Q2 revs of $3.22-3.48 bln vs. $3.29 bln Capital IQ Consensus Estimate. For the full year of 2012, TI continues to expect approximately the following: R&D expense: $2.0 billion; Capital expenditures: $0.7 billion; Depreciation: $1.0 billion; Annual effective tax rate: 28%.
"As we expected, our business cycle bottomed in the first quarter, and early signs of growth began to emerge... Orders were up 13 percent, and backlog is growing again. Particularly encouraging is the breadth of increased orders across geographical regions and markets, including the industrial sector. "Sales in our Analog segment were about level with the prior quarter. We continue to make progress with Silicon Valley Analog, formerly National Semiconductor, as this product line gains traction with customers and holds a strong position in the important industrial market. Sales in Embedded Processing were up 7 percent led by growth in the automotive and communications infrastructure markets. Sales in our Wireless segment declined sharply as we entered the final phase of our exit from baseband products, which were less than 3 percent of total sales in the quarter. We are expanding the reach of our Wireless segment into multiple markets and experiencing strong diversity in our design-ins." |
