Texas Instruments Inc. announces third quarter 2017 financial results and shareholder returns
Texas Instruments (TI) recently announced its third-quarter financial report, with operating revenue of $4.12 billion, net income of $1.29 billion, and earnings per share of $1.26. Among them, earnings per share include 2 cents of scattered tax benefits that were not included in the company's original plan.
Regarding the company's performance and shareholder returns, TI Chairman, President and CEO Rich Templeton commented:
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"Revenue increased 12% year-over-year. TI's products continued to see strong demand in the industrial and automotive markets.
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“In our core businesses, Analog revenue increased 16% and Embedded Processing revenue increased 17% year-over-year. Operating margins increased in both businesses.
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“The 64.5% gross margin reflects our high-quality product mix and efficient manufacturing strategy, including the advantages of 300mm (12-inch) analog product production.
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"We generated $4.8 billion of cash flow from operating activities over the past 12 months, again demonstrating the strength of our business model. Free cash flow was $4.2 billion over the past 12 months, or 29.0% of revenue.
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“Over the past 12 months, we have returned $4.3 billion to shareholders through share repurchases and dividends. In September, TI announced a 24% dividend increase and an increase in its share repurchase authorization by $6 billion, demonstrating our commitment to returning all of our free cash flow to shareholders.
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"For the fourth quarter, TI expects revenue to be in the range of $3.57 billion to $3.87 billion and earnings per share to be in the range of $1.01 to $1.15, including an estimated $20 million discrete tax benefit."
Free cash flow is a non-GAAP financial measure that represents cash flow from operating activities less capital expenditures.
Exact amounts from prior periods have been recalculated to conform to current statements.
Earnings Summary
The amounts are in millions of dollars, except earnings per share.
cash flow
The unit is millions of US dollars.
Cash Return
The unit is millions of US dollars.
Business Segment Quarterly Results
The unit is millions of US dollars.
*Includes acquisition, restructuring or other charges.
Compared with the same period last year:
Analog: (including power, signal chain and high-volume analog business)
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The revenue growth was mainly driven by power and signal chain products. The high-volume analog business was almost flat.
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The increase in operating profit was mainly due to higher operating income and related gross profit.
Embedded Processing: (including interfacing microcontrollers and processors)
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Revenue from both processors and connected microcontrollers increased.
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The increase in operating profit was mainly due to higher operating income and related gross profit.
Others: (including DLP® products, calculators, custom ASIC products)
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Operating revenue decreased by $70 million and operating profit decreased by $32 million.
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