TI reports 2Q18 financial results and shareholder returns

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

DALLAS, July 24, 2018 — (PRNewswire) —  Texas Instruments Incorporated (TI) (NASDAQ: TXN) reported second-quarter revenue of $4.02 billion, net income of $1.41 billion and earnings per share of $1.40. Earnings per share include a 3 cent discrete tax benefit 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 increased 9 percent from the same quarter a year ago. Demand for our Analog and Embedded Processing products continued to be strong in the industrial and automotive markets.
  • "Our cash flow from operations of $6.6 billion for the trailing 12 months again underscored the strength of our business model. Free cash flow for the trailing 12 months was $5.7 billion, or 36.6 percent 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 have returned $5.6 billion to owners in the past 12 months through stock repurchases and dividends, and our strategy to return to owners all of our free cash flow remains consistent. Over the last 12 months, our dividends represented 41 percent of free cash flow, emphasizing their sustainability.
  • "TI's third-quarter outlook is for revenue in the range of $4.11 billion to $4.45 billion, and earnings per share between $1.41 and $1.63, which includes an estimated $10 million discrete tax benefit. We continue to expect our ongoing annual operating tax rate to be about 20 percent in 2018 and 16 percent starting in 2019."

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.



2Q18


2Q17


Change

Revenue

$

4,017

$

3,693


9%

Operating profit

$

1,712

$

1,480


16%

Net income

$

1,405

$

1,056


33%

Earnings per share

$

1.40

$

1.03


36%

 

Cash generation

Amounts are in millions of dollars.






Trailing 12 Months




2Q18



2Q18



2Q17


Change

Cash flow from operations


$

1,826


$

6,589


$

4,564


44%

Capital expenditures


$

249


$

855


$

527


62%

Free cash flow


$

1,577


$

5,734


$

4,037


42%

Free cash flow % of revenue






36.6%



28.5%




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