TI reports second quarter 2020 financial results and shareholder returns

 

Cash return

Amounts are in millions of dollars.




Trailing 12 Months


Q2 2020


Q2 2020


Q2 2019


Change

Dividends paid

$

823


$

3,226


$

2,784


16%

Stock repurchases

$

882


$

3,468


$

5,224


(34)%

Total cash returned

$

1,705


$

6,694


$

8,008


(16)%

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

(Millions of dollars, except share and per-share amounts)




For Three Months Ended
June 30,



2020


2019

Revenue


$

3,239


$

3,668

Cost of revenue (COR)


1,157


1,308

Gross profit


2,082


2,360

Research and development (R&D)


379


390

Selling, general and administrative (SG&A)


401


420

Acquisition charges


50


80

Restructuring charges/other


24


(36)

Operating profit


1,228


1,506

Other income (expense), net (OI&E)


99


52

Interest and debt expense


48


44

Income before income taxes


1,279


1,514

Provision for income taxes


(101)


209

Net income


$

1,380


$

1,305







Diluted earnings per common share


$

1.48


$

1.36







Average shares outstanding (millions):






Basic


916



937

Diluted


927



953







Cash dividends declared per common share


$

.90


$

.77








Supplemental Information

(Quarterly, except as noted)






Provision for income taxes is based on the following:












Operating taxes (calculated using the estimated annual effective tax rate)


$

164


$

238

Discrete tax items



(265)


(29)

Provision for income taxes (effective taxes)


$

(101)


$

209







Annual operating tax rate


13%


16%

Effective tax rate


(8)%


14%






A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted EPS is calculated using the following:






Net income


$

1,380


$

1,305

Income allocated to RSUs


(7)


(8)

Income allocated to common stock for diluted EPS


$

1,373


$

1,297



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