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TI reports financial results for 1Q12

DALLAS April 23, 2012 $3.12 billion $265 million 22 cents 10 cents

Rich Templeton

"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.

"We’re poised for growth and share gains as markets rebound.  Our product portfolio is strong, and our design position with customers is excellent.  Our inventory is well-staged, and production in our factories is ramping.  Our teams are confident and hungry, and we expect 2012 to be a good year for growth."

1Q12 financial summary

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

1Q12

1Q11

Change

4Q11

Change

Revenue

$ 3,121

$  3,392

-8%

$ 3,420

-9%

Operating profit

$    397

$     908

-56%

$    365

9%

Net income

$    265

$     666

-60%

$    298

-11%

Earnings per share

$     .22

$      .55

-60%

$     .25

-12%

Cash flow from operations

$    449

$     516

-13%

$    970

-54%

September 2011 $174 million $21 million $153 million $10 million January 2012

$65 million

Compared with a year ago, lower gross profit in the quarter primarily reflects lower revenue.  Compared with the fourth quarter, lower gross profit reflects lower revenue, which was partially offset by lower charges to cost of revenue related to the National acquisition and an increase in insurance proceeds. 

Operating profit declined from a year ago primarily due to lower gross profit, total acquisition-related charges and higher operating expenses due to the inclusion of Silicon Valley Analog.  Compared with the prior quarter, operating profit was higher primarily due to lower restructuring charges and lower total acquisition-related charges.   

1Q12 segment results

1Q12

1Q11

Change

4Q11

Change

Analog:

       Revenue

$ 1,686

$ 1,536

10%

$ 1,695

-1%

       Operating profit

$    335

$    418

-20%

$    414

-19%

Embedded Processing:

      Revenue

$    473

$    533

-11%

$    442

7%

      Operating profit

$      36

$    102

-65%

$      12

200%

Wireless:

      Revenue

$    373

$    658

-43%

$    722

-48%

      Operating profit

$    (25)

$    141

n/a

$    112

n/a

Other:

      Revenue

$    589

$    665

-11%

$    561

5%

      Operating profit*

$      51

$    247

-79%

$  (173)

n/a

*  Includes total acquisition-related charges of $174 million and restructuring charges of $10 million in the first quarter of 2012, total acquisition-related charges of $256 million and restructuring charges of $112 million in the fourth quarter of 2011 and total acquisition-related charges of $2 million in the first quarter of 2011.

Analog: (includes High Volume Analog & Logic, Power Management, High Performance Analog and Silicon Valley Analog)

  • Compared with the year-ago quarter, revenue increased due to the inclusion of Silicon Valley Analog revenue.  Revenue from High Performance Analog, High Volume Analog & Logic and Power Management declined.
  • Compared with the prior quarter, revenue was about even as growth in Silicon Valley Analog revenue was offset by a decline in High Volume Analog & Logic revenue.  Power Management and High Performance Analog were about even. 
  • Operating profit decreased from the year-ago quarter due to higher operating expenses that resulted from the inclusion of Silicon Valley Analog.  Operating profit decreased from the prior quarter primarily due to lower gross profit. 

Embedded Processing: (includes digital signal processor and microcontroller catalog products that are sold across a wide variety of markets as well as application-specific products that are used in communications infrastructure and automotive electronics)

  • Compared with the year-ago quarter, the decline in revenue was due to lower revenue from products sold into communications infrastructure and from catalog products.  Revenue from products sold into automotive applications increased.
  • Compared with the prior quarter, the increase in revenue was due to higher revenue from products sold into automotive applications and communications infrastructure.  Revenue from catalog products was about even.    
  • Operating profit decreased from a year ago primarily due to lower gross profit.  Operating profit increased from the prior quarter due to higher gross profit. 

Wireless: (includes ™ 

  • Compared with the year-ago quarter, revenue declined primarily due to baseband products.  Revenue from connectivity products also declined while revenue from OMAP applications processors increased. 
  • Compared with the prior quarter, revenue decreased primarily due to baseband products.  Revenue from OMAP applications processors and connectivity products also declined. 
  • Operating profit decreased from the year-ago and prior quarters due to lower gross profit. 

Other:  (includes ®

  • $65 million
  • Compared with the prior quarter, revenue was up primarily due to the insurance proceeds.
  • Operating profit decreased from a year ago primarily due to total acquisition-related charges.  Operating profit increased from the prior quarter primarily due to lower restructuring charges and lower total acquisition-related charges.

1Q12 additional financial information

  • $3.24 billion
  • $1.85 billion $175 million $65 million
  • $103 million $194 million $152 million
  • $300 million $700 million
  • $300 million $195 million

Outlook

For the second quarter of 2012, TI expects:

  • $3.22
  • $0.30

$100 million $10 million 6 cents

June 11, 2012

For the full year of 2012, TI continues to expect approximately the following:

  • $2.0 billion
  • $0.7 billion
  • $1.0 billion
  • Annual effective tax rate:  28%

The tax rate estimate is based on current tax law and does not assume reinstatement of the federal R&D tax credit, which expired at the end of 2011.

 

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

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

For Three Months Ended

Mar. 31,

2012

Mar. 31,

2011

Dec. 31, 

2011

Revenue

$     3,121

$     3,392

$     3,420

Cost of revenue

1,590

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