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TI reports financial results for 4Q10 and 2010

DALLAS Jan. 24, 2011 $3.53 billion $942 million 78 cents 14 cents

Rich Templeton

$2.5 billion $600 million

"As we enter 2011, Analog and Embedded Processing technologies are becoming even more pervasive in the electronics of everyday life.  They are critical for the small form factors and long battery lives in tablets and smartphones, the safety and intelligence features in automobiles, and the reliability and energy-saving features of the smart grid.  With our focused R&D and expanded manufacturing capacity, we’re ready to deliver when and where our customers want."

4Q10 financial summary

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

4Q10

 4Q09

vs. 4Q09 

3Q10

vs. 3Q10 

Revenue

$ 3,525

$  3,005

17%

$ 3,740

-6%

Operating profit

$ 1,230

$     875

41%

$ 1,227

0%

Net income

$    942

$     655

44%

$    859

10%

Earnings per share

$     .78

$      .52

50%

$     .71

10%

Cash flow from operations

$ 1,230

$  1,000

23%

$ 1,318

-7%

$144 million $78 million

In addition, operating profit increased from a year ago due to higher gross profit from higher revenue.  Compared with the prior quarter, operating profit was about even as lower gross profit, which resulted from lower revenue, offset the gain on sale and lower operating expenses.  

4Q10 segment results

4Q10

4Q09

vs. 4Q09

3Q10

vs. 3Q10

Analog:

     Revenue

$  1,518

$  1,263

20%

$  1,581

-4%

     Operating profit

$     486

$     383

27%

$     520

-7%

Embedded Processing:

     Revenue

$     538

$     412

31%

$     579

-7%

     Operating profit

$     143

$       89

61%

$     160

-11%

Wireless:

     Revenue

$     767

$     758

1%

$     767

0%

     Operating profit

$     180

$     181

-1%

$     180

0%

Other:

     Revenue

$     702

$     572

23%

$     813

-14%

     Operating profit

$     421

$     222

90%

$     367

15%

$68 million $17 million

Analog: (includes high-volume analog & logic, high-performance analog and power management products)

  • Compared with a year ago, the increase in revenue was primarily due to high-performance analog products.  High-volume analog & logic and power management products grew to a lesser extent.    
  • Compared with the prior quarter, the decline in revenue was primarily due to power management products.  The other two product areas declined to a lesser extent.
  • Operating profit increased from a year ago and declined from the prior quarter due to gross profit changes.

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 a year ago, revenue grew primarily due to catalog products.  Revenue from products sold into communications infrastructure also grew strongly, while revenue from automotive applications increased to a lesser extent.
  • Compared with the prior quarter, revenue declined due to catalog products.  Revenue from products sold into communications infrastructure and automotive applications was about even.  
  • Operating profit increased from a year ago and declined from the prior quarter due to gross profit changes.  

Wireless: (includes connectivity products, OMAP™ applications processors and baseband products)  

  • Compared with a year ago, revenue was about even as strength in connectivity products, and to a lesser extent applications processors, was offset by lower baseband revenue.  
  • Compared with the prior quarter, revenue was even as growth in applications processors was offset by lower revenue from connectivity and baseband products.
  • Operating profit was about even with the year-ago and prior quarters.  

Other:   (includes DLP® products, custom ASIC products, calculators and royalties, as well as products sold under transitional supply agreements associated with recently acquired factories)

  • Compared with a year ago, revenue grew primarily as a result of transitional supply agreements associated with recently acquired factories and higher revenue from custom ASIC and DLP products.  Royalties and calculator revenue increased to a lesser extent.
  • Compared with the prior quarter, revenue decreased due to the seasonal decline in calculator revenue.  DLP product revenue declined and transitional supply revenue increased by similar amounts.  Royalty revenue increased to a lesser extent and custom ASIC revenue was about even.
  • Operating profit increased both from a year ago and from the prior quarter primarily due to the gain on the sale of a product line.  Higher gross profit also contributed to the year-ago increase.  Lower gross profit partially offset the gain on sale compared with the prior quarter.

Restructuring charges were as follows:

4Q10

4Q09

3Q10

Analog

$      1

$      6

$      1

Embedded Processing

$      0

$      3

$      1

Wireless

$      0

$      1

$      1

Other

$      0

$      2

$      1

Total

$      1

$    12

$      4

4Q10 additional financial information

  • $3.13 billion
  • $1.52 billion $318 million $96 million
  • $301 million $436 million $396 million
  • $600 million $153 million

Year 2010 financial summary

2010

2009

vs. 2009 

Revenue

$  13,966

$  10,427

34%

Operating profit

$    4,514

$    1,991

127%

Net income

$    3,228

$    1,470

120%

Earnings per share

$      2.62

$      1.15

128%

Cash flow from operations

$    3,820

$    2,643

45%

TI’s operating profit increased in 2010 due to higher gross profit from higher revenue.  

Year 2010 segment results

2010

2009

vs. 2009 

Note

Analog:

     Revenue

$  5,979

$  4,202

42%

(1)

     Operating profit

$  1,876

$     770

144%

Embedded Processing:

     Revenue

$  2,073

$  1,471

41%

(2)

     Operating profit

$     491

$     194

153%

Wireless:

     Revenue

$  2,978

$  2,626

13%

(3)

     Operating profit

$     683

$     315

117%

Other:

     Revenue

$  2,936

$  2,128

38%

(4)

     Operating profit

$  1,464

$     712

106%

(1)

Analog revenue increased due to strength across all three major product areas – high-volume analog & logic, power management and high-performance analog products.  

(2)

Embedded Processing revenue increased primarily due to catalog products.  Revenue from products sold into communications infrastructure and automotive applications increased to a lesser extent.  

(3)

Wireless revenue increased primarily due to strength in connectivity products, and to a lesser extent, applications processors.  Baseband revenue was about even.  

(4)

Other revenue increased primarily due to strength in DLP products and custom ASIC products, as well as higher royalties.  Transitional supply revenue and calculator revenue grew to a lesser extent.

Restructuring charges negatively impacted each segment’s operating profit as follows:

2010

2009

Analog

$   13

$    84

Embedded Processing

$     6

$    43

Wireless

$   10

$    62

Other

$     4

$    23

Total

$   33

$  212

2010 additional financial information

  • $1.20 billion $446 million
  • $2.45 billion $592 million

Outlook

For the first quarter of 2011, TI expects:  

  • Revenue:  $3.27 – 3.55 billion
  • Earnings per share:  $0.54 – 0.62

March 8, 2011

For the full year of 2011, TI expects approximately the following:

  • R&D expense:  $1.7 billion
  • Capital expenditures:  $0.9 billion
  • Depreciation:  $0.9 billion
  • Annual effective tax rate:  30%

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

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

For Three Months Ended

For Years Ended

Dec. 31,

2010

Dec. 31,

2009

Sept. 30,

2010

Dec. 31,

2010

Dec. 31,

2009

Revenue

$  3,525

$  3,005

$  3,740

$  13,966

$  10,427

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