Conference call on TI website at 3:30 p.m. Central time today
DALLAS, July 21, 2021 — (PRNewswire) — Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported second quarter revenue of $4.58 billion, net income of $1.93 billion and earnings per share of $2.05. Earnings per share included a 6-cent benefit for items that were 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 7% sequentially and increased 41% from the same quarter a year ago due to strong demand in industrial, automotive and personal electronics.
- "In our core businesses, Analog revenue grew 6% and Embedded Processing grew 2% sequentially. From a year ago, Analog revenue grew 42% and Embedded Processing grew 43%.
- "Our cash flow from operations of $7.5 billion for the trailing 12 months again underscored the strength of our business model. Free cash flow for the same period was $6.5 billion and 39% 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 returned $3.9 billion to owners in the past 12 months through dividends and stock repurchases. Over the same period, our dividend represented 56% of free cash flow, underscoring its sustainability.
- "TI's third quarter outlook is for revenue in the range of $4.40 billion to $4.76 billion and earnings per share between $1.87 and $2.13. We continue to expect our 2021 annual operating tax rate to be about 14%."
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.
|
Q2 2021 |
|
Q2 2020 |
|
Change |
|||||
Revenue |
$ |
4,580 |
|
$ |
3,239 |
|
41% |
|||
Operating profit |
$ |
2,213 |
|
$ |
1,228 |
|
80% |
|||
Net income |
$ |
1,931 |
|
$ |
1,380 |
|
40% |
|||
Earnings per share |
$ |
2.05 |
|
$ |
1.48 |
|
39% |