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Texas Instruments(TXN - Get Report) reported better-than-expected first-quarter results after the market close on Monday, as the chip maker cited signs of growth.
The silicon specialist, which lowered its guidance last month, brought in revenue of $3.12 billion, down from $3.39 billion in the same period last year, but above Wall Street's estimate of $3.06 billion.
Texas Instruments sees early signs of growth emerging.
Texas Instruments earned 22 cents a share during the quarter, although this included a charge of 10 cents a share related to the company's acquisition of National Semiconductor and restructuring. The analyst consensus was for earnings of 29 cents a share.
"As we expected, our business cycle bottomed in the first quarter, and early signs of growth began to emerge," said Rich Templeton, Texas Instruments' CEO, in a statement released after market close. "Orders were up 13 percent, and backlog is growing again. Particularly encouraging is the breadth of increased orders across geographical regions and markets, including the industrial sector."
For the second quarter, Texas Instruments expects revenue between $3.22 billion and $3.48 billion, compared to analysts' forecast of $3.29 billion. The chip maker predicted earnings of 30 to 38 cents a share, although this number will be negatively impacted by acquisition and restructuring charges totaling about 6 cents a share. Analysts surveyed by
Thomson Reuters are looking for earnings of 40 cents a share.
Investors responded positively to Texas Instruments' results, pushing the company's stock up $1.10, or 3.8%, to $33.10, in after hours trading on Monday.
Written by James Rogers in New York.
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