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NEW YORK (
Texas Instruments(TXN - Get Report) delivered weaker-than-expected guidance with its third-quarter results amid ongoing weakness in the semiconductor market.
The chip maker brought in revenue of $3.39 billion, down from $3.47 billion in the same period last year. Analysts surveyed by
Thomson Reuters were looking for revenue of $3.34 billion.
Texas Instruments earned 67 cents a share in the September-ended quarter, up from 51 cents a share in the prior year's quarter. The company's latest earnings number, however, includes 7 cents of charges associated with the company's acquisition of
National Semiconductor and a benefit of 22 cents a share for changes in taxes and a Japanese pension program.
Excluding those items, the company's adjusted earnings would be 52 cents a share in the latest quarter. Wall Street was looking for a profit of 46 cents a share.
"TI revenue grew sequentially and operations were well executed even though the economy and semiconductor market remained weak and likely will get weaker in the fourth quarter," said Texas Instruments CEO Rich Templeton, in a statement released after market close. "Our core businesses of Analog and Embedded Processing each grew revenue by 2 percent. Our operations were disciplined, with expenses and inventory levels both down, and our core businesses grew profit faster than revenue."
For the fourth quarter, the Dallas-based company anticipates revenue between $2.83 billion and $3.07 billion and earnings of 23 to 31 cents a share. The results are expected to include charges totaling 6 cents a share. Analysts surveyed by
Thomson Reuters are currently expecting revenue of $3.23 billion and earnings of 42 cents a share.
The company's shares rose 0.9% to $28.04 in extended trading on Wednesday.
Written by James Rogers in New York.Follow @jamesjrogers
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