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 >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV