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Texas Instruments Beats Third-Quarter Estimates

Chipmaker Texas Instruments says it's seeing a rebound of automotive demand and offers upbeat guidance for the fourth quarter.
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Texas Instruments (TXN)  after the bell Tuesday reported better-than-expected third-quarter results.

The Dallas chipmaker posted earnings of $1.45 a share on revenue of $3.82 billion.

The company had been expected to report earnings of $1.28 a share, on sales of $3.4 billion, based on a FactSet survey of 27 analysts. 

The company had offered guidance of $1.14 - $1.34 a share in July.

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Texas Instruments said its revenue rose 1% from the same period a year earlier.

Revenue rose 18% from the previous quarter "with notable strength from the rebound of automotive demand and growing demand from personal electronics," Rich Templeton, TI's chairman, president and CEO, said in a statement. 

For the fourth quarter Texas Instruments forecast revenue in the range of $3.41 billion to $3.69 billion, and earnings per share between $1.20 and $1.40.

Analysts are currently forecasting revenue of $3.3 billion and earnings of $1.19 a share, according to data compiled by FactSet.

Shares of Texas Instruments were up 1.3% at $152.85 in after-hours trading. They'd closed the regular Tuesday session little changed at $150.83.