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Texas Instruments Bests Expectations

Earnings per share rise 64% over last year.
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Texas Instruments

(TXN) - Get Texas Instruments Incorporated Report

trounced last year's earnings figures and beat Wall Street's estimates with strong sales from its semiconductor business.

The Dallas-based company reported fourth-quarter pro forma earnings of 51 cents a share, up 64% from the 31 cents in the year-earlier period.

Analysts were expecting 47 cents for the quarter, according to

First Call/Thomson Financial.

Shares of Texas Instruments closed down fractionally to 110 for the day. They rallied slightly in after-hours trading.

The pro forma income does not include an $86 million charge for special costs related to the acquisitions of

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, $26 million for ongoing amortization of goodwill and other acquisition-related intangible assets, and a tax benefit of $67 million primarily for research and experimental tax-credit items.

Pro forma net income for the quarter jumped 71% to $433 million, compared with $253 million in the year-earlier quarter.

Total revenue, with a boost from semiconductor sales, rose 26% to $2.5 billion from $2.03 billion the comparable quarter a year earlier.

Semiconductor revenue was $2.2 billion, up 30% from $1.7 billion in the fourth quarter of 1998.

"Moving forward, our focus is on the technologies that will enable a communications-driven Internet era," said Tom Engibous, Texas Instruments chairman, president and chief executive. "We expect continued strong growth in 2000, with DSP and analog as the catalysts."