Updated from March 6Texas Instruments ( TXN) bumped up the low-end of its profit expectations and tightened its sales forecast for the current quarter, as better-than-expected sales of communications chips added to the company's finances. The Dallas-based chipmaker said after the bell Monday that it expects to earn between 31 cents and 33 cents a share in its first quarter, compared with its previous guidance of 29 cents to 33 cents. Revenue for the quarter will range between $3.22 billion and $3.35 billion. That's a narrower range than its initial forecast of $3.11 billion to $3.38 billion in first-quarter sales. The midpoint of the new guidance is $3.28 billion vs. the previous $3.24 billion midpoint. Analysts have been expecting the company to come in at the high end of the guidance, with the average estimate calling for revenue of $3.27 billion and EPS of 32 cents, according to Thomson First Call. In early Friday trading, the stock slipped $1.26, or 3.9%, to $31.07. TI's shares had gained nearly 11% in the previous five days after the publication of a couple of bullish notes from Wall Street analysts suggesting that the company would boost its guidance. In a conference call with analysts after the announcement, TI investor relations chief Ron Slaymaker acknowledge TI has been hampered by a lack of back-end assembly and testing equipment, preventing the company from meeting all of its customer orders on time. "I can't say when we're going to be exactly on top of delinquencies, but in general we are making progress," said Slaymaker. According to him, TI has been adding testing and assembly equipment and was taking steps to build product inventory both within the company's own warehouses, as well as among its customers. While TI's guidance may not have been as strong as some on the Street were hoping, it follows the dire warning issued by Intel ( INTC) last week, in which the world's largest chipmaker said that sales in the first quarter could be as much as $500 million less than it initially anticipated.