NEW YORK ( TheStreet) -- Texas Instruments ( TXN) shares crept up 0.11% to $34.85 in extended trading after the chipmaker beat Wall Street's first-quarter forecasts. The Dallas-based firm posted first-quarter revenue of $2.89 billion, down from $3.12 billion in the same period last year but above Wall Street's forecast of $2.85 billion.
Texas Instruments earned 32 cents a share, up from 22 cents a share in the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for earnings of 30 cents a share. "Our revenue and earnings ended the quarter at the high end of our expected range," wrote Rich Templeton, the Texas Instruments CEO, in a statement released after market close. "Customers continued to operate in a real-time mode, maintaining minimal component inventory and ordering parts as they were needed. Our short product lead times, well-positioned inventory and ready manufacturing capacity allow us to respond rapidly to changes in demand."
Templeton added that Texas Instruments' Analog and Embedded Processing business units contributed some 77% of the firm's first-quarter revenue, five percentage points higher than the same period last year. The company also delivered robust guidance, projecting revenue between $2.93 billion and $3.17 billion and earnings between 37 cents a share and 45 cents a share. Analysts surveyed by Thomson Reuters were looking for revenue of $3.04 billion and earnings of 38 cents a share. -- Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org