Texas Instruments: Wait Until Next Quarter
(Texas Instruments earnings story updated with additional details.)
DALLAS, Texas (TheStreet) -- Texas Instruments (TXN) - Get Report has provided a consensus-topping second-quarter forecast after posting strong improvement in first quarter earnings.
For the second quarter, Texas Instruments expects earnings of 56 cents to 64 cents a share on revenue of $3.31 billion to $3.59 billion, above the average analyst estimate of 53 cents a share on revenue of $3.22 billion.
The company says that production output is at an all-time high and capacity is increasing each quarter in 2010 as Texas Instruments adds 200-millimeter equipment purchased last year and ramps up the industry's first 300-millimeter analog facility, from which it will start shipments in the fourth quarter.
Texas Instruments has reported net income of $658 million, or 52 cents a share, versus $17 million, or a penny a share, the year before. First-quarter revenue was at $3.21 billion vs. $2.086 billion the previous year.
The consensus estimate for the quarter was 51 cents a share on revenue of $3.13 billion.
"This was the fourth quarter of excellent sequential increases, with the combined revenue of our Analog and Embedded Processing businesses setting a new record level," Texas Instrument chief Rich Templeton said in a written statement.
-- Reported by Andrea Tse in New York
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