TI Narrows Forecast, Raises Midpoint

Texas Insturments tightenS its previous first-quarter forecast and raises the midpoint of its revenue projection.
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SAN FRANCISCO -- These days, good news exists in "at least it's not worse." Texas Instruments (TXN) - Get Report tightened its previous first-quarter forecast -- and even raised the midpoint of its revenue projection.

The Dallas-based chipmaker said Monday that it now expects first-quarter revenue of $1.79 billion to $2.05 billion, compared with a prior projection of $1.62 billion to $2.12 billion given in late January.

The new midpoint comes in at $1.92 billion, above Wall Street's consensus forecast of revenue of $1.86 billion.

TI said it now anticipates that earnings per share will range from break-even to an 8-cent loss. It had previously set expectations for anything from an 11-cent loss to a 3-cent profit.

The EPS estimate includes a 4-cents-a-share hit from about $80 million of estimated restructuring charges. Previously, the company had estimated restructuring charges of about $50 million in the quarter, or 3 cents a share. Analysts expect a loss of 2 cents per share.

TI said in January that it would cut its workforce by about 12%.

Shares of TI, which have climbed nearly 7% since March 2, were off 2 cents on Monday to $14.69.