Chipmaker Texas Instruments (TXN) late Tuesday cruised past Wall Street's targets for the second quarter and guided analysts higher for the third quarter. The earnings report pushed TXN stock higher in extended trading. The Dallas-based company earned $1.48 a share on sales of $3.24 billion in the June quarter. Analysts expected Texas Instruments earnings of 87 cents a share on sales of $2.94 billion. In the year-earlier period, Texas Instruments earned $1.36 a share on sales of $3.67 billion. TI's second-quarter earnings per share included a 33-cent benefit for items that were not in the company's original guidance. "Revenue decreased 12% from the same quarter a year ago, driven primarily by weakness in the automotive market," Chief Executive Rich Templeton said in the TI earnings news release. "In our core businesses, Analog revenue declined 4% and Embedded Processing declined 31% from the same quarter a year ago." Texas Instruments Outlook Better Than Expected Texas Instruments has posted seven straight quarters of declining revenue on a year-over-year basis. For the current quarter, Texas Instruments expects to earn $1.24 a share on sales of $3.4 billion. That's based on the midpoint of its third-quarter outlook. Analysts were looking for TI earnings of 99 cents a share on sales of $3.09 billion. In the same quarter last year, Texas Instruments earned $1.49 a share on sales of $3.77 billion.
|