Press release
TI reports Q4 2020 and 2020 financial results and shareholder returns
Conference call on TI website at 3:30 p.m. Central time today www.ti.com/ir DALLAS, Jan. 26, 2021 /PRNewswire/ -- Texas Instruments Incorporated (TI) (Nasdaq:
About this update from Texas Instruments Incorporated
[{"type":"text","content":"Conference call on TI website at 3:30 p.m. Central time today\n www.ti.com/ir\n\n\nDALLAS, Jan. 26, 2021 /PRNewswire/ -- Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported fourth quarter revenue of $4.08 billion, net income of $1.69 billion and earnings per share of $1.80. Earnings per share included a 16-cent benefit for items that were not in the company's original guidance.\nRegarding the company's performance and returns to shareholders, Rich Templeton, TI's chairman, president and CEO, made the following comments:\n\"Revenue increased 7% sequentially, driven by strong demand in automotive, personal electronics and industrial markets. Revenue increased 22% from the same quarter a year ago. \"In our core businesses, Analog revenue grew 9% and Embedded Processing grew 11% sequentially. From a year ago, Analog revenue grew 25% and Embedded Processing grew 14%. \"Our cash flow from operations of $6.1 billion for the year again underscored the strength of our business model. Free cash flow for the year was $5.5 billion and 38% of revenue. This reflects the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter Analog production. \"We returned $6.0 billion to owners in 2020 through dividends and stock repurchases. For the year, our dividend represented 62% of free cash flow, underscoring its sustainability. Together, our dividends and stock repurchases reflect our continued commitment to return all free cash flow to our owners. \"TI's first quarter outlook is for revenue in the range of $3.79 billion to $4.11 billion and earnings per share between $1.44 and $1.66. We continue to expect our 2021 annual operating tax rate to be about 14%.\"Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures.\nEarnings summary\nAmounts are in millions of dollars, except per-share amounts.\nQ4 2020\nQ4 2019\nChange\nRevenue\n$\n4,076\n$\n3,350\n22%\nOperating profit\n$\n1,813\n$\n1,249\n45%\nNet income\n$\n1,688\n$\n1,070\n58%\nEarnings per share\n$\n1.80\n$\n1.12\n61%\n \nCash generation\nAmounts are in millions of dollars.\nTrailing 12 Months\nQ4 2020\nQ4 2020\nQ4 2019\nChange\nCash flow from operations\n$\n2,125\n$\n6,139\n$\n6,649\n(8)%\nCapital expenditures\n$\n212\n$\n649\n$\n847\n(23)%\nFree cash flow\n$\n1,...