TI reports second quarter 2023 financial results and shareholder returns

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, July 25, 2023 /PRNewswire/ -- Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported second quarter revenue of $4.53 billion, net income of $1.72 billion and earnings per share of $1.87.\nRegarding the company's performance and returns to shareholders, Haviv Ilan, TI's president and CEO, made the following comments:\n\"Revenue increased 3% sequentially and decreased 13% from the same quarter a year ago. Similar to last quarter, we experienced weakness across our end markets with the exception of automotive.\"Our cash flow from operations of $7.4 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300-mm production. Free cash flow for the same period was $3.2 billion and 17% of revenue.\"Over the past 12 months we invested $3.6 billion in R&D and SG&A, invested $4.2 billion in capital expenditures and returned $6.5 billion to owners.\"TI's third quarter outlook is for revenue in the range of $4.36 billion to $4.74 billion and earnings per share between $1.68 and $1.92. We continue to expect our 2023 effective tax rate to be about 13% to 14%.\"Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures.\nEarnings summary\n(In millions, except per-share amounts)\nQ2 2023\nQ2 2022\nChange \nRevenue\n$ 4,531\n$ 5,212\n(13) %\nOperating profit\n$ 1,972\n$ 2,723\n(28) %\nNet income\n$ 1,722\n$ 2,291\n(25) %\nEarnings per share\n$ 1.87\n$ 2.45\n(24) %\n \nCash generation\nTrailing 12 Months\n(In millions)\nQ2 2023\nQ2 2023\nQ2 2022\nChange \nCash flow from operations\n$ 1,399\n$ 7,367\n$ 8,697\n(15) %\nCapital expenditures\n$ 1,446\n$ 4,185\n$ 2,808\n49 %\nFree cash flow\n$ (47)\n$ 3,182\n$ 5,889\n(46) %\nFree cash flow % of revenue\n16.9 %\n30.1 %\n \nCash return\nTrailing 12 Months\n(In millions)\nQ2 2023\nQ2 2023\nQ2 2022\nChange \nDividends paid\n$ 1,125\n$ 4,424\n$ 4,127\n7 %\nStock repurchases\n$ 79\n$ 2,026\n$ 2,052\n(1) %\nTotal cash returned\n$ 1,204\n$ 6,450\n$ 6,179\n4 %\n \nTEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES\nConsolidated Statements of Income\nFor Three Months Ended\nJune 30,\n(In millions, except per-share amounts)\n2023\n2022\nRevenue\n$ 4,531\n$ 5,212\nCost of revenue (COR)\n1,6...

More updates from Texas Instruments Incorporated