Sunday, April 17, 2011

Texas Instruments Posts Strong Q1 Revenue of $3.39 Billion

Texas Instruments (TI) reported Q1 revenue of $3.39 billion, net income of $666 million and earnings per share of 55 cents. Orders were $3.58 billion, down 2 percent from a year ago and up 14 percent from the prior quarter.

"2011 started strong, with customer demand in January and February tracking our expectations for a first quarter of above-seasonal growth," said Rich Templeton, TI chairman, president and chief executive officer. "But the Japan earthquake that's taken such a heartbreaking human toll in the country also disrupted local demand starting in mid-March and impaired operations at two of our factories there. This impact and substantially weaker demand for Wireless baseband chips resulted in revenue that was below the middle of our expected range. The lower revenue combined with expenses resulting from the earthquake affected earnings per share. New orders, however, were strong through the quarter, indicative of the underlying strength in our markets.