Texas Instruments beats 4Q profit forecasts
Jan. 27, 2016
DALLAS (AP) — Texas Instruments Inc. (TXN) on Wednesday reported fourth-quarter earnings of $836 million.
The Dallas-based company said it had net income of 80 cents per share. Earnings, adjusted for non-recurring gains, came to 71 cents per share.
The results topped Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.
The chipmaker posted revenue of $3.19 billion in the period, which missed Street forecasts. Fourteen analysts surveyed by Zacks expected $3.2 billion.
For the year, the company reported profit of $2.99 billion, or $2.82 per share. Revenue was reported as $13 billion.
For the current quarter ending in April, Texas Instruments said it expects revenue in the range of $2.85 billion to $3.09 billion. Analysts surveyed by Zacks had expected revenue of $3.13 billion.
Texas Instruments shares have declined nearly 8 percent since the beginning of the year, while the Standard & Poor's 500 index has declined almost 8 percent. In the final minutes of trading on Wednesday, shares hit $50.67, a fall of roughly 8 percent in the last 12 months. The stock added 2.6 percent in after-hours trading, to $52.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TXN at http://www.zacks.com/ap/TXN
Keywords: Texas Instruments, Earnings Report