Texas Instruments Q2 Profit Tops Estimate

(RTTNews) - Texas Instruments Inc. (TXN) reported net income for the second quarter of $660 million or $0.58 per share, compared to $446 million or $0.38 per share for the year-ago quarter.

The latest quarter results include a gain associated with the transfer of wireless connectivity technology to a customer and higher-than-expected charges associated with previously announced restructuring. The net impact of those items was a benefit of $0.16 to EPS.

Revenue for the second quarter fell 9% to $3.05 billion from $3.34 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.41 per share on revenue of $3.06 billion for the second quarter. Analysts' estimates typically exclude special items. Looking forward to the third quarter, the company forecast revenue of $3.09 billion to $3.35 billion and earnings of $0.49 to $0.57 per share. Analysts currently expect the company to earn $0.51 per share on revenue of $3.20 billion for the third quarter.