TI reports second quarter 2020 financial results and shareholder returns

Conference call on TI website at 3:30 p.m. Central time today

DALLAS, July 21, 2020 — (PRNewswire) — Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported second quarter revenue of $3.24 billion, net income of $1.38 billion and earnings per share of $1.48. Earnings per share include a 33-cent benefit for items that were not in the company's original guidance.

Regarding the company's performance and returns to shareholders, Rich Templeton, TI's chairman, president and CEO, made the following comments:

  • "Revenue decreased 12% from the same quarter a year ago, driven primarily by weakness in the automotive market.
  • "In our core businesses, Analog revenue declined 4% and Embedded Processing declined 31% from the same quarter a year ago. Analog and Embedded Processing both had positive sequential growth in the second quarter excluding the automotive market.
  • "Our cash flow from operations of $6.3 billion for the trailing 12 months again underscored the strength of our business model. Free cash flow for the same period was $5.7 billion and 42% 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 have returned $6.7 billion to owners in the past 12 months through stock repurchases and dividends. Over the same period, our dividends represented 56% of free cash flow, underscoring their sustainability. Together, our stock repurchases and dividends reflect our continued commitment to return all free cash flow to our owners.
  • "TI's third quarter outlook is for revenue in the range of $3.26 billion to $3.54 billion, and earnings per share between $1.14 and $1.34."

Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures.

Earnings summary

Amounts are in millions of dollars, except per-share amounts.


Q2 2020


Q2 2019


Change

Revenue

$

3,239


$

3,668


(12)%

Operating profit

$

1,228


$

1,506


(18)%

Net income

$

1,380


$

1,305


6%

Earnings per share

$

1.48


$

1.36


9%

 

Cash generation

Amounts are in millions of dollars.




Trailing 12 Months


Q2 2020


Q2 2020


Q2 2019


Change

Cash flow from operations

$

1,720


$

6,317


$

7,154


(12)%

Capital expenditures

$

130


$

603


$

1,228


(51)%

Free cash flow

$

1,590


$

5,714


$

5,926


(4)%

Free cash flow % of revenue



41.7%


38.9%




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