TI reports 3Q13 financial results and shareholder returns

 

Capital expenditures for the last 12 months were 3 percent of revenue.

 

Cash return

Amounts are in millions of dollars.




Trailing 12 Months


3Q13


3Q13

Percentage of

Free Cash Flow

Dividends paid

$     308


$   1,084

38%

Stock repurchases

$     734


$   2,734

95%

 Total cash returned

$  1,042


$   3,818

133%

 

Outlook

For the fourth quarter of 2013, TI expects:

  • Revenue: $2.86 – 3.10 billion
  • Earnings per share: $0.42 – 0.50

TI will update its fourth-quarter outlook on December 9, 2013.

For the full year of 2013, TI continues to expect approximately the following:

  • R&D expense: $1.5 billion
  • Capital expenditures: $0.5 billion
  • Depreciation: $0.9 billion
  • Annual effective tax rate: 24 percent

 

Consolidated Statements of Income

(Millions of dollars, except share and per-share amounts)






For Three Months Ended



Sept. 30,

2013


Sept. 30,

2012


Jun. 30,

2013








Revenue


$       3,244


$       3,390


$       3,047

Cost of revenue


1,465


1,650


1,477

Gross profit


1,779


1,740


1,570

Research and development (R&D)


368


463


389

Selling, general and administrative (SG&A)


465


453


471

Acquisition charges


86


106


86

Restructuring charges/other


16


(122)


(282)

Operating profit


844


840


906

Other income (expense), net


(4)


24


--

Interest and debt expense


24


21


24

Income before income taxes


816


843


882

Provision for income taxes


187


59


222

Net income


$          629


$          784


$          660








Earnings per common share:







   Basic


$           .56


$           .68


$           .59

   Diluted


$           .56


$           .67


$           .58








Average shares outstanding (millions):







   Basic


1,096


1,130


1,103

   Diluted


1,111


1,141


1,117








Cash dividends declared per share of common stock


$           .28


$           .17


$           .28








Percentage of revenue:







Gross profit


54.8%


51.3%


51.5%

R&D


11.3%


13.6%


12.8%

SG&A


14.4%


13.4%


15.5%

Operating profit


26.0%


24.8%


29.7%


As required by accounting rule ASC 260, net income allocated to unvested restricted stock units (RSUs), on which we pay dividend equivalents, is excluded from the calculation of EPS.  The amount excluded is $11 million, $14 million and $11 million for the quarters ending September 30, 2013, September 30, 2012, and June 30, 2013, respectively.


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