Rochester, NY 7/30/2009 6:17:13 PM
Texas Instruments, TXN - Posted Report for Quarter Result
TEXAS INSTRUMENTS
TEXAS INSTRUMENTS, TXN
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For Faulkner's preview headline into the Texas Instruments conference call. After increasing its guidance in early June, Texas Instruments reported results Monday after the close that were in the top half of expectations. Importantly, guidance for the September quarter is well above Street consensus. Revenue in the quarter was $2.46 billion (down 27% year over year but up 18% quarter over quarter), with GAAP EPS of 20 cents.
The gross margin was 45.7%, down 650 basis points from last year but up about 700 basis points from the prior quarter as factory utilization increased to meet higher demand. The operating margin was 14.0%, down about 11% points from last year but up about 13.5% points from the first quarter as opex controls deliver more margin leverage. The company's cash from operations was $560 million, more than double that of the first quarter.
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