Texas Instruments beats by $0.09, beats on revs; guides Q1 EPS, rev midpoint above consensus; promotes Brian Crutcher to COO
- Reports Q4 (Dec) earnings of $0.91 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $0.82; revenues rose 7.1% year/year to $3.41 bln vs the $3.32 bln Capital IQ Consensus.
- "Revenue increased 7% from the same quarter a year ago, as demand for our products remained strong in the automotive market. The improvement we saw in the third quarter for the industrial market continued. Demand in the personal electronics market was down slightly from a year ago. "In our core businesses, Analog revenue grew 10% and Embedded Processing grew 6% from the same quarter a year ago. Operating margin increased in both businesses.
- "Gross margin of 62.5% in the fourth quarter reflected the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter Analog production.
- "Our cash flow from operations of $4.6 billion for the year again underscored the strength of our business model. Free cash flow for the year was up 6% from a year ago to $4.1 billion, and represents 30.5% of revenue, up from 29.6% a year ago.
- Co issues guidance for Q1, sees EPS of $0.78-0.88, excluding non-recurring items, vs. $0.78 Capital IQ Consensus Estimate; sees Q1 revs of $3.17-3.43 bln vs. $3.21 bln Capital IQ Consensus Estimate.
- TI said Brian Crutcher has been promoted to chief operating officer. Crutcher, 44, is a 21-year veteran of the company and has been executive vice president responsible for all business and sales operations, as well as for Kilby Labs and information technology. As COO, he adds oversight of TI's global technology and manufacturing operations to his current duties.