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Texas Instruments Boosts Dividend 32% as Q3 Results Top Expectations

Wednesday, October 26, 2016 14:49
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texas-instruments-ti-logoSemiconductor giant Texas Instruments Incorporated (NASDAQ:TXN) late today posted better-than-expected earnings and provided a large boost to its quarterly dividend payout.

The Dallas-based company reported Q3 earnings of $0.94 per share, easily topping Wall Street’s view of $0.86. Revenue rose 7.2% from last year to $3.67 billion, also topping estimates for $3.48 billion.

Looking ahead, TXN forecast Q4 earnings of $0.76 to $0.86 per share, which straddles analysts’ view of $0.79. The company expects Q4 revenues to range from $3.17 to $3.43 billion, which could beat or miss Wall Street’s estimate of $3.3 billion.

T.I. also increased its quarterly dividend by 32% to 50 cents per share, or $2.00 on an annualized basis. The first of the newly-boosted dividends will be paid on November 21, 2016, with a record date of November 7, 2016.

The company commented via press release:

Revenue and earnings per share for the quarter were slightly above our expected range. Compared with a year ago, demand for our products continued to be strong in the automotive market and improved in the industrial market. Demand in the personal electronics market was about even with a year ago.

In our core businesses, Embedded Processing revenue grew 10 percent and Analog revenue grew 6 percent from the same quarter a year ago. Operating margin increased in both businesses.

Gross margin of 62.0 percent reflected the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter Analog production.

Texas Instruments shares rose slightly in after-hours trading following today’s report, up $0.04 (+0.06%) to $71.75. At today’s close, TXN had gained more than 30% year-to-date.


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