Texas Instruments Inc. Reports Operating Results (10-Q)

Texas Instruments Inc. (NASDAQ:TXN) filed Quarterly Report for the period ended 2012-06-30.

Texas Instruments Incorporated has a market cap of $31.29 billion; its shares were traded at around $28.205 with a P/E ratio of 15.5 and P/S ratio of 2.3. The dividend yield of Texas Instruments Incorporated stocks is 2.5%. Texas Instruments Incorporated had an annual average earning growth of 15.2% over the past 10 years. GuruFocus rated Texas Instruments Incorporated the business predictability rank of 2-star.

Highlight of Business Operations:

Although we believe customers and distributors have low inventory levels, the global economic environment is causing both to become increasingly cautious in placing new orders. Our backlog grew last quarter but orders slowed in the month of June and our backlog coverage for September is lower than normal. As a result of this increased uncertainty, we currently estimate that our revenue in the third quarter will be about even with last quarter and below our seasonal average growth rate. If customer demand increases as the quarter progresses, we are ready to support higher shipments with short product lead times, a strong inventory position and available manufacturing capacity.

Analog revenue increased 12 percent from the year-ago period due to the inclusion of SVA. Partially offsetting this increase was lower revenue, primarily from HPA. For the first six months of 2012, operating profit decreased 11 percent from the year-ago period as higher gross profit was offset by higher operating expenses.

For the first six months of 2012, investing activities provided cash of $591 million. In the year-ago period, investing activities used cash of $479 million. Proceeds from net sales and maturities of our short-term investments provided cash of $809 million compared with $72 million of cash used in net purchases in the year-ago period. Capital expenditures in the first six months of 2012 totaled $249 million compared with $470 million in the year-ago period. These expenditures were primarily for assembly/test equipment and, to a lesser extent, analog wafer manufacturing equipment.

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