Texas Instruments (TXN) Tops Q4 Views; to Layoff 12% of Workforce; Guides Q1
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Texas Instruments (NYSE: TXN) reports Q4 EPS of $0.21, ex-items, versus the analyst estimate of $0.12. Revenue for the quarter was $2.49 billion, versus the consensus of $2.37 billion.
TI also announced it is making reductions in employment because demand has continued to weaken with the slowing economy. Employment will be reduced 12 percent through 1800 layoffs and 1600 voluntary retirements and departures. Charges for these employment reductions will be about $300 million. Annualized savings from these reductions, plus those announced in October for the restructuring of the company's Wireless business, will be about $700 million after all reductions are complete in the third quarter of 2009.
Sees Q1 loss of $0.11 to a profit of $0.03, or a loss of $0.08 and profit of $0.06 ex-items, versus the consensus of a $0.04 gain. Sees Q1 sales of $1.62-$2.12 billion, versus the Street estimate of $2.10 billion.
Texas Instruments Incorporated engages in the design, manufacture, marketing, and sale of high-technology components in the United States and internationally.
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