Texas Instruments (TXN) Misses Street's Q1 Views, Shares Falling
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Texas Instruments Inc. (NYSE: TXN) announced Monday first-quarter results missed the Street's expectations as the earthquake in Japan disrupted local demand for the company's products.
The semiconductor maker reported first-quarter earnings of 55 cents per share, 3 cents below the analyst estimate of 58 cents per share. The quarterly profit was up about 5.8 percent versus the same period last year.
Revenue for the company rose 6 percent from $3.2 billion to $3.39 billion, falling just short of the market consensus of $3.4 billion.
TI's analog revenue rose 12 percent to $1.54 billion, while Embedded processing sales increased 21 percent to $533 million. Wireless sales fell 8 percent to $658 million.
"2011 started strong, with customer demand in January and February tracking our expectations for a first quarter of above-seasonal growth," said Rich Templeton, TI chairman, president and CEO. "But the Japan earthquake that's taken such a heartbreaking human toll in the country also disrupted local demand starting in mid-March and impaired operations at two of our factories there. This impact and substantially weaker demand for Wireless baseband chips resulted in revenue that was below the middle of our expected range."
Looking forward, TI sees second-quarter earnings of $0.52-$0.60 per share on sales of $3.41-$3.69 billion. The Street is looking for more robust earnings of 63 cents per share on sales $3.53 billion.
Shares of TI are down 1.12 percent to $34.38 in aftermarket trade Monday.
The semiconductor maker reported first-quarter earnings of 55 cents per share, 3 cents below the analyst estimate of 58 cents per share. The quarterly profit was up about 5.8 percent versus the same period last year.
Revenue for the company rose 6 percent from $3.2 billion to $3.39 billion, falling just short of the market consensus of $3.4 billion.
TI's analog revenue rose 12 percent to $1.54 billion, while Embedded processing sales increased 21 percent to $533 million. Wireless sales fell 8 percent to $658 million.
"2011 started strong, with customer demand in January and February tracking our expectations for a first quarter of above-seasonal growth," said Rich Templeton, TI chairman, president and CEO. "But the Japan earthquake that's taken such a heartbreaking human toll in the country also disrupted local demand starting in mid-March and impaired operations at two of our factories there. This impact and substantially weaker demand for Wireless baseband chips resulted in revenue that was below the middle of our expected range."
Looking forward, TI sees second-quarter earnings of $0.52-$0.60 per share on sales of $3.41-$3.69 billion. The Street is looking for more robust earnings of 63 cents per share on sales $3.53 billion.
Shares of TI are down 1.12 percent to $34.38 in aftermarket trade Monday.
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