Texas Instruments (TXN) Reports Strong Q4 Sales; Closing Hiji, Houston Plants
Revenue for the quarter came in at $3.42 billion versus the consensus estimate of $3.25 billion.
Texas Instruments sees Q1 2012 EPS of $0.16-$0.24, versus the consensus of $0.31. This figure includes 10 cents per share in charges. Sees Q1 2012 revenue of $3.02-$3.28 billion, versus the consensus of $3.22 billion.
TI said the closing of its Hiji, Japan and Houston, Texas plants will reduce employment by about 1,000, or 3%. Total restructuring charges for these activities are estimated to be about $215 million. These estimated charges include about $135 million associated with severance and related benefits, about $30 million for accelerated depreciation of plant assets and about $50 million for other costs to exit contracts or dispose of assets.
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