Texas Instruments Q3 Profit Tops Estimates

(RTTNews) - Texas Instruments Incorporated (TXN) reported third-quarter results, which beat analysts' projections both in terms of profit and revenue. The company said, while its overall demand remained weak, revenue was stronger than it expected. Texas Instruments noted that its third-quarter gross margin was 58.2 percent of revenue, reflecting the quality of its product portfolio, as well as the efficiency of manufacturing strategy, including the benefit of 300-millimeter analog production. The company's fourth-quarter outlook is for revenue in the range of $3.07 billion to $3.33 billion, and earnings per share between 64 and 74 cents.

Third-quarter net income was $798 million or $0.76 per share compared to $826 million or $0.76 per share, previous year. On average, 32 analysts polled by Thomson Reuters expected the company to report profit per share of $0.68 for the quarter. Analysts' estimates typically exclude special items.

Revenue was $3.43 billion compared to $3.50 billion, prior year. Analysts expected revenue of $3.28 billion for the quarter.