Texas Instruments ’earnings per share for the fourth quarter of 2012 were 23 cents, which included the 6-cent branch of the 2011 acquisition of National Semiconductor and the company ’s restructuring expenses. Earnings per share for the quarter also included a 23-cent branch of the reorganized wireless business, and also included 15 cents of independent tax benefits and related interest. Excluding the above items, not in accordance with generally accepted accounting principles, Texas Instruments ’earnings per share for the quarter were 36 cents.
Fourth quarter performance summary:
The company's revenue for the fourth quarter of 2012 was US $ 2.98 billion, down 13% from US $ 3.42 billion in the fourth quarter of 2011.
Operating profit was US $ 139 million, a 62% decline from US $ 365 million in the fourth quarter of 2011.
Net profit was US $ 264 million, down 11% from US $ 298 million in the fourth quarter of 2011.
Earnings per share was 23 cents, down 8% from 25 cents in the fourth quarter of 2011.
Cash flow from operating activities was US $ 1.09 billion, an increase of 12% from US $ 970 million in the fourth quarter of 2011.
Expenses related to the acquisition of National Semiconductor Corporation in 2011 were $ 88 million, mainly due to depreciation of intangible assets. The reorganized wireless business included $ 351 million in restructuring and other related expenses, including $ 90 million in goodwill impairment without tax incentives, and $ 12 million in costs related to the closure of several old factories.
Compared with the same period of last year, due to the decline in revenue and low operating rates, gross profit declined. Compared with the third quarter of 2012, gross profit also declined.
Summary of 2012 annual results:
The company's revenue for 2012 was US $ 12.83 billion, down 7% from US $ 13.74 billion in 2011.
Operating profit was US $ 1.97 billion, a 34% decline from US $ 2.99 billion in 2011.
Net profit was US $ 1.76 billion, down 21% from US $ 2.24 billion in 2011.
The full-year earnings per share was US $ 1.51, down 20% from US $ 1.88 in 2011.
Cash flow from operating activities was US $ 3.414 billion, an increase of 5% from US $ 3.256 billion in 2011.
Performance Outlook:
Texas Instruments expects the company's revenue in the first quarter of 2013 to be between US $ 2.69 billion and US $ 2.91 billion, with earnings per share between US $ 0.24 and US $ 0.32. According to the middle of the estimated range, revenue will decline by 179 million dollars from the previous month. Of this, $ 135 million, about 75%, comes from wireless products related to smartphones and tablets.
Acquisition and restructuring expenses have an impact on earnings per share of 6 cents in the first quarter of 2013.
Texas Instruments estimates that the company's R & D expenses for 2013 will be US $ 1.6 billion, capital expenditures will be US $ 500 million, and depreciation expenses will be US $ 900 million. The annual effective tax rate is 22%.
Executive comments:
Rich Templeton, chairman, president and chief executive of Texas Instruments, said, "The company is still facing a low-demand market environment. It is expected that future demand will remain limited, with short lead times and customers unwilling to increase inventory. On the positive side, we believe that customers and channels are operating with low inventory. "
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