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Texas Instruments Reports Q1 2024 Financial Results and Shareholder Returns
DALLAS, April 23, 2024 /PRNewswire/ — Texas Instruments Incorporated (TI) (Nasdaq: TXN), a global semiconductor company, today announced its financial results for the first quarter of 2024. The earnings call is scheduled for 3:30 p.m. Central time and can be accessed on the TI website.
Financial Performance Overview
- Revenue: TI reported a decline in revenue, posting $3.66 billion this quarter compared to $4.38 billion in the same quarter the previous year, marking a 16% decrease year-over-year and a 10% drop sequentially.
- Net Income: The company's net income fell to $1.11 billion from $1.71 billion in Q1 2023, reflecting a 35% decrease.
- Earnings Per Share (EPS): EPS stood at $1.20, which includes a benefit of 10 cents from items not included in the company's original guidance.
Detailed Financial Results
- Operating Profit: Operating profit for Q1 2024 was $1.29 billion, a 34% decrease from $1.93 billion in the corresponding quarter last year.
- Cash Flow: The trailing twelve months showed a cash flow from operations at $6.3 billion. However, free cash flow was significantly lower at $940 million due to a substantial increase in capital expenditures, which surged 60% to $5.3 billion.
Shareholder Returns
Over the past 12 months, TI has been proactive in returning value to its shareholders:
- Dividends: Paid $1.18 billion, a 6% increase from the previous year.
- Stock Repurchases: $3 million, showing a significant decrease from $3.13 billion in the prior year.
- Total Cash Returned: $4.8 billion, down 36% compared to the previous year.
Segment Performance
- Analog: Revenue from the Analog segment was down 14% to $2.84 billion, with operating profit decreasing by 36%.
- Embedded Processing: This segment saw a 22% decline in revenue to $652 million, and operating profit fell by 56%.
- Other: Revenue in other segments dropped 33% to $173 million, though operating profit rose 41%, inclusive of restructuring charges and other items.
Future Outlook
For the second quarter of 2024, TI anticipates revenue to be in the range of $3.65 billion to $3.95 billion and expects earnings per share to be between $1.05 and $1.25. The company also expects to maintain an effective tax rate of about 13%.
Executive Comments
Haviv Ilan, President and CEO of TI, commented on the results, noting the strength of the company’s business model and the quality of its product portfolio, despite the downturn in revenue. He highlighted the strategic investments in research and development and capital expenditures, emphasizing their importance in strengthening the company's long-term position in the market.
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