Conference call on TI website at 3:30 p.m. Central time today
DALLAS, April 26, 2022 — (PRNewswire) — Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported first quarter revenue of $4.91 billion, net income of $2.20 billion and earnings per share of $2.35. Earnings per share included a 2-cent benefit for items that were not in the company's original guidance.Regarding the company's performance and returns to shareholders, Rich Templeton, TI's chairman, president and CEO, made the following comments:
- "Revenue increased 14% from the same quarter a year ago primarily due to growth in industrial and automotive.
- "Our cash flow from operations of $9.1 billion for the trailing 12 months again underscored the strength of our business model. Free cash flow for the same period was $6.5 billion and 34% of revenue. This reflects the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter production.
- "Over the past 12 months we invested $3.2 billion in R&D and SG&A, invested $2.6 billion in capital expenditures and returned $5.0 billion to owners.
- "TI's second quarter outlook is for revenue in the range of $4.20 billion to $4.80 billion and earnings per share between $1.84 and $2.26. This outlook comprehends an impact due to reduced demand from COVID-19 restrictions in China. We continue to expect our 2022 annual operating tax rate to be about 14%."
Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures.
Earnings summary
Amounts are in millions of dollars, except per-share amounts.
|
| Q1 2022 |
| Q1 2021 |
| Change |
| ||
Revenue |
| $ | 4,905 |
| $ | 4,289 |
| 14% |
|
Operating profit |
| $ | 2,563 |
| $ | 1,939 |
| 32% |
|
Net income |
| $ | 2,201 |
| $ | 1,753 |
| 26% |
|
Earnings per share |
| $ | 2.35 |
| $ | 1.87 |
| 26% |
|
Cash generation
Amounts are in millions of dollars.
|
|
|
|
| Trailing 12 Months | |||||||
|
| Q1 2022 |
| Q1 2022 |
| Q1 2021 |
| Change |
| |||
Cash flow from operations |
| $ | 2,144 |
| $ | 9,050 |
| $ | 7,138 |
| 27% |
|
Capital expenditures |
| $ | 443 |
| $ | 2,597 |
| $ | 796 |
| 226% |
|
Free cash flow |
| $ | 1,701 |
| $ | 6,453 |
| $ | 6,342 |
| 2% |
|
Free cash flow % of revenue |
|
|
|
|
| 34.0% |
|
| 41.1% |
|
|
|