Conference call on TI website at 3:30 p.m. Central time today

DALLAS, Jan. 24, 2023 — (PRNewswire) — Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported fourth quarter revenue of $4.67 billion, net income of $1.96 billion and earnings per share of $2.13. Earnings per share included an 11-cent benefit that was 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 decreased 11% sequentially and 3% from the same quarter a year ago. As we expected, our results reflect weaker demand in all end markets with the exception of automotive.
• "Our cash flow from operations of $8.7 billion for the year again underscored the strength of our business model. Free cash flow for the year was $5.9 billion and 30% of revenue. This reflects the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-mm production.
• "Over the past 12 months we invested $3.4 billion in R&D and SG&A, invested $2.8 billion in capital expenditures and returned $7.9 billion to owners.
• "TI's first quarter outlook is for revenue in the range of $4.17 billion to $4.53 billion and earnings per share between $1.64 and $1.90. We now expect our 2023 annual effective tax rate to be about 13% to 14%."

Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures.

Earnings summary

 

Cash generation

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