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

DALLAS, April 25, 2023 — (PRNewswire) — Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported first quarter revenue of $4.38 billion, net income of $1.71 billion and earnings per share of $1.85. Earnings per share included a 3-cent benefit for items that were not in the company's original guidance.

Regarding the company's performance and returns to shareholders, Haviv Ilan, TI's president and CEO, made the following comments:

• "Revenue decreased 6% sequentially and decreased 11% from the same quarter a year ago. During the quarter we experienced weakness across our end markets with the exception of automotive, as expected.
• "Our cash flow from operations of $7.7 billion for the trailing 12 months again underscored the strength of our business model. Free cash flow for the same period was $4.4 billion and 23% 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 $3.5 billion in R&D and SG&A, invested $3.3 billion in capital expenditures and returned $7.5 billion to owners.
• "TI's second quarter outlook is for revenue in the range of $4.17 billion to $4.53 billion and earnings per share between $1.62 and $1.88. We continue to expect our 2023 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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