TI reports third quarter 2023 financial results and shareholder returns

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

DALLAS, Oct. 24, 2023 — (PRNewswire) — Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported third quarter revenue of $4.53 billion, net income of $1.71 billion and earnings per share of $1.85. Earnings per share included a 5-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 was flat sequentially and decreased 14% from the same quarter a year ago. During the quarter, automotive growth continued and industrial weakness broadened.
  • "Our cash flow from operations of $6.5 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300-mm production. Free cash flow for the same period was $1.6 billion.
  • "Over the past 12 months we invested $3.7 billion in R&D and SG&A, invested $4.9 billion in capital expenditures and returned $5.6 billion to owners.
  • "TI's fourth quarter outlook is for revenue in the range of $3.93 billion to $4.27 billion and earnings per share between $1.35 and $1.57. 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

(In millions, except per-share amounts)


Q3 2023


Q3 2022


Change 

Revenue


$

4,532


$

5,241


(14) %

Operating profit


$

1,892


$

2,678


(29) %

Net income


$

1,709


$

2,295


(26) %

Earnings per share


$

1.85


$

2.47


(25) %

 

Cash generation






Trailing 12 Months

(In millions)


Q3 2023


Q3 2023


Q3 2022


Change 

Cash flow from operations


$

1,937


$

6,538


$

9,035


(28) %

Capital expenditures


$

1,495


$

4,890


$

3,112


57 %

Free cash flow


$

442


$

1,648


$

5,923


(72) %

Free cash flow % of revenue






9.1 %



29.3 %




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