TI reports 3Q16 financial results and shareholder returns, including 32% dividend increase

 

Capital expenditures for the past 12 months were 4 percent of revenue, consistent with TI's long-term expectations.

Cash return

Amounts are in millions of dollars.






Trailing 12 Months



3Q16


3Q16


3Q15


Change

Dividends paid


$    382


$   1,533


$   1,414


8%

Stock repurchases


$    500


$   2,284


$   2,812


-19%

Total cash returned


$    882


$   3,817


$   4,226


-10%

 


TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

(Millions of dollars, except share and per-share amounts)




For Three Months Ended




September 30,




2016


2015


Revenue


$

3,675


$

3,429


Cost of revenue (COR)



1,395



1,432


Gross profit



2,280



1,997


Research and development (R&D)



356



316


Selling, general and administrative (SG&A)



448



434


Acquisition charges



80



83


Restructuring charges/other



1




Operating profit



1,395



1,164


Other income (expense), net (OI&E)



4



6


Interest and debt expense



18



22


Income before income taxes



1,381



1,148


Provision for income taxes



413



350


Net income


$

968


$

798










Diluted earnings per common share


$

.94


$

.76










Average diluted shares outstanding (millions)



1,017



1,035










Cash dividends declared per common share


$

.38


$

.34










As a result of accounting rule ASC 260, which requires a portion of Net income to be allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents, diluted EPS is calculated using the following:











Net income


$

968


$

798


Income allocated to RSUs



(11)



(11)


Income allocated to common stock for diluted EPS


$

957


$

787



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