TI reports 2Q18 financial results and shareholder returns

 

Cash return

Amounts are in millions of dollars.






Trailing 12 Months




2Q18



2Q18



2Q17


Change

Dividends paid


$

606


$

2,323


$

1,879


24%

Stock repurchases


$

1,018


$

3,247


$

2,175


49%

Total cash returned


$

1,624


$

5,570


$

4,054


37%


 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

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




For Three Months Ended



June 30,



2018


2017

Revenue


$

4,017


$

3,693

Cost of revenue (COR)



1,398



1,319

Gross profit



2,619



2,374

Research and development (R&D)



384



378

Selling, general and administrative (SG&A)



441



434

Acquisition charges



79



79

Restructuring charges/other



3



3

Operating profit



1,712



1,480

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



24



26

Interest and debt expense



30



20

Income before income taxes



1,706



1,486

Provision for income taxes



301



430

Net income


$

1,405


$

1,056








Diluted earnings per common share


$

1.40


$

1.03








Average shares outstanding (millions):







Basic



977



994

Diluted



997



1,015








Cash dividends declared per common share


$

.62


$

.50









Supplemental Information

(Quarterly, except as noted)


Provision for income taxes is based on the following:


Operating taxes (calculated using the estimated annual effective tax rate)


$

344


$

458

Discrete tax items



(43)



(28)

Provision for income taxes (effective taxes)


$

301


$

430


Annual operating tax rate



20%



31%

Effective tax rate



18%



29%


A portion of Net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted EPS is calculated using the following:


Net income


$

1,405


$

1,056

Income allocated to RSUs



(11)



(10)

Income allocated to common stock for diluted EPS


$

1,394


$

1,046



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