Conference call on TI website at 3:30 p.m. Central time today
DALLAS, July 26, 2022 — (PRNewswire) — Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported second quarter revenue of $5.21 billion, net income of $2.29 billion and earnings per share of $2.45.Regarding the company's performance and returns to shareholders, Rich Templeton, TI's chairman, president and CEO, made the following comments:
- "Revenue increased 14% from the same quarter a year ago due to growth across markets.
- "Our cash flow from operations of $8.7 billion for the trailing 12 months again underscored the strength of our business model. Free cash flow for the same period 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-millimeter production.
- "Over the past 12 months we invested $3.2 billion in R&D and SG&A, invested $2.8 billion in capital expenditures and returned $6.2 billion to owners.
- "TI's third quarter outlook is for revenue in the range of $4.90 billion to $5.30 billion and earnings per share between $2.23 and $2.51. We expect our 2022 effective tax rate to be about 14%."
Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures.
Earnings summary
Amounts are in millions of dollars, except per-share amounts.
|
|
| Q2 2022 |
| Q2 2021 |
| Change |
| ||
Revenue |
| $ | 5,212 |
| $ | 4,580 |
| 14 % |
|
Operating profit |
| $ | 2,723 |
| $ | 2,213 |
| 23 % |
|
Net income |
| $ | 2,291 |
| $ | 1,931 |
| 19 % |
|
Earnings per share |
| $ | 2.45 |
| $ | 2.05 |
| 20 % |
|
Cash generation
Amounts are in millions of dollars.
|
|
|
|
| Trailing 12 Months |
| |||||||
|
|
| Q2 2022 |
| Q2 2022 |
| Q2 2021 |
| Change |
| |||
| Cash flow from operations |
| $ | 1,768 |
| $ | 8,697 |
| $ | 7,539 |
| 15 % |
|
| Capital expenditures |
| $ | 597 |
| $ | 2,808 |
| $ | 1,052 |
| 167 % |
|
| Free cash flow |
| $ | 1,171 |
| $ | 5,889 |
| $ | 6,487 |
| (9) % |
|
| Free cash flow % of revenue |
|
|
| 30.1 % |
| 38.7 % |
|
|
| |||
