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Texas Instruments profit up, forecast disappoints
2008-04-21
Texas Instruments (TXN.N) posted a higher quarterly profit on Monday, but forecast second quarter results that fell short of Wall Street expectations, citing economic uncertainty in the near term. The chipmaker's shares fell nearly 2 percent in extended trading after it also cited weaker sales of chips for cell phones, particularly high-end models. "We have become more conservative with our outlook for the second quarter," Texas Instruments Chief Executive Rich Templeton said in a statement. TI said profit rose to $662 million, or 49 cents a share, from $516 million, or 35 cents a share, in the year ago quarter. The latest quarterly numbers included a 6 cents per share tax benefit and were in line with analysts' estimates of 43 cents per share before special items, according to Reuters Estimates. Revenue rose to $3.27 billion from $3.19 billion. In March, TI forecast earnings per share of 41 cents to 45 cents on revenue $3.21 billion to $3.35 billion. TI, a maker of chips for everything from televisions to industrial products, forecast second-quarter earnings per share of 42 cents to 48 cents on revenue of $3.24 billion to $3.5 billion. Analysts had forecast earnings per share in a range of 44 cents to 51 cents, with revenue in a range of $3.32 billion to $3.54 billion. Texas Instruments shares fell to $30.02 in late trading from its close of $30.59 on the New York Stock Exchange. (Reporting by Sinead Carew; Editing by Andre Grenon)
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