Texas Instruments CEO: Industrial, automotive continued to decline sequentially

Regarding the company’s performance and returns to shareholders, Haviv Ilan, TI’s president and CEO, made the following comments: “Revenue decreased 16% from the same quarter a year ago and increased 4% sequentially. Industrial and automotive continued to decline sequentially, while all other end markets grew. Our cash flow from operations of $6.4 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production. Free cash flow for the same period was $1.5 billion. Over the past 12 months we invested $3.7 billion in R&D and SG&A, invested $5.0 billion in capital expenditures and returned $4.9 billion to owners. TI’s third quarter outlook is for revenue in the range of $3.94 billion to $4.26 billion and earnings per share between $1.24 and $1.48. We continue to expect our effective tax rate to be about 13%.”