Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Texas Instruments Inc (NASDAQ:TXN) reported upbeat earnings for its first quarter on Tuesday.
Texas Instruments reported first-quarter revenue of $3.66 billion, which beat the consensus estimate of $3.611 billion, according to Benzinga Pro. The company's top-line results were down 16% on a year-over-year basis and down 10% sequentially as revenue declined across all end markets.
Texas Instruments reported quarterly earnings of $1.20 per share, which beat analyst estimates of $1.08 per share. The company noted that earnings per share included a 10-cent benefit for items that were not in the original guidance.
"Our cash flow from operations of $6.3 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," said Haviv Ilan, president and CEO of Texas Instruments.
Texas Instruments said it sees second-quarter revenue to be in the range of $3.65 billion to $3.95 billion versus estimates of $3.77 billion. The company anticipated second-quarter earnings in the range of $1.05 to $1.25 per share versus estimates of $1.16 per share.
Texas Instruments shares gained 1.3% to close at $165.47 on Tuesday.
These analysts made changes to their price targets on Texas Instruments following earnings announcement.
- Mizuho boosted the price target on Texas Instruments from $164 to $170. Mizuho analyst Vijay Rakesh maintained a Neutral rating.
- Truist Securities raised the price target on Texas Instruments from $165 to $167. Truist Securities analyst William Stein maintained a Hold rating.
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