Capital expenditures for the last 12 months were 3 percent of revenue.
Cash return
Amounts are in millions of dollars.
|
|
|
|
Trailing 12 Months | |
|
|
3Q13 |
|
3Q13 |
Percentage of Free Cash Flow |
|
Dividends paid |
$ 308 |
|
$ 1,084 |
38% |
|
Stock repurchases |
$ 734 |
|
$ 2,734 |
95% |
|
Total cash returned |
$ 1,042 |
|
$ 3,818 |
133% |
Outlook
For the fourth quarter of 2013, TI expects:
- Revenue: $2.86 – 3.10 billion
- Earnings per share: $0.42 – 0.50
TI will update its fourth-quarter outlook on December 9, 2013.
For the full year of 2013, TI continues to expect approximately the following:
- R&D expense: $1.5 billion
- Capital expenditures: $0.5 billion
- Depreciation: $0.9 billion
- Annual effective tax rate: 24 percent
|
Consolidated Statements of Income (Millions of dollars, except share and per-share amounts) | ||||||
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|
|
| ||||
|
|
|
For Three Months Ended | ||||
|
|
|
Sept. 30, 2013 |
|
Sept. 30, 2012 |
|
Jun. 30, 2013 |
|
|
|
|
|
|
|
|
|
Revenue |
|
$ 3,244 |
|
$ 3,390 |
|
$ 3,047 |
|
Cost of revenue |
|
1,465 |
|
1,650 |
|
1,477 |
|
Gross profit |
|
1,779 |
|
1,740 |
|
1,570 |
|
Research and development (R&D) |
|
368 |
|
463 |
|
389 |
|
Selling, general and administrative (SG&A) |
|
465 |
|
453 |
|
471 |
|
Acquisition charges |
|
86 |
|
106 |
|
86 |
|
Restructuring charges/other |
|
16 |
|
(122) |
|
(282) |
|
Operating profit |
|
844 |
|
840 |
|
906 |
|
Other income (expense), net |
|
(4) |
|
24 |
|
-- |
|
Interest and debt expense |
|
24 |
|
21 |
|
24 |
|
Income before income taxes |
|
816 |
|
843 |
|
882 |
|
Provision for income taxes |
|
187 |
|
59 |
|
222 |
|
Net income |
|
$ 629 |
|
$ 784 |
|
$ 660 |
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
Basic |
|
$ .56 |
|
$ .68 |
|
$ .59 |
|
Diluted |
|
$ .56 |
|
$ .67 |
|
$ .58 |
|
|
|
|
|
|
|
|
|
Average shares outstanding (millions): |
|
|
|
|
|
|
|
Basic |
|
1,096 |
|
1,130 |
|
1,103 |
|
Diluted |
|
1,111 |
|
1,141 |
|
1,117 |
|
|
|
|
|
|
|
|
|
Cash dividends declared per share of common stock |
|
$ .28 |
|
$ .17 |
|
$ .28 |
|
|
|
|
|
|
|
|
|
Percentage of revenue: |
|
|
|
|
|
|
|
Gross profit |
|
54.8% |
|
51.3% |
|
51.5% |
|
R&D |
|
11.3% |
|
13.6% |
|
12.8% |
|
SG&A |
|
14.4% |
|
13.4% |
|
15.5% |
|
Operating profit |
|
26.0% |
|
24.8% |
|
29.7% |
|
|
|
As required by accounting rule ASC 260, net income allocated to unvested restricted stock units (RSUs), on which we pay dividend equivalents, is excluded from the calculation of EPS. The amount excluded is $11 million, $14 million and $11 million for the quarters ending September 30, 2013, September 30, 2012, and June 30, 2013, respectively. |
