Cash return
Amounts are in millions of dollars.
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|
|
|
Trailing 12 Months |
| |
|
|
1Q14 |
|
1Q14 |
1Q13 |
Change |
|
Dividends paid |
$ 325 |
|
$ 1,268 |
$ 856 |
48% |
|
Stock repurchases |
$ 720 |
|
$ 2,909 |
$ 2,179 |
34% |
|
Total cash returned |
$ 1,045 |
|
$ 4,177 |
$ 3,035 |
38% |
Total cash returned over the past twelve months was 99 percent of the company's targeted cash return model (free cash flow minus net debt retirement plus proceeds from exercises of equity compensation).
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||
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Consolidated Statements of Income | ||||
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(Millions of dollars, except share and per-share amounts) | ||||
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For Three Months Ended Mar. 31, | ||
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|
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2014 |
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2013 |
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|
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|
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|
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Revenue |
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$ 2,983 |
|
$ 2,885 |
|
Cost of revenue |
|
1,376 |
|
1,511 |
|
Gross profit |
|
1,607 |
|
1,374 |
|
Research and development (R&D) |
|
366 |
|
419 |
|
Selling, general and administrative (SG&A) |
|
479 |
|
459 |
|
Acquisition charges |
|
83 |
|
86 |
|
Restructuring charges/other |
|
(11) |
|
15 |
|
Operating profit |
|
690 |
|
395 |
|
Other income (expense), net |
|
6 |
|
2 |
|
Interest and debt expense |
|
25 |
|
23 |
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Income before income taxes |
|
671 |
|
374 |
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Provision for income taxes |
|
184 |
|
12 |
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Net income |
|
$ 487 |
|
$ 362 |
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Earnings per common share: |
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|
|
|
|
Basic |
|
$ .44 |
|
$ .32 |
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Diluted |
|
$ .44 |
|
$ .32 |
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|
|
|
|
|
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Average shares outstanding (millions): |
|
|
|
|
|
Basic |
|
1,081 |
|
1,107 |
|
Diluted |
|
1,096 |
|
1,123 |
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|
|
|
|
|
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Cash dividends declared per share of common stock |
|
$ .30 |
|
$ .21 |
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|
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Percentage of revenue: |
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|
|
|
|
Gross profit |
|
53.9% |
|
47.6% |
|
R&D |
|
12.3% |
|
14.5% |
|
SG&A |
|
16.1% |
|
15.9% |
|
Operating profit |
|
23.1% |
|
13.7% |
|
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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. $7 million is excluded for both the quarters ending March 31, 2014 and 2013. |
