TI reports 1Q14 financial results and shareholder returns

Capital expenditures for the past twelve months were 3 percent of revenue.

Cash return

Amounts are in millions of dollars.




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).

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

(Millions of dollars, except share and per-share amounts)





For Three Months Ended Mar. 31,



2014


2013






Revenue


$          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

Income before income taxes


671


374

Provision for income taxes


184


12

Net income


$             487


$              362






Earnings per common share:





  Basic


$              .44


$               .32

  Diluted


$              .44


$               .32






Average shares outstanding (millions):





  Basic


1,081


1,107

  Diluted


1,096


1,123






Cash dividends declared per share of common stock


$              .30


$               .21






Percentage of revenue:





Gross profit


53.9%


47.6%

R&D


12.3%


14.5%

SG&A


16.1%


15.9%

Operating profit


23.1%


13.7%


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. $7 million is excluded for both the quarters ending March 31, 2014 and 2013. 


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