TI reports 1Q15 financial results and shareholder returns

 

Capital expenditures for the past 12 months were 3 percent of revenue. Our long-term expectation is about 4 percent.

Cash return

Amounts are in millions of dollars.




Trailing 12 Months




     1Q15

    1Q15

    1Q14

Change

Dividends paid


$     356

$  1,354

$  1,268

7%

Stock repurchases


$     670

$  2,781

$  2,909

-4%

Total cash returned


$  1,026

$  4,135

$  4,177

-1%

 

The company's targeted cash return is 100 percent of free cash flow plus proceeds from exercises of equity compensation minus net debt retirement.

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

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





For Three Months Ended



March 31,



2015


2014

Revenue


$  3,150


$  2,983

Cost of revenue (COR)


1,334


1,376

Gross profit


1,816


1,607

Research and development (R&D)


338


366

Selling, general and administrative (SG&A)


439


479

Acquisition charges


83


83

Restructuring charges/other


(2)


(11)

Operating profit


958


690

Other income (expense), net (OI&E)


4


6

Interest and debt expense


22


25

Income before income taxes


940


671

Provision for income taxes


284


184

Net income


$     656


$     487






Diluted earnings per common share


$      .61


$      .44






Average diluted shares outstanding (millions)


1,061


1,096






Cash dividends declared per common share


$      .34


$      .30






As a result of accounting rule ASC 260, which requires a portion of Net income to be
allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents,
diluted EPS is calculated using the following:






Net income


$     656


$     487

Income allocated to RSUs


(9)


(7)

Income allocated to common stock for diluted EPS


$     647


$     480


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