TI reports 2Q15 financial results and shareholder returns

 

Capital expenditures for the past 12 months were 4 percent of revenue. The company's long-term expectation is about 4 percent.

Cash return

Amounts are in millions of dollars.






Trailing 12 Months





 2Q15



2Q15


2Q14


Change

Dividends paid


$    354



$ 1,385


$ 1,282


8%

Stock repurchases


$    654



$ 2,692


$ 2,931


-8%

Total cash returned


$ 1,008



$ 4,077


$ 4,213


-3%

 

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



June 30,



2015


2014

Revenue


$

3,232


$

3,292

Cost of revenue (COR)



1,351



1,411

Gross profit



1,881



1,881

Research and development (R&D)



320



349

Selling, general and administrative (SG&A)



470



472

Acquisition charges



82



82

Restructuring charges/other



(1)



(4)

Operating profit



1,010



982

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



3



3

Interest and debt expense



24



24

Income before income taxes



989



961

Provision for income taxes



293



278

Net income


$

696


$

683








Diluted earnings per common share


$

.65


$

.62








Average diluted shares outstanding (millions)



1,051



1,086








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


$

696


$

683

Income allocated to RSUs



(10)



(10)

Income allocated to common stock for diluted EPS


$

686


$

673


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