TI reports 3Q15 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





3Q15


3Q15


3Q14


Change

Dividends paid


$      348


$   1,414


$   1,293


9%

Stock repurchases


$      790


$   2,812


$   2,867


-2%

Total cash returned


$   1,138


$   4,226


$   4,160


2%

 

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




September 30,




2015


2014


Revenue


$

3,429


$

3,501


Cost of revenue (COR)



1,432



1,457


Gross profit



1,997



2,044


Research and development (R&D)



316



332


Selling, general and administrative (SG&A)



434



463


Acquisition charges



83



83


Restructuring charges/other





(9)


Operating profit



1,164



1,175


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



6



3


Interest and debt expense



22



23


Income before income taxes



1,148



1,155


Provision for income taxes



350



329


Net income


$

798


$

826










Diluted earnings per common share


$

.76


$

.76










Average diluted shares outstanding (millions)



1,035



1,074










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


$

798


$

826


Income allocated to RSUs



(11)



(13)


Income allocated to common stock for diluted EPS


$

787


$

813



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