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Texas Instruments (TXN) Issues Downbeat Forecast After Mixed 4Q

 January 22, 2013 04:43 PM

(By Balachander) Texas Instruments Inc. (NASDAQ: TXN) issued a downbeat earnings forecast after the chip maker posted mixed quarterly results for the fourth quarter as macro-economic concerns continue to mute growth and recovery in the semiconductor sector.

Earnings per share (EPS) fell 8 percent to 23 cents and included 6 cents of charges related to TXN's acquisition of National Semiconductor. EPS also includes 23 cents of charges and 15 cents for a tax benefit.

Excluding items, non-GAAP EPS were 36 cents, topping Wall Street projections of 34 cents for the fourth quarter.

Revenue declined 13 percent to $2.98 billion, slightly better than consensus estimate of a drop of 13.80 percent for the fourth quarter. Sequentially, revenue fell 12 percent.

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"We continue to operate in a weak demand environment," commented CEO Rich Templeton. "Our visibility into future demand remains limited as our lead times are short and our customers are reluctant to commit to extended backlog."

Segment wise, Analog revenue dropped 2 percent. Revenue at Embedded Processing rose 6 percent, while Wireless revenue tumbled 56 percent.

Looking ahead for the first quarter, the company expects EPS in the range of 24 cents to 32 cents on revenue between $2.69 billion and $2.91 billion. Analysts expect EPS of 34 cents on revenue of $2.89 billion.

TXN shares, which have been trading in the 52-week range of $26.06 to $34.24, closed at $33.46 on Tuesday.

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