SAN JOSE, Calif. -- Texas Instruments Inc. reported first-quarter revenue of $3.21 billion, up 54 percent from a year ago and up 7 percent from the previous quarter.
Net income was $658 million, or $0.52 a share, in the period, compared to $17 million, or $0.01 a share, a year ago, and $655 million, or $0.52, from the previous quarter.
TI beat Wall Street's estimates. It was supposed to earn $0.51 on sales of $3.13 billion.
Orders were $3.64 billion, up 66 percent from a year ago and up 12 percent from the prior quarter.
Inventory was $1.28 billion at the end of the quarter, up $178 million from a year ago and up $74 million from the prior quarter.
''Momentum continues into the second quarter as demand for our products remains strong, and we add more manufacturing capacity to support our customers,''
said Rich Templeton, TI chairman, president and chief executive, in a statement.
''Production output is at an all-time high, and capacity is increasing each quarter in 2010 as we add 200-millimeter equipment purchased last year and as we ramp the industry's first 300-millimeter analog facility, from which we will start shipments in the fourth quarter," he said.
For the second quarter of 2010, TI expects sales between $3.31-to-$3.59 billion and earnings per share between $0.56-to-$0.64.
For the full year of 2010, TI continues to expect capital expenditures to be $0.9 billion.