Texas Instruments Inc. reported net income of $487 million on sales revenues of $2.983 billion in the first quarter of 2014. The profit was up from $362 million in the same quarter a year before, and sales came in at just above the mid-point of previous guidance.
Sales revenue was up 3 percent compared with the same quarter a year before, but that includes a $37 million benefit for the sale of a site and other assets related to a previously announced restructuring.
"We delivered 3 percent year-over-year revenue growth, or 11 percent when legacy wireless revenue is excluded. Analog and Embedded Processing comprised 84 percent of first-quarter revenue," said Rich Templeton, chairman and CEO of TI, in a statement.
Templeton said the outlook for the second quarter is that revenue will be in the range $3.14 billion to $3.40 billion. The mid-point of this range would show 9.6 percent sequential growth, which would be above seasonality. It would also represent 7 percent year-over-year growth, or 13 percent excluding legacy wireless revenue.
The company has about $4.0 billion in cash and short-term investments on hand at the end of the quarter.
— Peter Clarke is the editor of EE Times Europe Analog