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Texas Instruments Stock Surges After Earnings
This company released its first quarter fiscal 2024 earnings on Tuesday, April 23, 2024. Texas Instruments reported revenues of $3.66 billion in Q1 FY2024 - down 16% compared to $4.37 billion in the first quarter of fiscal 2023. Moreover, operating profit dropped 34% year-over-year to $1.28 billion. The company reported net income of $1.10 billion or $1.20 per share - down 35% from $1.70 billion or $1.85 per share in the prior year.
Beyond those core metrics, Texas Instruments' President and CEO Haviv Ilan added that "Over the past 12 months we invested $3.7 billion in R&D and SG&A, invested $5.3 billion in capital expenditures and returned $4.8 billion to owners." He added; "TI's second quarter outlook is for revenue in the range of $3.65 billion to $3.95 billion and earnings per share between $1.05 and $1.25. We continue to expect our effective tax rate to be about 13%."
Shares of Texas Instruments currently possess a solid price-to-earnings ratio of 27. That puts the stock in favourable value territory compared to its industry competitors. This company is well-positioned to benefit from the US push for more domestic semiconductor manufacturing. Texas Instruments is a legacy manufacturer in that space, and could see a resurgence along with US manufacturing.
COMTEX_451393446/2559/2024-04-25T07:13:09