Texas Instruments Incorporated : Texas Instruments Narrows Third-Quarter Guidance
09/11/2012| 04:57pm US/Eastern
By Kristin Jones
Texas Instruments Inc. (TXN) narrowed its third-quarter outlook, expecting to report a profit at the higher end of the chip maker's previous downbeat guidance.
The company now expects earnings of 38 cents to 42 cents a share, with revenue between $3.27 billion and $3.41 billion for the quarter. In July, the company predicted a profit of 34 cents to 42 cents a share, including seven cents a share in acquisition and restructuring charges, on revenue of $3.21 billion to $3.47 billion.
TI, which makes chips used in everything from cell phones to industrial equipment, has reported declining profits in recent quarters amid a broad-based decline in demand.
In July, the company reported a 34% decline in second-quarter profits, and warned that third-quarter sales would be soft as consumers and distributors remained wary about making purchases.
Shares rose 1.5% to $29 in after-hours trading. Through the close, the stock was down 1.8% so far this year.
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