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Texas Instruments Inc TXN shares are trading higher Tuesday after the company reported third-quarter financial results and issued guidance below analyst estimates.
Texas Instruments said third-quarter revenue increased 13% year-over-year to $5.24 billion, which beat average analyst estimates of $5.14 billion, according to Benzinga Pro. The company reported quarterly earnings of $2.47 per share, which beat average forecast of $2.39 per share.
“During the quarter we experienced expected weakness in personal electronics and expanding weakness across industrial,” said Rich Templeton, chairman, president, and CEO of Texas Instruments.
“Our cash flow from operations of $9.0 billion for the trailing 12 months again underscored the strength of our business model. Free cash flow for the same period was $5.9 billion and 29% of revenue. This reflects the quality of our product portfolio, as well as the efficiency of our manufacturing strategy.”
Texas Instruments expects fourth-quarter revenue to be between $4.4 billion and $4.8 billion versus the estimate of $4.93 billion.
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TXN Price Action: Texas Instruments has a 52-week high of $192.10 and a 52-week low of $144.45.
The stock was down 5.34% in after-hours at $153.50 at the time of writing.
Photo: courtesy of Texas Instruments.
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Image and article originally from www.benzinga.com. Read the original article here.