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Non-Tech : EARNINGS REPORTING - surprises, misses & more
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To: Frederick Langford who wrote (197)7/24/2000 6:24:28 PM
From: 2MAR$  Read Replies (1) of 762
 
7/24....TXN Texas Instruments Reports 37% Jump in Earnings
By Michael Brick

TheStreet.com/NYTimes.com Staff Reporter
7/24/00 5:57 PM ET

Texas Instruments (TXN:NYSE - news), the Dallas-based maker of computer chips for mobile phones, reported a 37% increase in its second-quarter earnings Monday, edging past Wall Street's expectations, as it predicted accelerated growth in the semiconductor business.



For the second quarter ended June 30, pro forma net income was $525 million, or 31 cents a diluted share, compared with $384 million, or 23 cents a share, reported in the year-earlier quarter. Analysts polled by First Call/Thomson Financial had forecast earnings of 30 cents a share for the latest quarter.

Including a pretax gain of $1.21 billion from the sale of 20 million shares of Micron Technology and $52 million in acquisition-related charges, Texas Instruments posted net income of $1.28 billion, or 75 cents a diluted share.

The company said total revenues rose 18%, to $2.84 billion, from $2.4 billion in the year-earlier quarter.

Shares of the company's stock surged to 67 5/8 in after-hours trading, according to Instinet. Shares had closed up 1/2 at 63 before the earnings were reported after the stock market's close.
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