TI to be at upper end of forecast for Q2, says report
Silicon Strategies
06/07/2004, 11:30 AM ET
NEW YORK--When it presents its mid-quarter update on Monday (June 7) afternoon, Texas Instruments Inc. is expected to be at the upper range of its previous forecast for the second quarter of 2004, according to a report from SG Cowen Securities Corp.
Recently, TI projected that its Q2 sales will range from $3.085-to-$3.325 billion, up 5-to-13 percent from Q1. The Dallas-based chip maker is also expected to earn $0.23-to-$0.26 a share in Q2.
TI's Q2 sales are expected to be at the upper end of the forecast, due to the strength in wireless and other markets, according to SG Cowen. More specifically, SG Cowen projects that TI will earn $0.26 a share on sales of $3.236 billion in Q2, up 10 percent from Q1.
The New York-based investment banking firm also projected that TI's semiconductor sales will hit $2.777 billion in Q2, up 8 percent over Q1. TI is expected to see a modest 3 percent rebound in the wireless sector, according to the report.
Originally, TI projected that its semiconductor sales alone will grow 3-to-11 percent over Q1.
TI reported first-quarter 2004 revenue of $2.936 billion, an increase of 6 percent sequentially and 34 percent from the year-ago quarter due to strength in its semiconductor business. Earnings per share were $0.21.
For the second quarter of 2003, TI reported earnings of $0.07 per share on revenue of $2.339 billon.
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