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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (11760)	10/18/2004 6:53:34 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 25522

TI posts gain but says inventory issues will linger By Spencer Chin EE Times 10/18/2004, 5:04 PM ET MANHASSET, N.Y. — Texas Instruments Inc. (Dallas) reported third-quarter earnings of $563 million on revenue of $3.25 billion, up from $441 million on revenue of $3.24 billion the previous quarter and $447 million on sales of $2.5 billion in the year-ago third quarter. Like other semiconductor suppliers, Texas Instruments previously downgraded its guidance due to weakening demand and inventory adjustments by customers, including distributors. The company said inventory issues remain and will likely persist the remainder of the year. Texas Instruments still managed to report double-digit sales growth in its major semiconductor operations, with particular strength in wireless, digital light processing (DLP), and high-performance analog products. Earnings beat the company's mid-quarter guidance as Texas Instruments reported higher non-operating income and lower operating expenses. Inventories at the end of the third quarter were $1.36 billion, up $71 million sequentially due primarily to wireless products being manufactured to support fourth-quarter seasonal demand. Inventory levels were $361 million higher than the year-ago third quarter. For the fourth quarter, TI projects revenue of $2.9 billion to $3.2 billion, with earnings from 24 to 28 cents per share.