Texas Instruments Inc. (TI) announced fourth-quarter revenue of $3.53 billion, net income of $942 million and earnings per share of 78 cents. Earnings per share included 14 cents from the combination of the gain on the sale of a product line and a tax benefit that was primarily associated with the reinstatement of the federal R&D tax credit.
“Our strong financial results for the fourth quarter reinforce our view that the inventory-driven downturn that started in the second half of 2010 is now mostly complete,” said Rich Templeton, TI chairman, President and Chief Executive Officer. “We used this short and shallow downturn to replenish our inventory, return product lead times to normal and ramp three new factories. As markets start to grow again, we are well positioned with the products and manufacturing capacity that our customers need.”