Texas Instruments Inc. (TI) announced fourth-quarter revenue of $3.42 billion, net income of $298 million and earnings per share of 25 cents. EPS includes 16 cents in charges associated with the company’s acquisition of National Semiconductor and 7 cents in charges associated with the closure of two older manufacturing facilities.
“Revenue in the fourth quarter was higher than expected across all our major product lines, reinforcing our belief that we’re at the bottom of this downturn. I’m pleased to say that despite the downturn and the lower factory utilization that came with it, cash flow from operations was strong and well above levels as compared with similar points in prior downturns. Our strategic focus on our core businesses and efficient investment in capacity are key to our strong generation of cash,” said Rich Templeton, chairman, president and chief executive officer. "As we move into 2012, we enter the final phase of our planned exit from the baseband market, and thus further tighten our focus on Analog, Embedded Processing and Wireless."