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UPDATE 1-Texas Instruments narrows revenue outlook, demand recovers
June 10, 2013 / 9:56 PM / 4 years ago

UPDATE 1-Texas Instruments narrows revenue outlook, demand recovers

(Adds details from conference call, share price)

By Noel Randewich

SAN FRANCISCO, June 10 (Reuters) - Texas Instruments on Monday narrowed its forecast range for current-quarter revenue, in line with Wall Street estimates, as new semiconductor orders rose after a drop last year.

TI estimated second-quarter revenue of $2.99 billion to $3.11 billion, compared with previous expectations of $2.93 billion to $3.17 billion.

“What we’re seeing thus far is a very well behaved recovery,” Ron Slaymaker, head of investor relations, told analysts on a conference call. “The current environment is very encouraging right now.”

Slaymaker said the quarter was tracking in line with previous expectations. He said strength in the industrial market in the March quarter had carried over into the current quarter, which ends in June.

Texas Instruments is also seeing strength in communications infrastructure, but chip demand from personal computer manufacturers remains weak, he said.

The company said earnings per share in the second quarter would range from 39 cents to 43 cents, compared to a previous forecast of 37 cents to 45 cents.

Analysts had expected second-quarter revenue of $3.055 billion and EPS of 42 cents, according to Thomson Reuters I/B/E/S.

TI shares fell 1.69 percent in extended trading, after closing up 1.22 percent at $36.62 on Nasdaq. (Reporting by Noel Randewich; Editing by Gary Hill and Richard Chang)

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