TI reports 2Q14 financial results and shareholder returns

Capital expenditures for the past twelve months were 3 percent of revenue.

Cash return

Amounts are in millions of dollars.








Trailing 12 Months



2Q14


2Q14

2Q13

Change

Dividends paid

$     323


$ 1,282

$    971

32%

Stock repurchases

$     743


$ 2,931

$ 2,600

13%

Total cash returned

$  1,066


$ 4,213

$ 3,571

18%

The company's targeted cash return model is free cash flow minus net debt retirement plus proceeds from exercises of equity compensation.

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

(Millions of dollars, except share and per-share amounts)




For Three Months Ended June 30,



2014


2013






Revenue


$          3,292


$           3,047

Cost of revenue


1,411


1,477

Gross profit


1,881


1,570

Research and development (R&D)


349


389

Selling, general and administrative (SG&A)


472


471

Acquisition charges


82


86

Restructuring charges/other


(4)


(282)

Operating profit


982


906

Other income (expense), net


3


--

Interest and debt expense


24


24

Income before income taxes


961


882

Provision for income taxes


278


222

Net income


$             683


$              660






Earnings per common share:





  Basic


$              .63


$               .59

  Diluted


$              .62


$               .58






Average shares outstanding (millions):





  Basic


1,071


1,103

  Diluted


1,086


1,117






Cash dividends declared per share of common stock


$              .30


$               .28






Percentage of revenue:





Gross profit


57.1%


51.5%

R&D


10.6%


12.8%

SG&A


14.3%


15.5%

Operating profit


29.8%


29.7%


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