Texas Instruments, which has one of the biggest customer lists in the semiconductor business, gave an outlook suggesting demand remains strong for components across industries from cars to factory equipment, according to Bloomberg.
The company “saw strength across the board,“ CFO Rafael Lizardi said. It posted its first quarter of revenue growth above 10 percent since 2010, and Lizardi forecast sales and profit in the current quarter that may be better than analysts’ projections. The results were “driven by continued strength in industrial and automotive,“ Lizardi said. “That’s where semiconductor content is growing. We believe that’s the place to be for the next 10 or 20 years.“
CEO Rich Templeton has tried to spread the company’s bets as widely as possible. Texas Instruments has moved away from digital products that are concentrated on one end device, such as modems for smartphones, and now has the broadest product lineup in the industry.
Second-quarter profit will be 89 cents to $1.01 a share, the company said in a statement. Revenue will be $3.4 billion to $3.7 billion. Analysts on average projected profit of 90 cents a share on sales of $3.5 billion, according to data compiled by Bloomberg. The company said its profit forecast includes a $30 million “discrete“ tax benefit. Texas Instruments’ first-quarter net income climbed to $997 million, or 97 cents a share, from $771 million, or 69 cents a share, a year earlier. Sales rose 13 percent to $3.4 billion.
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