Rich Templeton, TI chairman, president and CEO, said: "Our Analog and Embedded Processing businesses turned in double-digit sequential growth, outpacing their respective markets and again confirming their ability to positively impact the financial performance of TI. As a result, we delivered our highest-ever quarterly operating profit."
"Orders were strong in the quarter, backlog increased and we expect to grow revenue again in the third quarter. Our steady investments in production capacity, even through last year's downturn, are now allowing us to meet higher demand levels from customers and simultaneously reduce lead times, which we believe is not only in the best interest of our customers, but will also help us gain share.
"As we continue our transformation to an Analog and Embedded Processing company, we believe we can significantly outgrow these markets by offering products that are optimized to the needs of our customers and by putting manufacturing capacity in place before it's needed," Templeton said.
2Q10 financial summary
Amounts are in millions of dollars, except per-share amounts
Source: TI.2Q10 additional financial information
* Orders were $3.73 billion, up 33 percent from a year ago and up 2 percent from the prior quarter.
* Inventory was $1.35 billion at the end of the quarter, up $286 million from a year ago and up $73 million from the prior quarter.
* Capital expenditures were $283 million in the quarter compared with $47 million a year ago and $219 million in the prior quarter. Capital expenditures in the quarter were for analog wafer manufacturing equipment and for assembly/test manufacturing equipment.
* The company used $750 million in the quarter to repurchase 29.7 million shares of its common stock and paid dividends of $147 million.
Outlook
For the third quarter of 2010, TI expects:
Revenue: $3.55 – 3.85 billion
Earnings per share: $0.64 – 0.74
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