Texas Instruments (NYSE:TXN) released its mid-quarter update today with a tighter range and here are the updates:
- Total revenue between $3.56 billion and $3.72 billion, compared with the prior range of $3.49 billion to $3.79 billion;
- Semiconductor revenue between $3.36 billion and $3.50 billion, compared with the prior range of $3.29 billion to $3.57 billion; and
- Education Technology revenue between $200 million and $220 million, consistent with the prior range.
- TI expects EPS from continuing operations between $0.49 and $0.53, although that includes a $0.02 gain on the sale of its semiconductor product line associated with DSL customer-premises equipment which was closed in July.
Back in JULY with earnings, it gave the following guidance:
- * Total TI, $3.49 billion to $3.79 billion;
- * Semiconductor, $3.29 billion to $3.57 billion; and
- * Education Technology, $200 million to $220 million.
- * Earnings per share to be in the range of $0.46 to $0.52.
This also follows yesterday’s analyst downgrade note on Qualcomm (NASDAQ:QCOM) out of American Technology Research that said Texas Instruments would be winning Motorola (NYSE:MOT) business away from Qualcomm in the second half of 2008.
Shares have traded as low as $28.24 and as high as $39.63 over the last 52-week. Shares closed up 1.4% at $35.72 in normal trading today, and that follows an $0.08 decline on Monday. So far it appears traders wanted more now that Intel (NASDAQ:INTC) raised its guidance yesterday. Shares are initially down 1% in after-hours at $35.36.
In school terms this would be a PASS, but not with honors.
Jon C. Ogg
September 11, 2007
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