Texas Instruments Inc. (NASDAQ: TXN) reported first quarter results after markets closed today. The semiconductor maker reported adjusted diluted earnings per share (EPS) of $0.32 on revenues of $2.89 billion. In the same period last year the company reported EPS of $0.22 on revenues of $3.12 billion. The consensus estimate called for EPS of $0.30 on revenues of $2.85 billion.

The company’s net income of $362 million is 37% higher than last year’s net income of $265 million, and includes a tax benefit of $65 million as a result of the reinstatement of the federal research and development tax benefit earlier this year.

For the second quarter, TI expects revenue of $2.93 to $3.17 billion and EPS of $0.37 to $0.45. The consensus estimate calls for $3.04 billion in revenue and EPS of $0.38. For the full year, the consensus estimates call for $12.18 billion in revenue and EPS of $1.62.

TI expects second-quarter revenue related to its legacy wireless products to fall by about $60 million. The company had already announced the winding down of its legacy wireless business. TI plans to put more emphasis on the analog and embedded chip markets.

The company raised its annual dividend to $0.28, for a dividend yield of 3.3% and boosted its share buyback program by $5 billion in the first quarter.

Today’s report is not exciting, but it is stable. Shares won’t move much because the stock is fully valued and growth prospects are slim for the $40 billion chipmaker.

Shares are up about 0.6% at $35.00 in after-hours trading today. The 52-week range is $26.06 to $35.92. Prior to today’s release Thomson/Reuters had a consensus price target of around $34.70 on the company’s shares.

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