TI reports second quarter 2019 financial results and shareholder returns

 

Cash return

Amounts are in millions of dollars.






               Trailing 12 Months                 




2Q19 



2Q19  



2Q18  


Change

Dividends paid


$

722


$

2,784


$

2,323


20%

Stock repurchases


$

863


$

5,224


$

3,247


61%

Total cash returned


$

1,585


$

8,008


$

5,570


44%

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

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




For Three Months Ended



June 30,



2019


2018

Revenue


$

3,668


$

4,017

Cost of revenue (COR)



1,308



1,398

Gross profit



2,360



2,619

Research and development (R&D)



390



384

Selling, general and administrative (SG&A)



420



441

Acquisition charges



80



79

Restructuring charges/other



(36)



3

Operating profit



1,506



1,712

Other income (expense), net (OI&E)



52



24

Interest and debt expense



44



30

Income before income taxes



1,514



1,706

Provision for income taxes



209



301

Net income


$

1,305


$

1,405








Diluted earnings per common share


$

1.36


$

1.40








Average shares outstanding (millions):







Basic



937



977

Diluted



953



997








Cash dividends declared per common share


$

.77


$

.62









Supplemental Information

(Quarterly, except as noted)


Provision for income taxes is based on the following:


Operating taxes (calculated using the estimated annual effective tax rate)


$

238


$

344

Discrete tax items



(29)



(43)

Provision for income taxes (effective taxes)


$

209


$

301


Annual operating tax rate



16%



20%

Effective tax rate



14%



18%


A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted EPS is calculated using the following:


Net income


$

1,305


$

1,405

Income allocated to RSUs



(8)



(11)

Income allocated to common stock for diluted EPS


$

1,297


$

1,394



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