TI reports first quarter 2020 financial results and shareholder returns

 

Cash return

Amounts are in millions of dollars.




Trailing 12 Months


Q1 2020


Q1 2020


Q1 2019


Change

Dividends paid

$

841



$

3,125



$

2,668



17%

Stock repurchases

$

1,641



$

3,449



$

5,379



(36)%

Total cash returned

$

2,482



$

6,574



$

8,047



(18)%

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

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



For Three Months Ended
March 31,



2020



2019


Revenue

$

3,329



$

3,594


Cost of revenue (COR)

1,241



1,333


Gross profit

2,088



2,261


Research and development (R&D)

377



389


Selling, general and administrative (SG&A)

417



414


Acquisition charges

50



79


Operating profit

1,244



1,379


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

25



36


Interest and debt expense

45



38


Income before income taxes

1,224



1,377


Provision for income taxes

50



160


Net income

$

1,174



$

1,217






Diluted earnings per common share

$

1.24



$

1.26






Average shares outstanding (millions):




Basic

931



939


Diluted

943



956






Cash dividends declared per common share

$

.90



$

.77







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)

$

166



$

220


Discrete tax items

(116)



(60)


Provision for income taxes (effective taxes)

$

50



$

160






Annual operating tax rate

14%



16%


Effective tax rate

4%



12%






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

$

1,174



$

1,217


Income allocated to RSUs

(6)



(8)


Income allocated to common stock for diluted EPS

$

1,168



$

1,209



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