Earnings per share included a
'Revenue increased 7% sequentially, driven by strong demand in automotive, personal electronics and industrial markets. Revenue increased 22% from the same quarter a year ago.
'In our core businesses, Analog revenue grew 9% and Embedded Processing grew 11% sequentially. From a year ago, Analog revenue grew 25% and Embedded Processing grew 14%.
'Our cash flow from operations of
'We returned
'TI's first quarter outlook is for revenue in the range of
Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures.
Notice regarding forward-looking statements
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as TI or its management 'believes,' 'expects,' 'anticipates,' 'foresees,' 'forecasts,' 'estimates' or other words or phrases of similar import. Similarly, statements herein that describe TI's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
We urge you to carefully consider the following important factors that could cause actual results to differ materially from the expectations of TI or our management: The duration and scope of the COVID-19 pandemic, government and other third-party responses to it and the consequences for the global economy, including to our business and the businesses of our suppliers, customers and distributors; Economic, social and political conditions, and natural events in the countries in which we, our customers or our suppliers operate, including global trade policies; Market demand for semiconductors, particularly in the industrial and automotive markets, and customer demand that differs from forecasts; Our ability to compete in products and prices in an intensely competitive industry; Evolving cybersecurity and other threats relating to our information technology systems or those of our customers or suppliers; Our ability to successfully implement and realize opportunities from strategic, business and organizational changes, or our ability to realize our expectations regarding the amount and timing of restructuring charges and associated cost savings; Our ability to develop, manufacture and market innovative products in a rapidly changing technological environment, and our timely implementation of new manufacturing technologies and installation of manufacturing equipment; Availability and cost of raw materials, utilities, manufacturing equipment, third-party manufacturing services and manufacturing technology; Product liability, warranty or other claims relating to our products, manufacturing, delivery, services, design or communications, or recalls by our customers for a product containing one of our parts; Compliance with or changes in the complex laws, rules and regulations to which we are or may become subject, or actions of enforcement authorities, that restrict our ability to operate our business, or subject us to fines, penalties or other legal liability; Changes in tax law and accounting standards that impact the tax rate applicable to us, the jurisdictions in which profits are determined to be earned and taxed, adverse resolution of tax audits, increases in tariff rates, and the ability to realize deferred tax assets; A loss suffered by one of our customers or distributors with respect to TI-consigned inventory; Financial difficulties of our distributors or their promotion of competing product lines to our detriment; or disputes with significant distributors; Losses or curtailments of purchases from key customers or the timing and amount of distributor and other customer inventory adjustments; Our ability to maintain or improve profit margins, including our ability to utilize our manufacturing facilities at sufficient levels to cover our fixed operating costs, in an intensely competitive and cyclical industry and changing regulatory environment; Our ability to maintain and enforce a strong intellectual property portfolio and maintain freedom of operation in all jurisdictions where we conduct business; or our exposure to infringement claims; Instability in the global credit and financial markets; Increases in health care and pension benefit costs; Our ability to recruit and retain skilled personnel, and effectively manage key employee succession and Impairments of our non-financial assets.
For a more detailed discussion of these factors, see the Risk factors discussion in Part II Item 1A of TI's Form 10-Q for the quarter ended
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