Texas Instruments posted Q2 revenue of $3.34 billion, net income of $446 million and earnings per share of 38 cents. EPS includes 6 cents of charges associated with the company’s September 2011 acquisition of National Semiconductor and restructuring.
“TI revenue in the second quarter was about as we had expected,” said Rich Templeton, TI’s chairman, president and CEO. “Our Analog and Embedded Processing segments grew sequentially, while our Wireless segment declined. “Although we believe customers and distributors have low inventory levels, the global economic environment is causing both to become increasingly cautious in placing new orders. Our backlog grew last quarter but orders slowed in the month of June and our backlog coverage for September is lower than normal. As a result of this increased uncertainty, we currently estimate that our revenue in the third quarter will be about even with last quarter and below our seasonal average growth rate.”
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