德州儀器公佈 2014 年第一季度財務業績及股東回報

作者 | 發布日期 2014 年 05 月 07 日 18:00 | 分類 市場動態 , 財經 follow us in feedly


德州儀器(TI)公布其第一季營收為 29.8 億美元,淨收入 4.87 億美元,每股收益 44美分。業績報告中包括 3,700 萬美元的收益,該收益並未包含在公司此前的前瞻報告中;由於出售了一處網點以及與此前宣佈的重組措施相關的其它資產,每股盈利增長2美分。

關於公司業績及股東回報,TI 公司董事長、總裁兼首席执行官 Rich Templeton 發表了如下意見:

  •  本季的收入和盈利處於我們預期範圍內的中上水準,標誌著本年度的良好開局。
  • 與去年相比,我們的營收增長了 3%,若不計傳統的無線產品營運收入,則營收增長為 11%。模擬和嵌入式處理器業務收入占第一季營收的 84%。
  • 毛利率達到 53.9%,表現強勁,體現了我們模擬和嵌入式處理器業務的有效組合以及高效的生產戰略。
  • 我们的商業模式在營運過程中持續產生强勁的現金流。過去 12 個月的自由現金流接近 31 億美元,同比增長 8%,占營收的 25%。這與我們 20%-30% 的目標一致。這一目標比早前所定的第一季 20-25% 的目標調高了 5 個百分點。
  • 過去的 12 個月中,通過分派股息和股票回購,我们给股東的回報達到 $42 億美元。我們的股息策略是將全部無需用來償還債務的現金流作為股東回報,並回報給他們權益計酬計畫的收益,這反映了我们對我們的業務模式實現長期可持續性發展的信心。在過去的 12 個月中,我們的股東回報達到目標金額的 99%。
  • 我们的資產負債表依然强勁,本季末帳面上有 40 億美元的現金和短期投資,其中 84% 歸我公司在美國的實体所擁有。庫存周轉天數為 112 天,符合我们所设定的 105-115 天的目标。
  • TI 公司在 2014 年第二季的預期是:營收範圍在 31.4 億美元至 34 億美元之間,每股收益範圍在 0.55 美元至 0.63 美元之間。營業收入的中間值顯示了7%的年增長,若不計傳統無線業務,年增長為 13%。2014 年度的實際稅率預期約為 28%,高於我們之前做出的約 27% 的預期。

不計傳統無線業務的營收和自由現金流計算為非一般公認會計原則(GAAP)財務措施。自由現金流指的是業務經營活動現金流減去資本支出後的所剩現金。

盈利摘要

Amounts are in millions of dollars, except per-share amounts. 

         
  1Q14 1Q13 Change  
                                                         Revenue $ 2,983 $ 2,885 3%  
                                             Operating profit $    690 $    395    75%  
                                                     Net income $    487 $    362 35%  
                                          Earnings per share $     .44 $     .32 38%

 

 

 

 

現金流量

 

Amounts are in millions of dollars.

       
      Trailing 12 Months
  1Q14   1Q14 1Q13 Change
Cash flow from operations

Capital expenditures

Free cash flow

Free cash flow % of revenue

$     462

$              77

$     385

13%

  $ 3,486

$    405

$ 3,081

25%

$ 3,324

$    476

$ 2,848

23%

 

5%

-15%

8%

 

 

Capital expenditures for the past twelve months were 3 percent of revenue.

 

現金回報

 

Amounts are in millions of dollars.

       
      Trailing 12 Months
  1Q14   1Q14 1Q13 Change
Dividends paid

Stock repurchases

Total cash returned

 

$     325

$              720

$  1,045

 

  $ 1,268

$ 2,909

$ 4,177

 

$    856

$ 2,179

$ 3,035

 

48%

34%

38%

 

 

去年十二個月的現金回報總額達到公司現金回報目標的 99%(自由現金流減去淨負債償還,再加上權益計酬計畫的收益)。

 

 

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

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

  For Three Months Ended Mar. 31,
    2014   2013
         
Revenue …………………………………………………………………………………………….. ……………………………………………………………………………………………………………..   $          2,983   $          2,885
Cost of revenue ………………………………………………………………………………….               1,376               1,511
Gross profit …………………………………………………………………………………………               1,607               1,374
Research and development (R&D) …………………………………………………….                  366                  419
Selling, general and administrative (SG&A) ……………………………………….                  479                  459
Acquisition charges………………………………………………………………………………                     83                     86
Restructuring charges/other………………………………………………………………….                    (11)                     15
Operating profit ………………………………………………………………………………….                  690                  395
Other income (expense), net ……………………………………………………………….                       6                       2
Interest and debt expense …………………………………………………………………..                     25                     23
Income before income taxes ……………………………………………………………..                  671                  374
Provision for income taxes …………………………………………………………………                  184                     12
Net income …………………………………………………………………………………………   $             487   $             362
         
Earnings per common share:        
  Basic ……………………………………………………………………………………………….   $              .44   $              .32
  Diluted …………………………………………………………………………………………….   $              .44   $              .32
         
Average shares outstanding (millions):        
  Basic ……………………………………………………………………………………………….               1,081               1,107
  Diluted …………………………………………………………………………………………….               1,096               1,123
         
Cash dividends declared per share of common stock ………………………..   $              .30   $              .21
         
Percentage of revenue:        
Gross profit …………………………………………………………………………………………                 53.9%                  47.6%
R&D ……………………………………………………………………………………………………                 12.3%                  14.5%
SG&A …………………………………………………………………………………………………                 16.1%                  15.9%
Operating profit ………………………………………………………………………………….                 23.1%                  13.7%

As required by accounting rule ASC 260, net income allocated to unvested restricted stock units (RSUs), on which we pay dividend equivalents, is excluded from the calculation of EPS.  $7 million is excluded for both the quarters ending March 31, 2014 and 2013.

 

 

 

 

 

 

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

 

 

    Mar. 31, 2014   Mar. 31, 2013
Assets        
Current assets:        
Cash and cash equivalents ………………………………………………………………   $         1,565   $         1,393
Short-term investments ……………………………………………………………………              2,467              2,469
Accounts receivable, net of allowances of ($23) and ($26) …………….              1,355              1,333
Raw materials ………………………………………………………………………………….                    95                    99
Work in process ………………………………………………………………………………..                  898                  930
Finished goods ………………………………………………………………………………….                  721                  671
Inventories ……………………………………………………………………………………….              1,714              1,700
Deferred income taxes ……………………………………………………………………..                  383                  469
Prepaid expenses and other current assets ……………………………………….                  876                  841
Total current assets ………………………………………………………………………….              8,360              8,205
Property, plant and equipment at cost ………………………………………………..              6,426              6,773
Accumulated depreciation ……………………………………………………………….             (3,247)             (3,034)
Property, plant and equipment, net ………………………………………………….              3,179              3,739
Long-term investments ………………………………………………………………………..                  212                  204
Goodwill, net………………………………………………………………………………………….              4,362              4,362
Acquisition-related intangibles, net ……………………………………………………..              2,142              2,473
Deferred income taxes …………………………………………………………………………                  200                  264
Capitalized software licenses, net ………………………………………………………..                  111                  169
Overfunded retirement plans…………………………………………………………………                  129                    62
Other assets ………………………………………………………………………………………….                  240                  223
Total assets ………………………………………………………………………………………….   $       18,935   $       19,701
         
Liabilities and Stockholders’ Equity        
Current liabilities:        
Current portion of long-term debt ……………………………………………………   $         1,000   $         1,500
Accounts payable …………………………………………………………………………….                  405                  440
Accrued compensation …………………………………………………………………….                  364                  365
Income taxes payable ……………………………………………………………………..                  101                  109
Deferred income taxes ……………………………………………………………………..                      1                      2
Accrued expenses and other liabilities ……………………………………………..                  600                  694
Total current liabilities ……………………………………………………………………..              2,471              3,110
Long-term debt ……………………………………………………………………………………              4,652              4,183
Underfunded retirement plans …………………………………………………………….                  218                  258
Deferred income taxes …………………………………………………………………………                  536                  598
Deferred credits and other liabilities …………………………………………………….                  438                  600
Total liabilities ……………………………………………………………………………………..              8,315              8,749


 

Stockholders’ equity:        
Preferred stock, $25 par value.  Authorized – 10,000,000 shares. Participating cumulative preferred.  None issued.    

   

Common stock, $1 par value.  Authorized – 2,400,000,000 shares.  Shares issued – 1,740,815,939 ……………………………………………………..    

1,741

 

1,741

Paid-in capital …………………………………………………………………………………..             1,181             1,049
Retained earnings ……………………………………………………………………………..           28,331           27,330
Treasury common stock at cost.

… Shares:  Mar. 31, 2014 – 661,464,745; Mar. 31, 2013 –

631,661,551………………………………………………………………………………….

 

 

 

 

(20,113)

   

 

(18,518)

Accumulated other comprehensive income (loss), net of taxes ……….   (520)               (650)
Total stockholders’ equity ………………………………………………………………..           10,620           10,952
Total liabilities and stockholders’ equity ……………………………………………..   $     18,935   $     19,701

Certain amounts in the prior period’s financial statement have been reclassified to conform to the current presentation.