Texas Instruments Q2 Results Top Street View

(RTTNews) - Texas Instruments Inc. (TXN) on Tuesday reported a reported a second-quarter profit and revenues that trumped Wall Street analysts' expectations. The company also issued a financial outlook for the third quarter, which is expected to beat current estimates.

Dallas, Texas-based Texas Instrument's second-quarter profit rose to $1.38 billion or $1.48 per share from $1.31 billion or $1.36 per share last year. Analysts polled by Thomson Reuters expected the company to earn $0.87 per share.

Revenues for the quarter dropped 12 percent to $3.24 billion from $3.67 billion in the same quarter last year. Analysts had a consensus revenue estimate of $2.94 billion for the quarter.

CEO Rich Templeton said revenues dropped due to weakness in the automotive market. Analog revenues declined 4% and Embedded Processing dropped 31% from the same quarter a year ago.

Looking forward to the third quarter, Texas Instrument's expects earnings of $1.14 to $1.34 per share and revenues of $3.26 billion to $3.54 billion. Analysts currently estimate earnings of $0.99 per share and revenues of $3.09 billion.

TXN closed Tuesday's trading at $135.48, down $1.10 or 0.81%, on the Nasdaq. The stock, however, gained $4.11 or 3.03%, in the after-hours trade.