Texas Instruments Inc. (TXN) reported that its first-quarter net income was $362 million or $0.32 per share, up from $265 million or $0.22 per share in the same quarter last year.
Earnings per share for the latest-quarter benefited from a discrete tax benefit of $65 million from the federal R&D tax credit, which was signed into law in January 2013.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share for the quarter. Analysts' estimates typically exclude special items.
Meanwhile, revenues for the quarter declined by 8 percent to $2.885 billion from $3.121 billion in the prior year quarter. Thirty six analysts had consensus revenue estimate of $2.85 billion for the quarter.
Looking ahead, for the second-quarter, the company expects earnings per share to be in the range of $0.37 - $0.45 per share, and revenue of $2.93 billion - $3.17 billion. Analysts expect the company to report earnings of $0.30 per share on revenues of $3.04 billion for the first-quarter.
For comments and feedback: editorial@rttnews.com