TI reports 4Q14 and 2014 financial results and shareholder returns

 

Capital expenditures for the year were 3 percent of revenue.  Our long-term expectation is about 4 percent.

Cash return

Amounts are in millions of dollars.








Trailing 12 Months 



  4Q14


 4Q14

 4Q13

Change

Dividends paid

$     356


$ 1,323

$ 1,175

13%

Stock repurchases

$     698


$ 2,831

$ 2,868

-1%

Total cash returned

$  1,054


$ 4,154

$ 4,043

3%

 

The company's targeted cash return is 100 percent of free cash flow plus proceeds from exercises of equity compensation minus net debt retirement.

 


TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

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




For Three Months Ended


For Years Ended



December 31,


December 31,



2014


2013


2014


2013

Revenue


$

3,269


$

3,028


$

13,045


$

12,205

Cost of revenue (COR)



1,374



1,388



5,618



5,841

Gross profit



1,895



1,640



7,427



6,364

Research and development (R&D)



311



346



1,358



1,522

Selling, general and administrative (SG&A)



429



461



1,843



1,858

Acquisition charges



82



84



330



341

Restructuring charges/other



(27)



62



(51)



(189)

Operating profit



1,100



687



3,947



2,832

Other income (expense), net (OI&E)



9



19



21



17

Interest and debt expense



22



24



94



95

Income before income taxes



1,087



682



3,874



2,754

Provision for income taxes



262



171



1,053



592

Net income


$

825


$

511


$

2,821


$

2,162














Diluted earnings per common share


$

.76


$

.46


$

2.57


$

1.91














Average diluted shares outstanding (millions)



1,063



1,102



1,080



1,113














Cash dividends declared per common share


$

.34


$

.30


$

1.24


$

1.07














As a result of accounting rule ASC 260, which requires a portion of Net income to be allocated to unvested restricted stock units (RSUs), on which we pay dividend equivalents, diluted EPS is calculated using the following:














Net income


$

825


$

511


$

2,821


$

2,162

Income allocated to RSUs



(13)



(8)



(43)



(36)

Income allocated to common stock for diluted EPS


$

812


$

503


$

2,778


$

2,126


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