Chipmaker Texas Instruments late Tuesday beat Wall Street's targets for the fourth quarter, but it guided below views for the current period. TXN stock wavered in extended trading.
The Dallas-based company earned $2.13 a share on sales of $4.67 billion in the December quarter. Analysts polled by FactSet predicted TI earnings of $1.98 a share on sales of $4.61 billion. On a year-over-year basis, TI earnings dropped 6% while sales slid 3%.
"Our results reflect weaker demand in all end markets with the exception of automotive," Chief Executive Rich Templeton said in a news release.
For the current quarter, Texas Instruments forecast earnings of $1.77 a share on sales of $4.35 billion. That's based on the midpoint of its outlook.
Wall Street had predicted TI earnings of $1.86 a share on sales of $4.41 billion in the March quarter. In the year-earlier period, TI earned $2.35 a share on sales of $4.9 billion.
TXN Stock On IBD Tech Leaders List
In after-hours trading on the stock market today, TXN stock alternated between modest gains and losses. In recent trades, it was up 0.3% to 177.57. During the regular session Tuesday, TXN stock fell 0.6% to close at 177.04.
Texas Instruments makes analog and embedded semiconductors for industrial, automotive, personal electronics, communications equipment, and enterprise systems.
TXN stock ranks No. 11 out of 32 stocks in IBD's semiconductor manufacturing industry group, according to IBD Stock Checkup. It has an IBD Composite Rating of 88 out of 99.
Further, TXN stock is on the IBD Tech Leaders stock list.
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