Texas Instruments Incorporated (TXN) is scheduled to report fourth-quarter 2023 results on Jan 23.For fourth-quarter 2023, Texas Instruments expects revenues between $3.93 billion and $4.27 billion. The Zacks Consensus Estimate for revenues is pegged at $4.11 billion, indicating a decline of 11.9% from the year-ago quarter’s reported figure.Management expects earnings in the range of $1.35-$1.57 per share for the quarter under review. The consensus mark for earnings is pegged at $1.46 per share, indicating ...

UBS upgraded the shares of chipmaker Texas Instruments Incorporated (NASDAQ:TXN) to "buy" and hiked its price target to $195 from $170. Texas Instruments had already lifted its revenue for cast for 2024 and 2025, adding to UBS' confidence that the semiconductor company should be among the first in its sector to see higher orders amid lesser reliance on distribution.  In response to the bull note, TXN was last seen 3.1% higher at $172.12 and pacing to extend its gains after yesterday snapping five-day losing ...

Texas Instruments (TXN) closed at $163.88 in the latest trading session, marking a -0.6% move from the prior day. This change lagged the S&P 500's 0.37% loss on the day. Meanwhile, the Dow lost 0.62%, and the Nasdaq, a tech-heavy index, lost 0.19%.Coming into today, shares of the chipmaker had lost 1.52% in the past month. In that same time, the Computer and Technology sector gained 1.22%, while the S&P 500 gained 1.56%.The investment community will be closely monitoring the performance of Texas Instruments ...

Texas Instruments (TXN) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on January 23, 2024, might help the stock move higher if these key numbers are better ...

In the latest market close, Texas Instruments (TXN) reached $166.74, with a -1.49% movement compared to the previous day. This move lagged the S&P 500's daily loss of 0.8%. Elsewhere, the Dow saw a downswing of 0.76%, while the tech-heavy Nasdaq depreciated by 1.18%.Coming into today, shares of the chipmaker had gained 7.64% in the past month. In that same time, the Computer and Technology sector gained 2.11%, while the S&P 500 gained 3.4%.Market participants will be closely following the financial results ...

公司背景 - 德州仪器公司（TI）将于2023年第四季度和年底财报电话会议中讨论财务业绩和回答投资者提问[1] - TI是一家全球半导体公司，设计、制造、测试和销售模拟和嵌入式处理芯片，应用于工业、汽车、个人电子、通信设备和企业系统等市场[2] - TI致力于通过半导体使电子产品更加负担得起，不断创新以提高技术性能，可靠性和降低成本，让半导体产品应用于各个领域[2]

Fischerrx6Introduction The market has run hot, which allowed the S&P 500 to return more than 25% over the past 12 months. The tech-heavy ETF (QQQ) returned more than 50% during this period. Data by YChartsDividend growth stocks, as represented by the Vanguard Dividend Appreciation ETF (VIG), returned 14%. A big part of this rally was caused by expectations of lower interest rates in 2024 as the market has priced in six Federal Reserve interest rate cuts this year. CME GroupThe problem is that I don't li ...

未来展望 - 公司计划未来四年每年投资约50亿美元用于增加产能[4] - 公司预计未来10%的增长主要受益于半导体在汽车和工业领域的需求增长[6] - 公司预计未来毛利率仍将保持稳定，除去折旧后的毛利率仍为关键指标[35] - 公司预计2025年的折旧为20亿至25亿美元，与之前的预期略有下降[54] 市场扩张和并购 - 公司在德州和犹他的工厂地点受到客户青睐，有助于确保地缘政治稳定性[8] - 公司在中国市场的竞争优势包括制造技术和广泛的产品组合[19] - 公司在汽车领域取得了良好的业绩，长期来看，汽车市场有巨大的机会[58] - 公司在过去十多年中一直专注于汽车市场，并在该领域取得成功[59] 新产品和新技术研发 - 公司在全球各地设有大型研发中心，主要集中在产品线和工艺技术方面[42] - 公司拥有80名博士研究人员在Kilby Labs工作，致力于研究不直接与收入相关的概念[45] - 公司每年发布约600种新产品，重点是确保产品成功[47] 负面信息 - 公司在过去几个季度增加了库存，但随着库存的实现，减缓了库存增长速度[37] - 营运支出预计未来几年将以中单位数的速度增长[41]

公司业务概况 - 公司设计和制造半导体，销售给全球的电子设计师和制造商[49] 财务表现 - 第三季度营收为45.3亿美元，净利润为17.1亿美元，每股收益为1.85美元[63] - 过去12个月，研发和销售费用为37亿美元，资本支出49亿美元，向股东返还56亿美元[66] - 自由现金流为1,648亿美元，同比下降了72%[95] - 营收为18,112亿美元，同比下降了10.3%[95] - 现金流从营收中的比例为36.1%[95] - 自由现金流从营收中的比例为9.1%[95]

财务数据和关键指标变化 - 第三季度收入为45亿美元，较上季度持平，同比下降14% [3][6] - 毛利润为28亿美元，占收入的62%，毛利率同比下降690个基点 [6] - 净收入为17亿美元，每股收益为1.85美元 [6] 各条业务线数据和关键指标变化 - 模拟业务收入下降16% [3] - 嵌入式处理业务增长8% [3] - 其他业务部门收入同比下降32% [3] 各个市场数据和关键指标变化 - 汽车市场增长中，环比增长中个位数，年同比增长20% [4][19] - 工业市场环比下降中位数，几乎所有行业均出现疲软 [4] - 个人电子产品市场同比增长约20%，基数较低 [4] - 通信设备市场同比下降约50% [27] - 企业系统市场同比下降约40% [27] 公司战略和发展方向和行业竞争 - 公司对半导体内容在工业和汽车市场的长期增长持乐观态度，计划在2026年前每年投资约50亿美元用于资本支出 [5][21] - 公司继续专注于制造和技术的竞争优势，致力于通过严格的资本配置来增强这些优势 [9] 管理层对经营环境和未来前景的评论 - 管理层表示当前经营环境依然疲软，预计第四季度将继续处于弱势 [16] - 对于汽车市场的强劲表现，管理层认为这一趋势可能会持续 [15][46] 其他重要信息 - 公司在第三季度的运营现金流为19亿美元，过去12个月的自由现金流为16亿美元 [7] - 公司在第三季度支付了11亿美元的股息，并回购了约5000万美元的股票 [7] 问答环节所有提问和回答 问题: 关于毛利率的变化 - 管理层指出，毛利率下降主要是由于收入减少和计划中的产能扩张导致的制造成本上升 [12][14] 问题: 汽车市场的前景 - 管理层表示，汽车市场在第三季度表现强劲，预计这一趋势在第四季度将继续 [15][19] 问题: 资本支出的计划 - 管理层确认，未来几年将继续保持每年50亿美元的资本支出计划，尽管收入有所下降 [21] 问题: 价格环境的变化 - 管理层表示，价格变化通常较慢，当前的定价策略没有改变，预计未来将保持低个位数的下降趋势 [29] 问题: 工厂负荷和库存管理 - 管理层解释了库存管理的策略，表示在接近目标库存水平时将降低工厂开工率，从而导致了低负荷的费用 [36][39] 问题: 中国市场的表现 - 管理层指出，中国市场的工业需求依然疲软，整体表现不佳 [68] 问题: 嵌入式业务的前景 - 管理层对嵌入式业务的表现表示满意，认为其长期增长潜力依然存在 [70]