Automotive, Industrial Markets Drive Texas Instruments' Double-digit Revenue Hike

Dallas-based Texas Instruments Inc. is crediting strong demand in the automotive market and broad-based growth in the industrial sector for a double-digit rise in its quarterly revenue.The analog chip giant reported growth in its other markets, such as communications equipment and personal electronics. Enterprise systems were about even, the company reported Tuesday.TI brought in $3.69 billion in revenue during the second quarter, a 13 percent increase from last year. That exceeded Thomson Reuters analysts’ forecast of $3.57 billion. TI is considered a bellwether for the economy because its chips are used in almost everything with an on/off switch.It was the second straight quarter of double-digit revenue gains. Its first quarter revenue marked the company's first increase of 10 percent or more since 2010. The company recorded a $1.06 billion profit for the three-month period compared with $819 million a year ago. Earnings per share also topped estimates and rose to $1.03 versus $0.76 a year ago. Dallas-Fort Worth's ninth largest public company saw its stock close half a percent higher Tuesday, at $81.39.Analog revenue grew 18 percent, and embedded processing revenue grew 15 percent from the same quarter a year ago, CEO Rich Templeton said in a statement. TI's balance sheet showed $3 billion in cash and short-term investments at the end of the quarter, he said.  Continue reading...