DALLAS—Texas Instruments Inc. raised its business outlook for the second quarter during a scheduled update.
The company said it now expects to earn revenues from continuing operations of between $3.63 billion and $3.78 billion, up from its prior estimate of between $3.46 billion and $3.75 billion. Of those revenues, semiconductor revenues are expected to account for between $3.45 billion and $3.59 billion, an increase from its previous guidance of between $3.29 billion and $3.56 billion. The new revenue estimates include a $70 million cash payment from Conexant Systems Inc. to settle patent litigation between the companies.
The company also raised its earnings-per-share estimates for the quarter to between 46 cents and 48 cents from a range of 38 cents to 43 cents.
TI’s previous guidance was released in April along with its first-quarter financial earnings report.
TI’s stock popped up by more than $1 per share following the news, but quickly dropped back to around $30 per share.
