Chipmaker Texas Devices (TXN) late Wednesday beat Wall Road’s targets for the second quarter. However its gross sales steering for the present interval was beneath views. TXN inventory fell in prolonged buying and selling.
The Dallas-based firm earned $2.05 a share on gross sales of $4.58 billion within the June quarter. Analysts anticipated TI earnings of $1.83 a share on gross sales of $4.36 billion, in line with FactSet. On a year-over-year foundation, Texas Devices’ earnings rose 39% whereas gross sales climbed 41%.
TI’s earnings per share included a 6-cent profit for objects that weren’t within the firm’s unique steering. Its adjusted earnings of $1.99 a share nonetheless topped Wall Road’s consensus estimate.
The corporate noticed robust demand final quarter for chips in automotive, industrial and private electronics functions, Chief Government Wealthy Templeton mentioned in a information launch.
TXN Inventory Falls On Weak Gross sales Outlook
For the present quarter, Texas Devices expects to earn $2 a share on gross sales of $4.58 billion. That is primarily based on the midpoint of its steering. Analysts had been on the lookout for earnings of $1.97 a share on gross sales of $4.6 billion, FactSet mentioned.
In after-hours buying and selling on the inventory market at this time, TXN inventory dropped 3.8%, close to 186.90. Through the common session Wednesday, TXN inventory rose 3.5% to 194.24.
On June 28, TXN inventory hit a purchase level of 192.13 from a cup-with-handle base, in line with IBD MarketSmith charts. However buying and selling quantity was nicely beneath common, an indication that the tried breakout lacked conviction. TXN inventory ended that day beneath the purchase level. Since then, it has struggled to reclaim that purchase level.
Comply with Patrick Seitz on Twitter at @IBD_PSeitz for extra tales on client know-how, software program and semiconductor shares.
YOU MAY ALSO LIKE:
Chip Gear Maker ASML Tops Earnings Goal, Guides Larger
Netflix Is not Being Sincere About Why Development Is Slowing, Some Analysts Say
Is Intel Inventory A Purchase Forward Of Chipmaker’s Second-Quarter Earnings Report?
Discover Successful Shares With MarketSmith Sample Recognition & Customized Screens
Examine Out Leaderboard’s 10-Yr Anniversary Sale