Texas Instruments Incorporated reported consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, revenue was $3,414 million against $3,189 million a year ago. Operating profit was $1,319 million against $1,142 million a year ago. Income before income taxes was $1,497 million against $1,139 million a year ago. Net income was $1,047 million against $836 million a year ago. Diluted earnings per common share were $1.02 against $0.80 a year ago. Cash flows from operating activities were $1,387 million against $1,446 million a year ago. Capital expenditures were $110 million against $164 million a year ago.

For the year, revenue was $13,370 million against $13,000 million a year ago. Operating profit was $4,799 million against $4,274 million a year ago. Income before income taxes was $4,930 million against $4,216 million a year ago. Net income was $3,595 million against $2,986 million a year ago. Diluted earnings per common share were $3.48 against $2.82 a year ago. Cash flows from operating activities were $4,614 million against $4,397 million a year ago. Capital expenditures were $531 million against $551 million a year ago. Free cash flow was $4,083 million against $3,846 million a year ago.

First-quarter outlook is for revenue in the range of $3.17 billion to $3.43 billion and earnings per share between 78 cents and 88 cents, which includes a 4-cent estimated tax benefit related to the new accounting standard for stock compensation.

For 2017, annual effective tax rate is expected to be about 30%.