Texas Instruments Incorporated Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the First Quarter of 2017; Provides Effective Tax Rate Guidance for 2017
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%.