TI updates first-quarter 2013 business outlook

DALLAS, March 7, 2013 /PRNewswire/ -- In a scheduled update to its business outlook for the first quarter of 2013, Texas Instruments Incorporated (TI) (NASDAQ: TXN) today narrowed its expected ranges for revenue and earnings per share (EPS) to the upper half of its prior expected ranges.

The company currently expects its financial results to be within the following ranges:

    --  Revenue:  $2.80 - 2.91 billion compared with the prior range of $2.69 -
        2.91 billion
    --  EPS:  $0.28 - 0.32 compared with the prior range of $0.24 - 0.32.  EPS
        includes about $0.06 of acquisition and restructuring charges.  It also
        includes a discrete tax benefit of $0.06 resulting from the
        reinstatement of the R&D tax credit that was retroactive to the
        beginning of 2012.

The company will hold a conference call at 4 p.m. Central time today to discuss this update. This conference call will be available live at www.ti.com/ir. TI's original first-quarter outlook was published in the company's fourth-quarter and year-end 2012 earnings release on January 22. TI's first quarter ends on March 31.

Safe Harbor Statement

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as TI or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe TI's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.

We urge you to carefully consider the following important factors that could cause actual results to differ materially from the expectations of TI or its management:

    --  Market demand for semiconductors, particularly in key markets such as
        communications, computing, industrial, consumer electronics and
        automotive;
    --  TI's ability to maintain or improve profit margins, including its
        ability to utilize its manufacturing facilities at sufficient levels to
        cover its fixed operating costs, in an intensely competitive and
        cyclical industry;
    --  TI's ability to develop, manufacture and market innovative products in a
        rapidly changing technological environment;
    --  TI's ability to compete in products and prices in an intensely
        competitive industry;
    --  TI's ability to maintain and enforce a strong intellectual property
        portfolio and obtain needed licenses from third parties;
    --  Expiration of license agreements between TI and its patent licensees,
        and market conditions reducing royalty payments to TI;
    --  Economic, social and political conditions in the countries in which TI,
        its customers or its suppliers operate, including security risks, health
        conditions, possible disruptions in transportation, communications and
        information technology networks and fluctuations in foreign currency
        exchange rates;
    --  Natural events such as severe weather and earthquakes in the locations
        in which TI, its customers or its suppliers operate;
    --  Availability and cost of raw materials, utilities, manufacturing
        equipment, third-party manufacturing services and manufacturing
        technology;
    --  Changes in the tax rate applicable to TI as the result of changes in tax
        law, the jurisdictions in which profits are determined to be earned and
        taxed, the outcome of tax audits and the ability to realize deferred tax
        assets;
    --  Changes in laws and regulations to which TI or its suppliers are or may
        become subject, such as those imposing fees or reporting or substitution
        costs relating to the discharge of emissions into the environment or the
        use of certain raw materials in our manufacturing processes;
    --  Losses or curtailments of purchases from key customers and the timing
        and amount of distributor and other customer inventory adjustments;
    --  Customer demand that differs from our forecasts;
    --  The financial impact of inadequate or excess TI inventory that results
        from demand that differs from projections;
    --  Impairments of our non-financial assets;
    --  Product liability or warranty claims, claims based on epidemic or
        delivery failure or recalls by TI customers for a product containing a
        TI part;
    --  TI's ability to recruit and retain skilled personnel;
    --  Timely implementation of new manufacturing technologies and installation
        of manufacturing equipment and the ability to obtain needed third-party
        foundry and assembly/test subcontract services;
    --  TI's obligation to make principal and interest payments on its debt;
    --  TI's ability to successfully integrate and realize opportunities for
        growth from acquisitions, and our ability to realize our expectations
        regarding the amount and timing of restructuring charges and associated
        cost savings; and
    --  Breaches of our information technology systems.

For a more detailed discussion of these factors, see the Risk Factors discussion in Item 1A of TI's Form 10-K for the year ended December 31, 2012. The forward-looking statements included in this release are made only as of the date of this release, and TI undertakes no obligation to update the forward-looking statements to reflect subsequent events or circumstances.

About Texas Instruments

Texas Instruments Incorporated (TI) is a global semiconductor design and manufacturing company that develops analog ICs and embedded processors. By employing the world's brightest minds, TI creates innovations that shape the future of technology. TI is helping more than 100,000 customers transform the future, today. Learn more at www.ti.com.

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SOURCE Texas Instruments Incorporated