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Texas Instruments Incorporated reported first quarter revenue of $3.66 billion, net income of $1.11 billion and earnings per share of $1.20. Earnings per share included a 10-cent benefit for items that were not in the company’s original guidance.
Regarding the company’s performance and returns to shareholders, Haviv Ilan, TI’s president and CEO, made the following comments:
- “Revenue decreased 16% from the same quarter a year ago and 10% sequentially, as revenue declined across all end markets.
- “Our cash flow from operations of $6.3 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production. Free cash flow for the same period was $940 million.
- “Over the past 12 months we invested $3.7 billion in R&D and SG&A, invested $5.3 billion in capital expenditures and returned $4.8 billion to owners.
- “TI’s second quarter outlook is for revenue in the range of $3.65 billion to $3.95 billion and earnings per share between $1.05 and $1.25. We continue to expect our effective tax rate to be about 13%.”
Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures.
Earnings summary
(In millions, except per-share amounts) Q1 2024 Q1 2023 Change Revenue $ 3,661 $ 4,379 (16) % Operating profit $ 1,286 $ 1,934 (34) % Net income $ 1,105 $ 1,708 (35) % Earnings per share $ 1.20 $ 1.85 (35) % Cash generation
Trailing 12 Months (In millions) Q1 2024 Q1 2024 Q1 2023 Change Cash flow from operations $ 1,017 $ 6,277 $ 7,736 (19) % Capital expenditures $ 1,248 $ 5,337 $ 3,336 60 % Free cash flow $ (231) $ 940 $ 4,400 (79) % Free cash flow % of revenue 5.6 % 22.6 % Cash return
Trailing 12 Months (In millions) Q1 2024 Q1 2024 Q1 2023 Change Dividends paid $ 1,183 $ 4,615 $ 4,359 6 % Stock repurchases $ 3 $ 193 $ 3,129 (94) % Total cash returned $ 1,186 $ 4,808 $ 7,488 (36) % Original – Texas Instruments
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LATEST NEWS1 Min Read
Vishay Intertechnology, Inc. issued the following statement from its Board of Directors in response to the press release issued on April 22, 2024 by Mountaineer Partners Management, LLC (“Mountaineer”) in which Mountaineer published its letter to the Board of Directors urging the Board to consider adopting and implementing a $600 million accelerated share repurchase.
Vishay regularly engages with our stockholders and welcomes constructive input focused on enhancing value. Vishay’s CEO has held numerous discussions with Mountaineer since his appointment to the position on January 1, 2023, and the senior management team met with stockholders most recently at the company’s Investor Day held on April 2, 2024.
Vishay’s Board appreciates and is carefully evaluating the suggestion made by Mountaineer along with input from other stockholders to determine the course of action that is in the best interest of the company and all stockholders.
Original – Vishay Intertechnology
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LATEST NEWS1 Min Read
Axcelis Technologies, Inc. has received the Texas Instruments 2023 Supplier Excellence Award. The annual award honors companies whose dedication and commitment in supplying products and services meet TI’s high standards for excellence. Recipients are an elite group of suppliers chosen for their exemplary performance in the areas of Cost, Environmental & Social Responsibility, Technology, Responsiveness, Assurance of Supply, and Quality.
“It is a tremendous honor for Axcelis to once again receive the Supplier Excellence Award from Texas Instruments,” said Russell Low, Axcelis’ President and Chief Executive Officer. “This is the fifth time Axcelis has received this prestigious award over the last 11 years and is a testament to our dedication to customer collaboration and success, and our commitment to a strong partnership with Texas Instruments. We look forward to continuing to serve the installed base with value added upgrades and services and participating in Texas Instruments’ expansion plans in the near future.”
Rob Simpson, Vice President of Worldwide Procurement and Logistics at Texas Instruments, commented, “Axcelis’ exceptional commitment to innovation and collaboration has set them apart and helped us achieve our priorities to serve our customers.”
Original – Axcelis Technologies
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LATEST NEWS / PRODUCT & TECHNOLOGY2 Min Read
STMicroelectronics unveiled L99H92 automotive gate driver which provides an SPI port for programming and diagnostics, a charge pump, protective features, and two additional current-sense amplifiers for system monitoring.
Containing two high-side and two low-side drivers, the L99H92 can control a single H-bridge powering one bidirectional DC motor or two half bridges for two unidirectional motors. Typical applications for the highly integrated and easily configurable driver include electric sunroof, window lift, powered trunk, sliding doors, and seat-belt pre-tensioners.
The charge pump powers the high-side drivers to maintain correct operation as the vehicle battery voltage fluctuates, enabling the outputs to function with a supply as low as 5.41V. The charge-pump output is also available at an external pin to control a MOSFET for reverse-battery protection.
The gate-driving current is programmed through the SPI port, allowing slew-rate control to minimize electromagnetic emissions and thermal dissipation. Programming the current saves up to four external discrete components per MOSFET, typically needed for slew-rate setting with conventional drivers. The maximum drive current of 170mA gives designers flexibility to use the driver with a wide variety of external MOSFETs, including high-power devices with large gate capacitance.
With many features for system protection and diagnostics, the L99H92 is built for reliability and safety. There is overcurrent protection with a programmable threshold, detected by monitoring the MOSFET drain current. Also, cross-conduction protection with programmable dead time ensures safety and efficiency. Additional protection includes overtemperature early warning and shutdown, overvoltage and undervoltage protection on analog and digital power supply inputs, and open-load and output short-circuit detection in off-state diagnostic mode.
A fail-safe input can turn off all MOSFETs instantaneously and a dedicated diagnostic pin provides immediate fault warning without waiting for periodic SPI transfers.
Additionally, two current-sense amplifiers are integrated for system-status monitoring, helping minimize the bill of materials. Suitable for high-side, low-side, and inline sensing, the amplifiers have independently programmable gain, low offset, and low thermal drift. They can be independently disabled to reduce current consumption when unused.
Original – STMicroelectronics
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Wolfspeed, Inc. issued the following statement in response to the letter from JANA Partners (“JANA”) to Wolfspeed’s Board of Directors:
Wolfspeed’s Board of Directors and management team maintain an open dialogue with, and value constructive input from, our shareholders. The company continually evaluates options to enhance long-term value and is committed to acting in the best interests of all our shareholders. The Wolfspeed Board will carefully review JANA’s letter, and we look forward to engaging with them in the near future.
Original – Wolfspeed
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GaN / LATEST NEWS / WBG2 Min Read
Navitas Semiconductor announced that Virtual Forest, one of India’s leading electronics design companies specializing in motor control and human interface technologies for consumer appliances, fluid movement and mobility, has adopted its GaNFast™ power integrated circuits (IC) technology for a zero-emission, powerful 3 hp (2,250W) solar-powered irrigation pump.
For many farmers worldwide, irrigating remote crops requires powerful pumps to lift water from rivers and streams up to field-level, with the majority powered by polluting and noisy diesel generators or expensive, lossy long-distance electrical cables. The Virtual Forest solar pump with maximum power point tracking (MPPT) operates in conjunction with solar panel and energy storage to provide robust, energy-independent and pollution-free performance at the point of use.
The 3 hp (2,250W) pump is remotely accessed via quad-band IoT with low power consumption. It can raise over 50 gallons-per-minute of water to a height of over 90 feet, enough to water 3 acres of farmland, and help to produce 10 tonnes of wheat. Further, the IoT enabled solar pump ensures optimal water usage through intelligent analytics, therefore minimizing ground water utilization.
Navitas GaNSense™ half-bridge power ICs monolithically by integrating two GaN power FETs with GaN drivers, level-shifters, protection features and high-efficiency loss-less current sensing. High-efficiency NV6269 half-bridge ICs, in easy-to-use 8×10 mm QFN packages are used in a 3-phase motor inverter, with 3x-5x energy savings vs legacy silicon IGBTs.
“The $450 million solar-pump market in India is expected to reach $1.5 Bn by 2026, calling for a solar revolution on Indian fields,” said Virtual Forest’s CEO, Omer Basith, adding “Reliable, off-grid systems are critical to overcome food insecurity and achieve energy efficiency. Leveraging Navitas’ high-power, efficient GaNSense™ half-bridge, we seek to deliver a robust solution to the market. We are nurturing our dream to drive gigatons of reduction in carbon emissions, thereby making the world a greener place to live in. Hence, our name — Virtual Forest.”
“The design team at Virtual Forest adopted the GaNSense half-bridges very quickly, for a fast time-to-market,” said Alessandro Squeri, Navitas’ Senior Sales Director. “With GaNSense, ‘easy-to-use feature, Virtual Forest comes into the partnership with high efficiency, low component count and a robust design for tough environments.”
Original – Navitas Semiconductor