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Texas Instruments profit misses consensus by 17.8% in Q1

Texas Instruments Inc. said its first-quarter normalized net income came to 55 cents per share, compared with the S&P Capital IQ consensus estimate of 67 cents per share.

EPS increased 47.0% year over year from 38 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $586.9 million, an increase of 42.3% from $412.5 million in the year-earlier period.

The normalized profit margin climbed to 18.6% from 13.8% in the year-earlier period.

Total revenue rose 5.6% year over year to $3.15 billion from $2.98 billion, and total operating expenses decreased on an annual basis to $2.19 billion from $2.30 billion.

Reported net income increased 34.2% year over year to $647.2 million, or 61 cents per share, from $482.2 million, or 44 cents per share.