For the fourth quarter of 2019, Texas Instruments Inc. (TI) reported revenue of $3.35 billion, net income of $1.07 billion and earnings per share of $1.12. Earnings per share include a 1-cent benefit for items that were not in the company's original guidance.

TI’s earnings and sales met guidance though were down from the year-ago quarter, when TI reported sales of $3.7 billion, net income of $1.23 billion, and earnings per share of $1.27.

According to TI CEO Rich Templeton, revenue declined 10% from the same quarter a year ago as most markets showed signs of stabilizing. Templeton added that analog revenue declined 5% and embedded processing declined 20%.

"Our cash flow from operations of $6.6 billion for the year again underscored the strength of our business model. Free cash flow for the year was $5.8 billion and 40% of revenue. This reflects the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter Analog production."

Templeton added, “TI's first quarter (2020) outlook is for revenue in the range of $3.12 billion to $3.38 billion, and earnings per share between $0.96 and $1.14, which includes an estimated $20 million discrete tax benefit. We continue to expect our 2020 annual operating tax rate to be about 15%."