Texas Instruments Q4 sales falls 5%

JANUARY 30--Citing a seasonal decline for select chips and other factors, Texas Instruments Inc. (TI; Dallas, TX) reported sales of $2.15 billion for the fourth quarter of 2002, down 5% sequentially but up 20% in the like period a year ago. The company also posted a loss of $589 million, or ($0.34) a share, in the period, compared to a profit of $188 million, or $0.11 a share, in the previous quarter, and a loss of $116 million, or ($0.07), in the same period a year ago.

TI blamed the loss on a $638 million write-down of shares in Micron Technology Inc., which it received when it sold its memory business unit to Micron in 1998.

Orders of $2.09 billion in the quarter declined 2% sequentially and increased 32% compared with the year-ago quarter. Semiconductor orders of $1.76 billion were about even sequentially and grew 35% from the year-ago period.

Semiconductor revenue in the fourth quarter was even with the third quarter and grew 22% compared with the year-ago period, due to analog chips and digital signal processors. TI's Educational & Productivity Solutions unit revenue fell 57% sequentially due to seasonality, but increased 3% compared with the year-ago period. Sensors & Controls revenue was about even sequentially, but grew 10% over last year.