TI Profit Inches Higher, but Japan Weighs on Results
Texas Instruments Inc. provided more evidence of the financial fallout from the earthquake in Japan, which hurt the chip maker’s first-quarter results and is expected to hold down growth in the current period as well.
The Dallas-based company had already issued warnings about the impact on its two factories in the quake zone. In reporting first-quarter results Monday, TI put costs associated with the disaster at $30 million, which reduced earnings per share for the period ended in March by about two cents. In addition, the company suffered about $20 million in lost sales, said Ron Slaymaker, TI’s vice president of investor relations.