8-KEarnings & ResultsLeadership Changes

TEXAS INSTRUMENTS INC 8-K Report, Financial Results (Jul 18, 2018)

Filed July 18, 2018For Securities:TXN

Summary

Texas Instruments Incorporated (TXN) filed an 8-K on July 17, 2018, disclosing its second-quarter 2018 financial results and a significant leadership change. The company reported a strong second quarter with revenue reaching $4.02 billion, marking a 9% increase year-over-year. Earnings per share (EPS) came in at $1.40, which included a small 3-cent benefit from tax-related items not previously guided by the company. The most impactful event in this filing is the immediate resignation of Brian T. Crutcher as President and Chief Executive Officer, and as a director. The Board of Directors has appointed Richard K. Templeton, the current Chairman, to assume the roles of President and Chief Executive Officer, effective immediately. Mr. Templeton, who previously served as CEO until May 31, 2018, brings extensive experience, having been with the company for 22 years in senior roles and as Chairman since 2008.

Key Highlights

  • 1Second-quarter revenue increased by 9% year-over-year to $4.02 billion.
  • 2Second-quarter Earnings Per Share (EPS) was $1.40.
  • 3EPS included a $0.03 tax-related benefit not part of original guidance.
  • 4Brian T. Crutcher resigned as President, CEO, and director, effective July 17, 2018.
  • 5Richard K. Templeton appointed as the new President and CEO, effective immediately.
  • 6Mr. Templeton retains his position as Chairman of the Board.
  • 7Mr. Templeton has a long tenure with Texas Instruments, including prior CEO experience.

Frequently Asked Questions

Texas Instruments reported second-quarter revenue of $4.02 billion, a 9% increase compared to the same quarter in the prior year. Earnings per share (EPS) for the quarter were $1.40, which included a $0.03 benefit from tax-related items not included in the company's initial guidance.

The 8-K filing states that Brian T. Crutcher resigned as President and Chief Executive Officer and as a director of the Company. However, the filing does not provide specific reasons or details for his resignation, only that the Board of Directors accepted it.

Richard K. Templeton has been appointed as the new President and Chief Executive Officer, effective immediately. He continues in his role as Chairman of the Board. Mr. Templeton has a long history with Texas Instruments, having served for 22 years in senior positions, including as CEO from 2004 until May 31, 2018, and as Chairman since 2008.

Yes, the reported EPS of $1.40 for the second quarter includes a 3-cent benefit related to tax matters that was not part of the company's original guidance for the quarter.