Q2 2024 Texas Instruments Inc Earnings Call Transcript
Key Points
- Revenue for the second quarter was $3.8 billion, an increase of 4% sequentially.
- Gross profit margin increased by 60 basis points sequentially, driven by higher revenue and lower manufacturing unit costs.
- Strong performance in personal electronics, with mid-teens sequential growth and nearly 20% year-over-year growth.
- Enterprise systems showed significant recovery, up about 20% sequentially.
- Texas Instruments Inc (TXN) continues to invest in expanding its 300-millimeter manufacturing capacity, reflecting confidence in future opportunities.
- Year-over-year revenue declined by 16%, with analog revenue down 11% and embedded processing down 31%.
- Operating profit was down 37% from the year-ago quarter.
- Automotive and industrial markets experienced sequential declines, with automotive down mid-single digits and industrial down low single digits.
- Operating expenses increased by 3% from the previous year.
- Inventory levels remain high, with 229 days of inventory, indicating potential overstock.
Welcome to the Texas Instruments second-quarter 2024 earnings conference call. I'm Dave Pahl, Head of Investor Relations, and I'm joined by our Chief Executive Officer, Haviv Ilan, and our Chief Financial Officer, Rafael Lizardi.
For any of you who missed the release, you can find it on our website at ti.com/ir. This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website.
This call will include forward-looking statements that involve risks and uncertainties that could cause TI's results to differ materially for management's current expectations. We encourage you to review the notice regarding forward-looking statements contained in the earnings release published today, as well as TI's most recent SEC filings for a more complete description.
Today, we'll provide the following updates. First, Haviv will start with a quick overview of the quarter. Next, he'll provide insight into
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