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Texas Instruments, Inc

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Texas Instruments reported robust second-quarter results on the back of strength in auto and industrial markets. The company  continues to prudently invest its R&D dollars in several high margin, high-growth areas of the analog and embedded processing markets. This is gradually increasing its exposure to industrial and automotive markets and dollar content at customers, while reducing exposure to volatile consumer/computing markets. Margins continue to expand on secular strength in the auto and industrial markets and manufacturing efficiencies that include growing 300-millimeter Analog output. Continous dividend hike is a big positive. However, increasing competition, unfavorable currency effect and a high debt load remain concerns. Notably, the company has underperformed the industry it belongs on a one year basis.

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