Texas Instruments reported financial results for the fourth quarter of 2016 and the full year, with quarterly revenue of $3.41 billion, up 7% from the same quarter a year ago. TI’s quarterly net income was $1.05 billion and earnings per share was $1.02. Revenue for the year was $13.37 billion, up from $13 billion in 2015.
The quarterly growth was driven in part by strong demand from automotive customers, according to Rich Templeton, TI’s CEO, in a statement. The company saw an improvement in the industrial market in Q4 compared to Q3 2016, while demand in the personal electronics market was down slightly from a year ago, he said.
In TI’s core businesses, analog revenue grew 10% and embedded processing grew 6% from the same quarter a year ago. Operating margin increased in both business lines, according to TI.
The company also announced that 21-year TI veteran Brian Crutcher has been promoted to chief operating officer. Crutcher had been executive vice president responsible for TI’s business and sales operations, Kilby Labs, and information technology. As COO, Crutcher expands his responsibilities to include TI's global technology and manufacturing operations.
In a statement, Templeton said over the last five years Crutcher has “driven important business results and strategic initiatives that have made the company stronger.”