By Maria Armental

Texas Instruments Inc. (TXN), feeling the strains of a semiconductor downturn, on Wednesday reported lower revenue in the latest period.

It was the first quarterly revenue decline since the March 2016 quarter, as the company recovered from a similar downturn.

Analysts expect the Dallas-based chip maker to post lower revenue for much of the current year. On Wednesday, TI said this quarter it expects to make $1.03 to $1.21 a share with revenue falling to a range of $3.34 billion to $3.62 billion, compared with the consensus forecast of $1.20 a share on $3.6 billion in revenue, according to FactSet.

Fourth-quarter profit surged to $1.24 billion, or $1.27 a share, from $344 million, or 34 cents a share, a year earlier.

Revenue fell 0.9% to $3.72 billion.

The results were roughly in line with both internal and Wall Street expectations, thought the revenue decline was steeper than analysts' projected, according to FactSet data.

Gross profit margin for the quarter narrowed to 64.8% from 65.1%.

Free cash flow, cash flow from operations less capital expenditures, reached $6.1 billion.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

January 23, 2019 16:26 ET (21:26 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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