Texas Instruments posts higher profit and revenue

Texas Instruments Inc. (TXN-N) fourth-quarter profit and revenue rose as weak demand for chips used in consumer products like televisions appeared to be offset by strong sales to industrial customers.

TI, whose chips are used in products ranging from cellphones to cars, posted a profit of $942 million US, or 78 cents per share compared with $655 million US, or 52 cents per share in the same quarter the year before.

The latest quarter included a 14 cents per share unusual gain from a product line sale and a tax benefit.

Revenue rose to $3.53 billion from $3 billion in the year-ago quarter and compared with the company's forecast for revenue of $3.43 billion to $3.57 billion.