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Texas Instruments Inc. (NASDAQ: TXN) reported second quarter 2014 results after markets closed Monday. The semiconductor maker reported diluted earnings per share (EPS) of $0.62 on revenues of $3.29 billion. In the same period last year the company reported EPS of $0.58 on revenues of $3.05 billion. The consensus estimate called for EPS of $0.59 on revenues of $3.27 billion.

The company’s net income of $383 million is 3% higher than last year’s net income of $660 million, and operating profit of $982 million is 8% above the $906 million reported in the second quarter of last year.

For the third quarter, TI forecast revenue in a range of $3.39 to $3.59 billion and EPS of $0.66 to $0.76. The consensus estimate calls for $3.44 billion in revenue and EPS of $0.68. For the full year, the consensus estimates call for $12.95 billion in revenue and EPS of $2.31.

Investors were hoping to see a forecast range with a little higher bottom and an operating profit of nearer 10% better than the year ago quarter. TI’s stock will take a few lumps this evening and tomorrow as a result of disappointing those investors.

TI said second-quarter revenue was lower by $5 million due to its legacy wireless products. The impact of winding down that business has fallen from $148 million a year ago.

Through dividends and stock buybacks, TI said it has returned $4.2 billion to shareholders in the past 12 months. The company’s quarterly dividend is $0.30 and its dividend yield is 2.5%.

Today’s report is in line with expectations, and shares are likely to move down a bit because the stock is fully valued at today’s $49.17 closing price.

Shares are up down about 0.5% at $48.92 in after-hours trading today. The 52-week range is $37.22 to $49.77. Prior to today’s release Thomson/Reuters had a consensus price target of around $49.20 on the company’s shares.

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