Texas Instruments Inc. (NASDAQ: TXN) reported third quarter 2016 results after markets closed Wednesday. The semiconductor maker reported diluted earnings per share (EPS) of $0.94 on revenues of $3.68 billion. In the same period last year the company reported EPS of $0.76 on revenues of $3.43 billion. The consensus estimates called for EPS of $0.86 on revenues of $3.48 billion.

TI also boosted its dividend by 32%, from $1.52 annualized to $2.00 per share. The new dividend will be paid November 21 to shareholders of record as of November 7, 2016.

The company’s net income of $968 million is 21% higher than last year’s net income of $798 million, and operating profit of $1.4 billion is 20% above the $1.16 billion reported in the third quarter of last year.

For the fourth quarter, TI’s outlook calls for revenue in the range of $3.17 billion to $3.43 billion, and EPS between $0.76 and $0.86. For the full 2016 fiscal year, the company’s annual effective tax rate is expected to be about 30%, unchanged from previous guidance.

The consensus fourth-quarter estimates call for $3.3 billion in revenue and EPS of $0.79. For the full year, consensus estimates call for $13.06 billion in revenue and EPS of $3.06.

Through dividends and stock buybacks, TI said it has returned $3.8 billion to shareholders in the past 12 months. Prior to the dividend increase, TI’s dividend yield was 2.12%.

Free cash flow in the third quarter totaled $1.27 billion. For the trailing 12 months, free cash flow rose 14% compared with a similar period last year, from $3.6 billion to $3.3.87 billion.

Shares traded down about 0.3% at $71.45 in after-hours trading after closing the regular session at $71.71, up about 0.7% for the day. The 52-week range is $46.73 to $72.58. Prior to today’s release the 12-month consensus price target on the stock was $72.21.

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