April 24, 2018 / 8:21 PM / 9 months ago

UPDATE 1-TI profit tops estimates on automotive demand, shares rise

(Compares with analyst estimates, adds share move)

April 24 (Reuters) - Chipmaker Texas Instruments Inc's quarterly profit topped Wall Street forecasts, led by higher sales of semiconductors used in cars and industrial machinery.

TI's shares, down 6 percent this year, climbed over 5 percent in after-hours trading on Tuesday.

The Dallas-based company said first-quarter net income rose to $1.37 billion or $1.35 per share, from $997 million or 97 cents per share a year earlier.

Excluding one-time items, TI earned $1.21 per share, topping analysts' average estimate of $1.11, according to Thomson Reuters I/B/E/S.

TI, which primarily makes analog chips for use in industrial, automotive and consumer electronics, has benefited as automakers increasingly invest in self-driving technology. The automotive industry contributed some 19 percent of TI's revenue last year.

The company said first-quarter revenue rose 11.4 percent to $3.79 billion, topping analysts' estimates of $3.65 billion. (Reporting by Muvija M and Sonam Rai in Bengaluru; Editing by Sai Sachin Ravikumar)

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