Texas Instruments (TXN) is set to report Q2 results today after the close with a call to follow at 4:30pm ET.

Current CapitalIQ consensus for GAAP EPS is $0.88 and for revenue it's $2.95 bln. The company typically also guides for the next quarter.

Expectations for semiconductor companies are running high heading into this earnings season as several companies have guided higher in the past couple of weeks, including ADI, MXIM, IMOS, FORM, MXL, XLNX. Also, Micron (MU) reported robust results in late June.

TECHS:

In terms of TXN's history relative to consensus, the company typically reports upside as it has in 7 of the past 8 quarters.

RESULTS:

Texas Instruments beats by $0.27, beats on revs; guides Q3 EPS above consensus, revs above consensus  

• Reports Q2 (Jun) earnings of $1.15 per share, excluding non-recurring items, $0.27 better than the S&P Capital IQ Consensus of $0.88; revenues fell 11.7% year/year to $3.24 bln vs the $2.95 bln S&P Capital IQ Consensus.

• Earnings per share exclude a 33-cent benefit for items that were not in the company's original guidance.

• Co issues upside guidance for Q3, sees EPS of $1.14-1.34, excluding non-recurring items, vs. $0.99 S&P Capital IQ Consensus; sees Q3 revs of $3.26-3.54 bln vs. $3.1 bln S&P Capital IQ Consensus.

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