Texas Instruments (TI) (Nasdaq: TXN) reported Q1 EPS of $0.42, versus the analyst estimate of $0.41. Revenue for the quarter came in at $3.05 billion versus the consensus estimate of $3.06 billion.

Quarterly EPS would have been $0.58 without a $0.16 benefit from the transfer of wireless connectivity technology to a customer and higher-than-expected charges associated with previously announced restructuring.

In the same period last year, TI reported EPS of $0.38 with revenue of $3.34 billion.

Analog and Embedded Processing are now 78 percent of revenue, 6 points higher than a year ago.

Free cash flow improved 10 percent over the last 12 months to nearly $3 billion, TI said. There is $3.2 billion of cash and equivalents on the balance sheet.

Operating margin widened from 17.9 percent last year to 29.7 percent in the recent quarter.

Looking ahead, TI sees Q3 2013 EPS of $0.49 to $0.57, versus the consensus of $0.51, and revenue of $3.09 billion to $3.35 billion, versus the consensus of $3.20 billion. TI will update its third-quarter outlook on September 10, 2013.

For earnings history and earnings-related data on Texas Instruments (TXN) click here.