A month has gone by since the last earnings report for Texas Instruments (TXN). Shares have added about 13.4% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Texas Instruments due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Texas Instruments Beats on Q3 EarningsTexas Instruments reported third-quarter 2022 earnings of $2.47 per share. The figure was within the management’s guided range of $2.23-$2.51. Further, the figure grew 19% year over year and 0.8% from the previous quarter’s level.The bottom line includes a benefit of 2 cents, excluding which the figure stands at $2.45, beating the Zacks Consensus Estimate by 3.4%.TXN reported revenues of $5.24 billion, which improved 13% from the year-ago quarter’s level and 1% sequentially. The top line was near the higher end of management’s guided range of $4.9-$5.3 billion. Also, revenues surpassed the Zacks Consensus Estimate of $5.11 billion.Year-over-year top-line growth was driven by well-performing Analog, Embedded Processing and Other segments.Sequential growth in automotive, communication equipment and enterprise systems markets remained a positive.However, softness in the personal electronics and industrial end-markets was a concern.Nevertheless, Texas Instruments’ efficient manufacturing strategies and continuous returns to its shareholders are likely to instill investors’ optimism on the stock. Its substantial investments in growth avenues and competitive advantages are other positives.Segments in DetailAnalog: Revenues of $3.99 billion were generated from the segment (76.2% of total revenues), up 13% from the year-ago quarter’s level.Embedded Processing: Revenues summed $821 million (15.7% of total revenues), up 11% year over year.Other: Revenues totaled $427 million (8.1% of total revenues). The figure was up 20% from the prior-year quarter’s level.Operating DetailsTexas Instruments’ gross margin of 69% expanded 110 basis points (bps) from the year-ago quarter’s level.As a percentage of revenues, selling, general and administrative expenses contracted 70 bps year over year to $431 million in the reported quarter.Research and development expenses of $431 million contracted 20 bps from the year-ago quarter’s level as a percentage of revenues.The operating margin was 51.1%, which expanded 150 bps from the prior-year quarter’s number.Balance Sheet & Cash FlowAs of Sep 30, 2022, the cash and short-term investment balance was $9.1 billion compared with $8.4 billion as of Jun 30, 2022.At the end of the reported quarter, TXN had a long-term debt of $7.4 billion compared with $6.7 billion in the prior quarter.Current debt was $499 million in third-quarter 2022, flat sequentially.Texas Instruments generated $2.8 billion of cash from operations, up from $1.8 billion in the previous quarter.Capex was $790 million in the reported quarter. Free cash flow stood at $1.98 billion.Texas Instruments paid out dividends worth $1.05 billion in the reported quarter. TXN repurchased shares worth $996 million.GuidanceFor fourth-quarter 2022, Texas Instruments expects revenues between $4.4 billion and $4.8 billion.Texas Instruments expects earnings within $1.83-$2.11 per share.How Have Estimates Been Moving Since Then?It turns out, estimates review have trended downward during the past month.The consensus estimate has shifted -8.28% due to these changes.VGM ScoresAt this time, Texas Instruments has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Texas Instruments has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! 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