Chipmaker Texas Instruments Inc’s profit rose 37 percent in the first three months of the year, driven by higher sales of semiconductors used in cars and industrial machinery.

TI said on Tuesday 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.

First-quarter earnings per share included 14 cents in tax-related benefits.

Dallas-based TI’s revenue rose 11.4 percent to $3.79 billion.

By: DocMemory
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