Texas Instruments announced earnings results for the fourth quarter and full year of 2014. For the quarter, the company reported net income of $825 million, or 76 cents a share, that was up from $511 million, or 46 cents a share, a year ago. Earnings, adjusted for pretax gains and non-recurring gains, were 69 cents per share in the latest quarter. Revenue was $3.27 billion, was up from $3.03 billion a year ago. In the fourth quarter, cash flow from operations was $1.3 billion. Operating profit was $1.10 billion or 33.6% of revenue. Operating profit was up 60% from the year-ago quarter. Capital expenditures were $125 million in the quarter.

For the year, the company reported profit of $2.82 billion, or $2.57 per share. Revenue rose to $13.05 billion. Free cash flow for the year was $3.5 billion, up 18% from a year ago. In 2014, cash flow from operations was $3.89 billion, up 15% from the same period a year ago. For the year, capital expenditures were $385 million or 3% of revenue.

The company provided earnings guidance for the first quarter of 2015. For the quarter, the company expects revenue of $3.07 to $3.33 billion. EPS is seen at $0.57 to $0.67. Expectation for annual effective tax rate in 2015 is about 30%.