Chipmaker Texas Instruments (Nasdaq: TXN) recently came out with a reduced second-quarter earnings forecast in its guidance call. But the outlook still indicates an improvement from the first quarter -- and the way I see things, Texas Instruments is well positioned to grow in the quarters to come.

The company had previously predicted profits amounting to $0.30 to $0.38 per share for the second quarter. In a recent guidance update call, the company narrowed down that range to $0.32 to $0.36, which amounts to somewhere between $3.28 billion and $3.42 billion. That's still a sequential revenue increase of 5% to 9.6%, and that's nothing to be disappointed about.

Here's what reinforces this projected growth. In the first quarter, Texas Instruments' order book rose 13%, resulting in a book-to-bill ratio of 1.04, in contrast to just 0.84 in the fourth quarter last year. The book-to-bill-ratio, a metric often used in the semiconductor industry, indicates demand trends. A ratio above 1 indicates that the company is receiving more orders than it's processing.

What's more, Texas Instruments' customer base is more diversified than before. In 2009, the company claimed that a single customer accounted for upwards of 20% of its total revenue. That scenario is quite different now, as its top six customers account for just 20% of total revenue. Spreading out the revenue sources should help ensure better stability going forward.

And finally, even though Texas Instruments' operating income has trended down since September 2010, mainly because of general weakness in the semiconductor industry, Gartner believes things should change by the second quarter of this year. According to the research firm, worldwide spending in the semiconductor industry will reach $316 billion this year, which translates into a 4% increase over 2011.

All this should bode well for Texas Instruments.

The Foolish bottom line
Texas Instruments should see growth in the months ahead, as the industry as a whole begins to pull back. Going by the Gartner forecasts, things should be taking off soon. I'll be keeping an eye on this company, and so should you, by adding it to your free Watchlist.

This company looks good to go for the long haul, but it's not the only name out there. Other companies are also capitalizing on what we've come to call "The Next Trillion-Dollar Revolution." Sound good? Then hurry and grab this free report before it's gone.