After seeing its stock price tick down a half percent on the day, Texas Instruments (NYSE:TXN) weighed in with strong second-quarter results after yesterday's closing bell. Highlights for the Dallas-based semiconductor and electronics concern included a record operating profit of $669 million, a dividend set to be bolstered by some 20%, and, in a separate announcement, board approval of the company's decision to repurchase an additional $2 billion of its stock.

Earnings, meanwhile, exceeded analysts' expectation, clocking in at $0.38 per share (including tax-related benefits of $0.06) versus a consensus estimate of $0.29 thanks to strong demand for the firm's chips -- both analog and digital flavors -- as well as increased consumer appetite for TI calculators, sales of which typically pick up before the back-to-school season.

That part of the company's show represents a relatively small portion of its overall operational pie, but it's a reliable stream of income, one that provides the kind of revenue diversification that TI's rivals -- such as FreescaleSemiconductor (NYSE:FSL), Analog Devices (NYSE:ADI), AgereSystems (NYSE:AGR), and Maxim Integrated Products (NASDAQ:MXIM) -- can't boast.

Texas Instruments' stock shot up in after-hours trading, which doesn't come as much of a surprise.

As its earnings report makes clear, the company is firing on all silicon cylinders these days, and its forward-looking prospects appear bright, too. With electronics manufacturers churning out chip-hungry products faster than you can say DSP (Digital Signal Processor, that is), demand for TI's merchandise should remain strong for the foreseeable future.

That's particularly true in the lucrative chips-for-mobile-phones market, where TI is the industry's dominant player.

Said CFO Kevin March in a post-announcement interview with Reuters: "Our confidence level is probably higher than it has been for quite a long time. ... That gives us confidence that we should be able to deliver another strong quarter in Q3."

Cocky? Maybe a bit. But as Mohammed Ali once said, it ain't bragging if it's true. And given the firm's strong second-quarter showing, the safe money says that it is.

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Shannon Zimmerman heads up the Motley Fool Champion Funds newsletter service, but he doesn't own any of the securities mentioned above. The Fool has a strict disclosure policy .