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TER · TERADYNE, INC

50 filings

10-Q

TER 10-Q Quarterly Reports

TERADYNE, INC - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K91

TER filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 91 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’16Dec ’16
  2. FY2018 annual report10-K · Mar ’19Mar ’19
  3. Leadership change8-K · Sep ’21Sep ’21
  4. Leadership change8-K · Oct ’25Oct ’25
  1. 2026-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Jun 28, 2026

    Teradyne, Inc. reported a significant increase in financial performance for the six months ended June 28, 2026, compared to the same period in the prior year. Total revenues more than doubled, reaching $2.61 billion, up from $1.34 billion in the prior year. This growth was primarily driven by a substantial surge in the Semiconductor Test segment, which benefited from strong demand in AI applications and memory markets. The Robotics and Product Test segments also demonstrated robust growth. Net income attributable to Teradyne surged to $773.4 million, a significant increase from $177.3 million in the prior year, reflecting improved operational efficiencies and strong top-line performance. The company also made strategic acquisitions, including a controlling interest in MultiLane Test Products Holding LLP (MLTP), aimed at capitalizing on the AI data center market. The balance sheet shows total assets increased to $4.93 billion, supported by growth in current assets, property, plant, and equipment, and significant increases in goodwill and acquired intangible assets reflecting recent acquisitions. Liabilities also increased, particularly accounts payable and deferred revenue, while total equity saw a substantial rise to $3.47 billion, driven by increased retained earnings and additional paid-in capital. The company's cash position improved, and it maintained compliance with its credit facility covenants, signaling solid financial health and strategic positioning for continued growth.

    Jul 31, 2026
  2. 2026-Q1

    TERADYNE, INC Quarterly Report for Q1 Ended Mar 29, 2026

    Teradyne, Inc. (TER) reported a significant increase in revenue and net income for the quarter ended March 29, 2026, compared to the prior year period. Total revenues surged to $1.28 billion from $685.7 million, primarily driven by exceptional performance in the Semiconductor Test segment, which saw revenues more than double year-over-year to $1.11 billion. This growth was largely attributed to robust demand for AI-related semiconductor testing solutions, particularly for High Bandwidth Memory (HBM) and DRAM. The company also experienced sequential revenue growth in its Robotics segment and a year-over-year increase in its Product Test segment. Profitability also saw a substantial improvement, with net income rising to $398.9 million from $98.9 million in the prior year. Diluted earnings per share increased to $2.53 from $0.61. The company's gross profit margin remained strong at 60.9%. Management highlighted strong execution, benefits from prior investments, and continued demand in key markets as drivers for these results. Recent strategic moves include the formation of a joint venture, MultiLane Test Products (MLTP), and the acquisition of TestInsight Ltd. to further strengthen its position in AI data center testing and semiconductor test development, respectively. Teradyne expects these initiatives, along with ongoing investments, to support continued performance throughout 2026.

    May 1, 2026
  3. 2025-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Sep 28, 2025

    Teradyne, Inc. reported third quarter and nine-month results for the period ending September 28, 2025. Total revenues increased by 4.3% to $769.2 million for the third quarter and by 2.0% to $2.1 billion for the nine months compared to the prior year periods. This growth was primarily driven by the Semiconductor Test segment, which saw a 6.6% revenue increase in the third quarter and a 4.9% increase for the nine months, fueled by demand for AI applications and data centers. The company experienced a decline in its Robotics segment, with revenues decreasing by 15.3% in the third quarter and 17.9% for the nine months, attributed to lower sales of collaborative robotic arms amid ongoing business environment challenges. The Product Test segment showed moderate growth, increasing 10.2% in the third quarter and 4.3% for the nine months. Net income for the third quarter was $119.6 million ($0.75 per diluted share), down from $145.6 million ($0.89 per diluted share) in the prior year quarter. For the nine months, net income was $296.8 million ($1.85 per diluted share), compared to $396.1 million ($2.42 per diluted share) in the prior year. The company made strategic acquisitions, including Quantifi Photonics and AET, to bolster its product offerings. Teradyne maintained a strong balance sheet with total assets of $3.96 billion and total shareholders' equity of $2.72 billion. The company continued its capital allocation strategy, returning $576.3 million to shareholders through share repurchases and dividends in the first nine months of 2025. The company also drew $200 million on its revolving credit facility to support its capital allocation strategy. Management expects continued acceleration in Semiconductor Test driven by AI and data center demand, while focusing on operational efficiency in Robotics.

    Oct 30, 2025
  4. 2025-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Jun 29, 2025

    Teradyne, Inc. (TER) reported total revenues of $651.8 million for the three months ended June 29, 2025, a decrease of 10.4% compared to $729.9 million in the prior year period. The decrease was primarily driven by lower sales in the Semiconductor Test and Robotics segments. Despite the revenue decline, gross profit remained relatively strong at 57.2% of revenue, though down from 58.3% in the prior year. Net income for the quarter was $78.4 million, or $0.49 per diluted share, a significant decrease from $186.3 million, or $1.14 per diluted share, in the same period last year. This decline was impacted by lower revenues, increased operating expenses (particularly in Selling & Administrative and Engineering & Development), and the absence of a significant gain on sale of business recorded in the prior year. The company also completed two acquisitions in the first half of 2025, Quantifi Photonics and Infineon's AET technology, which are expected to bolster future growth in Product Test and Semiconductor Test segments, respectively. Teradyne continues to execute its capital allocation strategy with share repurchases and dividends.

    Aug 1, 2025
  5. 2025-Q1

    TERADYNE, INC Quarterly Report for Q1 Ended Mar 30, 2025

    Teradyne, Inc. reported a strong first quarter for 2025, with total revenues increasing to $685.7 million, up from $599.9 million in the same period last year. This growth was primarily driven by a significant rebound in the Semiconductor Test segment, which saw a 24.8% increase in revenue year-over-year, largely due to higher sales in mobility applications. The company also reported improved profitability, with gross profit rising to $415.3 million, or 60.6% of revenue, compared to $339.3 million, or 56.6% of revenue, in the prior year. This expansion in gross margin was attributed to a favorable product mix in Semiconductor Test and higher overall volumes. Despite the positive top-line and profitability performance, the Robotics segment experienced a notable revenue decline of 21.3%, primarily due to weaker sales of collaborative robotic arms. Management cited market weakness and ongoing uncertainty regarding tariffs, changing trade policies, and fluctuating end-customer demand as reasons for cautious operational expense management, including restructuring within the Robotics organization. Teradyne also announced a definitive agreement to acquire Quantifi Photonics, a leader in photonic IC testing, expected to close in the second quarter of 2025, further strengthening its position in the semiconductor test market.

    May 2, 2025
  6. 2024-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Sep 29, 2024

    Teradyne, Inc. reported solid revenue growth for the nine months ended September 29, 2024, reaching $2.07 billion, a 3.1% increase year-over-year. This growth was primarily driven by a strong performance in the Semiconductor Test segment, which saw a 7.9% revenue increase, fueled by demand in computing, ADAS, and memory applications. The Robotics segment also showed positive growth of 8.2%. However, System Test and Wireless Test segments experienced revenue declines. The company maintained a healthy gross profit margin of 58.1% for the nine-month period. Net income for the nine months increased to $396.1 million from $331.7 million in the prior year. The company also announced a gain from the sale of its Device Interface Solutions (DIS) business, which contributed positively to the financial results. Teradyne ended the period with a strong liquidity position, including $510 million in cash and cash equivalents and $167.6 million in marketable securities. Key strategic initiatives include continued investment in the Semiconductor Test and Integrated System Test segments to capture market share, alongside accelerating growth in its Robotics businesses through new product offerings and expanded sales channels. The company is balancing capital allocation between returning capital to shareholders via repurchases and dividends, and opportunistic acquisitions. Despite some segment headwinds, Teradyne's overall financial performance demonstrates resilience and strategic focus on growth areas.

    Nov 1, 2024
  7. 2024-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Jun 30, 2024

    Teradyne, Inc. (TER) reported strong revenue growth in the second quarter of 2024, primarily driven by its Semiconductor Test segment. Total revenues increased by 6.7% year-over-year to $729.9 million, exceeding the previous year's performance. This growth was significantly influenced by robust demand in computing, ADAS, and memory applications within the Semiconductor Test segment, which saw a 14.3% revenue increase. The company also demonstrated a notable recovery in its Robotics segment, with revenues up 26.0%, indicating successful new product introductions and channel expansion. However, the System Test segment experienced a significant revenue decline of 35.5%, largely due to lower sales in Storage Test and other related areas. Net income for the quarter saw a substantial rise to $186.3 million, a 55.2% increase from the prior year, reflecting improved operational performance and a significant gain on the sale of the Device Interface Solutions (DIS) business. Financially, Teradyne maintained a strong liquidity position, with cash and cash equivalents totaling $421.9 million. The company completed the strategic sale of its DIS business and made a significant investment in Technoprobe, indicating a strategic shift towards core competencies and partnerships. Despite challenges in certain segments, the overall financial results for the quarter show resilience and positive momentum, driven by key growth areas and strategic initiatives.

    Aug 2, 2024
  8. 2024-Q1

    TERADYNE, INC Quarterly Report for Q1 Ended Mar 31, 2024

    Teradyne, Inc. reported total revenues of $599.8 million for the first quarter of 2024, a decrease of 2.9% compared to $617.5 million in the prior year period. This decline was primarily driven by a significant drop in Wireless Test revenues, down 36.4%, and a slight decrease in Semiconductor Test revenues. The company's net income for the quarter was $64.2 million, or $0.40 per diluted share, compared to $83.5 million, or $0.50 per diluted share, in the first quarter of 2023. This performance reflects a challenging market environment, particularly in the mobility sector, although artificial intelligence applications provided a boost to Semiconductor Test performance. Despite the revenue dip, Teradyne maintained a strong gross profit margin of 56.6%. The company is actively managing its operating expenses, with a slight decrease in Selling and Administrative and Engineering and Development costs. Teradyne is also progressing with its strategic partnership with Technoprobe S.p.A., with the transaction expected to close in the second quarter of 2024. The company continues to return capital to shareholders through dividends and share repurchases, demonstrating a commitment to shareholder value while navigating market fluctuations.

    May 3, 2024
  9. 2023-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Oct 1, 2023

    Teradyne, Inc. (TER) reported a decrease in revenue and net income for the third quarter and the first nine months of 2023 compared to the same periods in 2022. Total revenues for the third quarter ended October 1, 2023, were $703.7 million, down from $827.1 million in the prior year quarter. Net income for the third quarter was $128.1 million, or $0.78 per diluted share, a decrease from $183.5 million, or $1.10 per diluted share, in the third quarter of 2022. The decline in revenue was primarily attributed to a slowdown in the Semiconductor Test business, impacted by a cycle of excess inventory, particularly in the mobility segment. Demand for System Test, Wireless Test, and Robotics also contributed to the revenue decrease. Despite these challenges, the company noted improvements in supply chain constraints and continued strategic investments in its Robotics segment. Financially, Teradyne maintained a strong balance sheet with total assets of $3.37 billion and total shareholders' equity of $2.44 billion as of October 1, 2023. The company generated $336.5 million in cash flow from operating activities for the first nine months of 2023. Teradyne also continued to return capital to shareholders through dividends and share repurchases.

    Nov 3, 2023
  10. 2023-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Jul 2, 2023

    Teradyne's second quarter 2023 results (quarter ended July 2, 2023) show a clear downturn from the prior-year period. Revenue fell 18.6% year over year to $684.4 million from $840.8 million, and net income dropped 39% to $120.1 million, with diluted EPS of $0.73 versus $1.16. Gross margin slipped to 58.8% from 60.2%, and operating income declined to $139.9 million from $248.0 million. Management attributes the decline mainly to a correction in semiconductor demand, especially in mobility, and to softening Robotics demand from slowing industrial activity and macroeconomic headwinds. Semiconductor Test revenue fell 12.3%, System Test fell 30.0%, Robotics fell 29.2%, and Wireless Test fell 31.5%. Management noted that strong automotive demand and growth in DDR5 and HBM memory test are partly offsetting these declines. The company also flagged that its third-quarter forecast excludes about $35 million of revenue due to continued supply chain constraints. Balance-sheet and capital-return activity remain substantial. Cash, equivalents and marketable securities declined by $192.1 million in the first half to $813.1 million, while total shareholders' equity stood at $2.43 billion. Teradyne repurchased $227.8 million of stock in the first half at an average price of $102.35 per share and paid $34.2 million in dividends at $0.11 per quarter. Operating cash flow was $162.1 million for the six months. Management has a new $2.0 billion repurchase authorization and intends to buy back up to $500 million in 2023. The $750 million revolving credit facility is undrawn, and the company says it is in compliance with its covenants. The 1.25% convertible notes, with $32.8 million of principal outstanding, mature in December 2023 and are largely converted or settled in cash. For investors, the central question is the timing and depth of the semiconductor test recovery. Earnings held up better than revenue because of interest income and a tax rate of about 16.9%. The filing also discloses a Robotics segment that lost $26.4 million before taxes in the quarter, a 5.1 million severance charge tied to headcount cuts of 112 people, and a voluntary early retirement program.

    Aug 4, 2023
  11. 2023-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Apr 2, 2023

    Teradyne's first quarter 2023 results (quarter ended April 2, 2023) show a clear year-over-year slowdown in its core businesses. Revenue fell 18% to $617.5 million from $755.4 million, driven by lower Semiconductor Test sales (down 14%, to $415.0 million), with System Test down 37% and Robotics down 14%. Gross margin contracted to 57.7% from 60.2%, and operating income dropped about 50% to $92.9 million. Net income was $83.5 million, or $0.50 per diluted share, versus $0.92 a year earlier. Management attributed the decline to weaker mobility and compute demand in semiconductor test, a slower technology transition at a large end market, and softness in storage and wireless test. The company also flagged that its Q2 2023 forecast excludes about $25 million of revenue because of continuing supply chain constraints. Balance sheet and cash generation were mixed. Operating cash flow was only $19.3 million, weighed down by a $104.7 million decrease in operating liabilities, including accrued compensation. Capital returns remained substantial: Teradyne repurchased $93.3 million of stock at an average of $104.88 per share, paid $17.2 million in dividends, and settled $15.2 million of convertible debt principal. Cash, cash equivalents, and marketable securities totaled $859.0 million, down $146.1 million in the quarter. The company's $750 million revolving credit facility remained undrawn, and it was in covenant compliance. A new $2.0 billion buyback authorization was approved in January 2023, with an intent to repurchase up to $500 million during 2023. On the positive side, Robotics (Universal Robots and MiR) posted a segment loss of $18.5 million, but management expects channel expansion and new products to drive growth in the second half of 2023. Interest income rose to $5.3 million on higher rates. Management also highlighted that the company's total shareholders' equity stayed roughly flat at $2.45 billion, and that the 1.25% convertible notes maturing December 2023 are now small, with $35.1 million outstanding after holders converted much of the original $460 million. Investors should watch whether the semiconductor test cycle recovers and whether Robotics can turn profitable as planned.

    May 5, 2023
  12. 2022-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Oct 2, 2022

    Teradyne's Q3 2022 10-Q shows a quarter with clear top-line and profit deceleration, driven mainly by Semiconductor Test. Revenue for the three months ended October 2, 2022 was $827.1 million, down 13% from $950.5 million a year earlier. Semiconductor Test fell 16.3% to $575.7 million on weaker mobile and compute demand, partially offset by memory. Gross margin was 58.7%, down 1.4 points, and net income fell 29% to $183.5 million (diluted EPS $1.10 vs. $1.41). For the nine months, revenue was $2.42 billion (down 14%) and net income was $543.2 million (down 31%). Capital return remained heavy. Teradyne repurchased 7.2 million shares for $750.0 million in the nine months, paid $52.6 million in dividends, and retired $52.0 million of convertible debt principal. Cash, cash equivalents and marketable securities fell $613.2 million to $887.1 million. Operating cash flow was still positive at $394.5 million, but working capital absorbed cash, mainly through a $94.3 million rise in prepayments to contract manufacturers and a $68.8 million rise in inventory. Teradyne also expanded its undrawn revolver from $400 million to $750 million on October 5, 2022. The main forward-looking risks are the October 7, 2022 U.S. Department of Commerce export restrictions on advanced-semiconductor testers to China, supply constraints that cost about $10 million of Q3 revenue and are expected to exclude about $15 million from Q4 forecasts, and a stronger U.S. dollar that weighed on Industrial Automation. Industrial Automation was still loss-making before taxes for the nine months, at a $15.5 million loss, despite 11.2% revenue growth.

    Nov 4, 2022
  13. 2022-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Jul 3, 2022

    Teradyne's second quarter 2022 results show a sharp cyclical slowdown from the prior year's peak, though the company remains highly profitable. Revenue for the quarter was $840.8 million, down 22.6% from $1,085.7 million a year earlier, driven almost entirely by a $292.7 million (35.1%) decline in Semiconductor Test, where lower sales of high-performance compute processor, mobile and flash memory testers outweighed growth elsewhere. System Test (+28.5%), Industrial Automation (+9.7%) and Wireless Test (+16.4%) all grew. Gross margin held steady at 60.2%, but operating income fell to $248.0 million from $388.9 million, and net income declined to $197.8 million ($1.16 diluted EPS) from $328.3 million ($1.76). Management also disclosed roughly $40 million of second-quarter revenue that could not be shipped due to component shortages, and excludes about $50 million from its third-quarter forecast for the same reason. Cash and securities fell sharply during the six months. Cash, cash equivalents and marketable securities declined by $606.4 million to $893.9 million, as the company repurchased $532.8 million of stock (5.0 million shares), paid $35.4 million in dividends and retired $42.3 million of convertible debt principal. Operating cash flow was $122.9 million, down from $244.4 million, mainly because accounts receivable and supplier prepayments rose. Total debt is modest: the 1.25% convertible notes had $74.7 million of principal outstanding, and the $400 million revolving credit facility was undrawn. The company also settled the AutoGuide earn-out arbitration for $26.7 million, which removes that remaining obligation. For investors, the key questions are how long the semiconductor test downturn lasts and whether supply constraints ease. Management expects lower demand in the mobility and compute segments in 2022, with the 3-nanometer ramp in 2023 cited as a longer-term driver. The company still intends to repurchase at least $750 million of stock in 2022, which it can fund from its existing cash balance and operating cash flow.

    Aug 5, 2022
  14. 2022-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Apr 3, 2022

    Teradyne, Inc. (TER) reported Q1 2022 revenues of $755.4 million, a decrease of 3.4% year-over-year, primarily driven by lower sales in its Semiconductor Test and System Test segments. Despite the revenue decline, the company saw significant growth in its Industrial Automation segment, up 29% year-over-year, and Wireless Test segment, up 25.9%. Net income for the quarter was $161.9 million, or $0.92 per diluted share, compared to $205.5 million, or $1.09 per diluted share, in the prior year period. Key factors impacting the quarter included ongoing supply chain constraints affecting product delivery and costs, alongside a shift in geographic revenue distribution. The company also recorded a $14.7 million charge related to a settled arbitration claim concerning the AutoGuide acquisition. Teradyne continues to manage its capital through stock repurchases and dividends, and maintains a strong liquidity position with $1.2 billion in cash and cash equivalents and marketable securities as of April 3, 2022.

    May 6, 2022
  15. 2021-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Oct 3, 2021

    Teradyne (TER) reported a strong third quarter 2021 ended October 3, 2021, with revenue of $950.5 million, up 16% from $819.5 million a year earlier, and net income of $256.7 million, or $1.41 per diluted share, versus $222.7 million ($1.21) in Q3 2020. Gross margin expanded to 60.1% from 56.0%, driven by product mix toward higher-margin Semiconductor Test and operating leverage. Semiconductor Test was the primary engine, with revenue up $96.1 million (16.2%) to $688.2 million, while Industrial Automation (Universal Robots, MiR, AutoGuide) grew 32.5% and Wireless Test rose 69.6%. System Test declined 13.2% on weaker hard disk drive tester sales. Nine-month results were similarly strong, with revenue of $2.82 billion (up 19%) and net income of $790.5 million. The quarter's reported GAAP net income was partly shaped by a $20.2 million loss on early conversions of the 1.25% convertible notes, recorded in other expense. Teradyne converted $235.2 million of principal in the quarter and $302.0 million year to date, and has irrevocably elected to settle the remaining roughly $158 million of principal in cash, with about $41 million of conversions expected in Q4 2021. The company ended the quarter with $1,449.5 million in cash and marketable securities and no borrowings under its $400 million revolving credit facility. Shareholder returns were significant: $406.2 million of buybacks during the nine months (3.3 million shares at an average of $123.53), a new $2.0 billion authorization with a minimum $600 million planned for 2021, and quarterly dividends of $0.10 per share. Key risks flagged in the filing include a global shortage of electrical components and semiconductor chips that has raised lead times and costs, ongoing COVID-19 disruption to suppliers and demand, and a pending arbitration by the former AutoGuide sellers seeking acceleration of up to $106.9 million in earnout payments, with a hearing scheduled for March 21, 2022. Management stated that the arbitration outcome is not predictable at this stage.

    Nov 5, 2021
  16. 2021-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Jul 4, 2021

    Teradyne (TER) reported a very strong second quarter of 2021, with total revenues of $1,085.7 million, up 29% from $838.7 million a year earlier, and net income of $328.3 million, or $1.76 per diluted share, versus $188.9 million ($1.05) in Q2 2020. Gross margin expanded to 59.6% from 56.2%, driven mainly by a richer mix of higher-margin Semiconductor Test products, and income from operations rose to $388.9 million from $217.9 million. Semiconductor Test was the engine of growth, with revenue up 26.5% to $834.0 million, while Industrial Automation (Universal Robots, MiR, AutoGuide) grew 56.8% to $92.2 million, though it remained slightly loss-making at the pre-tax line for the quarter. Balance sheet and capital allocation activity were active. Cash, cash equivalents and marketable securities totaled roughly $1.42 billion at July 4, 2021, though this was down $136 million year to date because of share repurchases of $196.6 million, convertible note settlements, and $33.3 million in dividends. Accounts receivable rose sharply to $868 million, and prepayments to contract manufacturers jumped to $320 million, reflecting management's expectation of higher forecasted revenue. Management has a $2.0 billion repurchase authorization and intends to buy back at least $600 million in 2021. The company also holds a $400 million undrawn revolving credit facility. Key risks flagged in the filing include a global shortage of electrical components that could affect delivery and costs, and an arbitration claim by the former AutoGuide sellers seeking up to $106.9 million in earn-out payments, with a hearing scheduled for March 2022. The 1.25% convertible notes due 2023 are a significant dilution and cash-settlement consideration: about $302 million of principal had been converted or submitted for conversion as of early August, with roughly $235 million more expected to convert in Q3 2021.

    Aug 6, 2021
  17. 2021-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Apr 4, 2021

    Teradyne's first quarter 2021 (ended April 4, 2021) was a strong one, with revenue of $781.6 million, up 11% from $704.4 million a year earlier, and net income of $205.5 million, up from $176.2 million. Diluted EPS was $1.09 versus $0.97. Growth came mainly from Semiconductor Test, which rose 9% to $528.1 million on high-performance compute, automotive, and memory test demand. Industrial Automation grew 33% to $80.0 million, driven by collaborative robots and MiR autonomous mobile robots, and System Test grew 14% to $132.8 million. Wireless Test declined 6%. Gross margin improved to 59.1% from 57.6%, and operating income rose to $233.0 million from $206.7 million. Balance sheet and cash flow were more mixed. Cash, cash equivalents, and marketable securities fell by $129.3 million to $1,425.1 million, as operating cash flow of $38.1 million was absorbed by a $209 million build in working capital, mainly receivables, contract-manufacturer prepayments, and inventory. Share repurchases ($45.2 million) and convertible note settlements ($51.3 million in principal, settled in cash and shares) also reduced cash. Management said it expects to repurchase at least $600 million of stock in 2021 under a new $2.0 billion authorization, and the company remains in compliance with its covenants on a $400 million undrawn revolver. Key risks flagged in the filing include a global shortage of electrical components, including semiconductor chips, which could raise costs and lengthen lead times. Teradyne also disclosed an arbitration demand from the former AutoGuide owners seeking the full $106.9 million maximum earn-out. The company has reduced the AutoGuide contingent consideration liability to zero, a $7.2 million benefit, and disputes the claim. Customer concentration in test markets and continued COVID-19 uncertainty remain relevant for investors.

    May 7, 2021
  18. 2020-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Sep 27, 2020

    Teradyne's Q3 2020 10-Q shows a strong quarter driven by Semiconductor Test demand. Revenue rose to $819.5 million, up roughly 41% from $582.0 million a year earlier, and net income more than doubled to $222.7 million (diluted EPS $1.21 vs. $0.75). Income from operations was $269.7 million, boosted by a $27.2 million non-cash gain from the decline in the fair value of the AutoGuide earn-out liability. Gross margin slipped to 56.0% from 59.3%, mainly on product mix in Semiconductor Test and COVID-related logistics costs. Semiconductor Test revenue grew 48.9% year over year, and System Test grew 61.3%, while Industrial Automation was roughly flat and Wireless Test declined slightly. The balance sheet remains strong. Cash, cash equivalents and marketable securities total about $1.34 billion, against $406 million of net carrying value of 1.25% convertible notes due 2023. Operating cash flow for the nine months was $608.5 million, and the company also secured an undrawn $400 million revolving credit facility in May 2020. Management suspended its share repurchase program on April 1, 2020, but continues to pay a $0.10 quarterly dividend. Key risks flagged include ongoing COVID-19 uncertainty, particularly in Industrial Automation and automotive-related Test demand, and expanded U.S. export restrictions affecting sales to Huawei and HiSilicon. Teradyne also disclosed a dispute with AutoGuide's sellers over alleged earn-out non-compliance, and a customer concentration in a limited number of large test accounts.

    Nov 2, 2020
  19. 2020-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Jun 28, 2020

    Teradyne's second quarter 2020 results (quarter ended June 28, 2020) show a sharp rebound driven by Semiconductor Test. Revenue rose 48.7% year over year to $838.7 million from $564.2 million, and net income more than doubled to $188.9 million, or $1.05 diluted EPS, versus $0.55 a year earlier. Semiconductor Test revenue jumped 75.8% to $659.1 million on stronger demand for mobility testers in handsets and memory test for flash and DRAM. Wireless Test grew 19.4% on 5G and WiFi 6 demand. Industrial Automation declined 21.3% to $58.8 million as COVID-19 shutdowns hit collaborative robot demand in automotive and manufacturing. Quarterly profitability was also helped by non-operating items and a low tax rate. Income from operations reached $218.0 million, but the quarter absorbed a $29.9 million charge from the increase in the fair value of AutoGuide contingent consideration, reflecting better forecasts for that acquisition. Gross margin slipped to 56.2% from 57.4% on product mix and COVID-related logistics costs. The effective tax rate fell to 13.1% from 25.8%, largely because the prior-year period carried a one-time transition tax charge. Management said the Singapore tax holiday contributed $13.6 million in tax savings for the six months. Balance sheet and liquidity remain strong. Cash, cash equivalents and marketable securities totaled about $1.06 billion, and total debt is the carrying amount of the 1.25% convertible notes, $402.3 million net of discount (principal $460.0 million). Accounts receivable rose sharply to $694.5 million, which absorbed $331.0 million of operating cash flow and is a point to monitor. Management suspended the $1.0 billion share repurchase program on April 1, 2020, but continued the quarterly dividend at $0.10 per share. In May 2020 Teradyne entered into a $400 million senior secured revolving credit facility, which had no borrowings as of August 3, 2020. Management said the pandemic's impact on short-term Test and Industrial Automation demand remains uncertain.

    Aug 3, 2020
  20. 2020-Q1

    TERADYNE, INC Quarterly Report for Q1 Ended Mar 29, 2020

    Teradyne (TER) reported a strong first quarter 2020, with revenue of $704.4 million, up 42.5% from $494.1 million a year earlier, and net income of $176.2 million (diluted EPS $0.97) versus $109.1 million (diluted EPS $0.62). Growth was driven by Semiconductor Test, which rose 42.1% to $484.5 million on mobility tester demand and memory test, and System Test, which nearly doubled to $116.1 million on storage test and defense/aerospace. Wireless Test grew 50% to $43.5 million on 5G and connectivity demand. Industrial Automation was the lone weak spot, with revenue down 8.8% to $60.3 million and a $15.3 million pre-tax loss, which management attributed to COVID-19-related shutdowns and weaker demand for collaborative robots. Net income was also flattered by a $10.0 million gain from lower fair value of acquisition earn-out liabilities and a 10.6% effective tax rate, so the quarter's operating income of $206.7 million (29% of revenue) should be read with those items in mind. Balance sheet and liquidity remain solid but changed in notable ways. Cash, cash equivalents and marketable securities fell about $110.7 million to $905.0 million as the company bought back $79.0 million of stock and paid $16.7 million in dividends, and operating cash flow was only $43.1 million because receivables rose $126.8 million on higher sales. Management suspended the $1.0 billion repurchase program on April 1, 2020, and on May 1, 2020 it signed a three-year, $400 million senior secured revolving credit facility (undrawn) with an accordion of up to $150 million, which signals a more defensive liquidity posture. The $460 million 1.25% convertible notes due 2023 are carried at $398.5 million net of discount, and their $798.3 million if-converted value is well above the $31.61 conversion price, so future share dilution depends on the stock price. Management stated that Test demand was strong entering the second quarter, supported by 5G, mobility and memory test, but that the pandemic makes the magnitude of its impact on Test and Industrial Automation demand highly uncertain. It also noted that the company had not yet seen significant supply chain disruption, that Industrial Automation demand was expected to keep declining in the second quarter, and that new U.S. export controls on Huawei and China create risk to revenue from a concentrated customer base. Teradyne did not provide quantitative guidance in this filing.

    May 4, 2020
  21. 2019-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Sep 29, 2019

    Teradyne's third-quarter 2019 10-Q shows a company with solid profitability and a strong balance sheet, but with mixed segment trends. Revenue for the quarter was $582.0 million, up 2.7% year over year from $566.8 million, and net income rose 13.2% to $135.9 million. Diluted EPS was $0.75 versus $0.63. For the nine months, revenue reached $1,640.3 million (up 3.7%) and net income was $342.4 million. Gross margin improved modestly to 59.3% in the quarter, helped by product mix in Semiconductor Test and Storage Test. Growth was uneven across the business: Semiconductor Test revenue declined 4.7% in the quarter on weakness in automotive and memory test, partially offset by 5G-related tester demand and China strength, while System Test (+47.8%) and Wireless Test (+23.3%) grew sharply on storage test, defense/aerospace, 5G and millimeter-wave demand. Industrial Automation grew only 4.6% in the quarter and management now expects full-year 2019 growth below the low end of its 30% to 40% long-term range, with the segment posting a pre-tax loss for the quarter and the nine months. Capital allocation remains shareholder-friendly. Teradyne repurchased 8.8 million shares for $368.8 million in the first nine months, with $1.2 billion cumulatively repurchased under the $1.5 billion program, and paid $46.3 million in dividends at $0.09 per quarter. Cash, equivalents and marketable securities declined to about $1.0 billion, and the company's $460 million 1.25% convertible notes, due 2023, carry a net book value of $390.9 million. Management believes existing liquidity covers dividends, buybacks and working capital for at least twelve months. Income tax expense was held down by a 9.2% effective tax rate for the nine months, supported by Singapore tax holiday benefits and discrete items; the company also disclosed a potential Altera-related tax reserve of $5 million to $11 million. Looking ahead, the agreement announced October 18, 2019 to acquire AutoGuide for $58 million in cash plus up to $107 million in earn-outs expands Industrial Automation into high-payload autonomous mobile robots. Investors should weigh the strong test-market momentum and capital returns against the softness in semiconductor test, the lagging industrial automation growth, and the reliance on a concentrated customer base for test demand.

    Nov 8, 2019
  22. 2019-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Jun 30, 2019

    Teradyne's Q2 2019 10-Q shows revenue of $564.2 million, up 7.1% year over year from $526.9 million, with net income of $97.4 million ($0.55 diluted EPS) versus $101.0 million ($0.52) a year earlier. Gross margin was 57.4%, down 0.9 points, mainly on higher excess and obsolescence charges in Semiconductor Test and unfavorable mix. Growth was led by Industrial Automation (+20.3% to $74.7 million, helped by the MiR acquisition and collaborative robots) and Wireless Test (+17.0%), while Semiconductor Test, the largest segment, grew 4.1% on 5G infrastructure demand. Management said first-half Industrial Automation growth was below forecast and expects full-year 2019 growth to fall under the low end of its 30%-40% long-term range. The effective tax rate for the quarter rose to 25.8% from 15.8%, mainly from a $11.2-point discrete charge tied to the U.S. transition tax. Net income was also helped by an $11.7 million non-cash credit from lower MiR contingent consideration, which is a fair value adjustment rather than operating performance. Operating income rose 11.3% to $134.0 million. Balance sheet and capital return remain strong but are declining in cash. Cash plus marketable securities fell $210.2 million in the first half to $994.3 million, reflecting $247.2 million of buybacks, $31.0 million of dividends, and $27.6 million of earn-out payments. Accounts receivable rose $79.5 million on higher sales. Management intends $500 million of repurchases in 2019 and says liquidity is sufficient for at least twelve months. Teradyne also terminated its Barclays revolving credit facility on June 27, 2019, and the $460 million 1.25% convertible notes remain outstanding.

    Aug 9, 2019
  23. 2019-Q1

    TERADYNE, INC Quarterly Report for Q1 Ended Mar 31, 2019

    Teradyne, Inc. reported first-quarter 2019 revenues of $494.1 million, a slight increase from the prior year's $487.5 million. This growth was primarily driven by strong performance in the Industrial Automation, System Test, and Wireless Test segments, which offset a decline in the Semiconductor Test segment, particularly in memory and mobility test sales. The company's gross profit margin improved to 58.2% from 55.4% year-over-year, attributed to a favorable product mix. Net income for the quarter was $109.1 million, or $0.62 per diluted share, compared to $87.0 million, or $0.43 per diluted share, in the first quarter of 2018. The company saw a significant improvement in its effective tax rate due to discrete tax benefits, including the release of reserves for uncertain tax positions. Teradyne continued its capital return programs, repurchasing $156.5 million of common stock and paying $15.6 million in dividends during the quarter, reflecting confidence in its ongoing financial strength and future prospects.

    May 10, 2019
  24. 2018-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Sep 30, 2018

    Teradyne, Inc. reported third-quarter 2018 results showing a significant increase in revenue and profitability compared to the prior year. Total revenues grew by 12.5% to $566.8 million, driven by strong performance in the Semiconductor Test and Industrial Automation segments. The acquisition of Mobile Industrial Robots (MiR) in April 2018 contributed to the growth in the Industrial Automation segment. Net income increased by 16.0% to $119.9 million, or $0.63 per diluted share, up from $0.52 per diluted share in the prior year's quarter. The company's balance sheet remains robust, with a substantial increase in cash and cash equivalents, largely due to strong operating cash flows and proceeds from marketable securities. For the first nine months of 2018, Teradyne's revenues were $1.58 billion, a decrease of 4.6% compared to the same period in 2017, primarily due to a decline in Semiconductor Test revenues. However, net income for the nine-month period was $308.0 million, a decrease of 15.3% year-over-year, reflecting the revenue decline and increased operating expenses. The company continues to execute its strategic growth initiatives, including ongoing investments in R&D and integration of recent acquisitions, while managing its cost structure effectively. Teradyne also continued its share repurchase program and dividend payments, demonstrating a commitment to returning value to shareholders.

    Nov 9, 2018
  25. 2018-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Jul 1, 2018

    Teradyne, Inc. (TER) reported a decrease in revenues for the second quarter and the first half of 2018 compared to the same periods in 2017, primarily driven by a significant decline in its Semiconductor Test segment, particularly in mobility test sales. This was partially offset by growth in the System Test, Industrial Automation, and Wireless Test segments, with the Industrial Automation segment benefiting from recent acquisitions. Despite lower revenues, gross profit margin saw a slight increase for the six-month period, indicating some operational efficiency. However, operating expenses, particularly selling and administrative costs, rose due to investments in the Industrial Automation segment and acquisitions. The company repurchased a substantial amount of its stock during the period and continued to pay dividends. Management expressed confidence in its liquidity and ability to meet financial obligations, while also acknowledging risks related to global trade tensions and export controls.

    Aug 10, 2018
  26. 2018-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Apr 1, 2018

    Teradyne, Inc. (TER) reported solid financial results for the first quarter of 2018, with total revenues of $487.5 million, an increase of 6.7% compared to the prior year period. This growth was primarily driven by the Semiconductor Test and Industrial Automation segments. Net income for the quarter was $87.0 million, or $0.43 per diluted share, representing a slight increase from the prior year. The company's balance sheet remains strong with $637.9 million in cash and cash equivalents. Teradyne continues to actively return capital to shareholders through share repurchases and dividends, repurchasing $134.3 million of stock and paying $17.6 million in dividends during the quarter. The company also announced the acquisition of Mobile Industrial Robots ApS (MiR) for approximately $148 million, further strengthening its Industrial Automation segment.

    May 11, 2018
  27. 2017-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Oct 1, 2017

    Teradyne, Inc. reported a strong third quarter and a robust nine-month performance ending October 1, 2017. Revenues surged by 23.3% year-over-year in the third quarter, reaching $503.4 million, primarily driven by significant growth in the Semiconductor Test and Industrial Automation segments. This top-line expansion, coupled with improved gross margins, translated into a substantial increase in profitability. Net income for the quarter more than doubled to $103.4 million, or $0.52 per diluted share, compared to $63.8 million, or $0.31 per diluted share, in the prior year. For the first nine months of the year, Teradyne demonstrated impressive growth, with revenues increasing by 20.7% to $1.66 billion. The company achieved a net income of $363.6 million, a significant turnaround from a net loss of $109.8 million in the comparable period of 2016, which was impacted by substantial goodwill and intangible asset impairments. The company's balance sheet strengthened, with cash and cash equivalents and marketable securities rising to $1.85 billion, while also actively returning capital to shareholders through share repurchases and dividends.

    Nov 9, 2017
  28. 2017-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Jul 2, 2017

    Teradyne, Inc. reported strong revenue growth in the second quarter and first half of 2017 compared to the prior year, driven primarily by its Semiconductor Test segment and the Industrial Automation segment (Universal Robots). Despite the revenue growth, the company's profitability was impacted by various factors. In the second quarter of 2016, significant goodwill and intangible asset impairment charges related to the Wireless Test segment heavily influenced the prior year's results, making year-over-year comparisons for profitability metrics appear more favorable in 2017. Operating expenses increased, particularly in engineering and administrative functions, though they decreased as a percentage of revenue due to higher overall sales. The company also noted increased interest expense due to its convertible senior notes. Teradyne's balance sheet shows a substantial increase in cash and cash equivalents, largely due to strong operating activities. The company continues to return capital to shareholders through share repurchases and dividends, with a significant buyback program in place. Overall, Teradyne demonstrated top-line growth, but investors should note the significant impact of prior year impairment charges on net income comparisons and monitor operating expense trends.

    Aug 11, 2017
  29. 2017-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Apr 2, 2017

    Teradyne, Inc. reported strong first-quarter 2017 results, demonstrating significant year-over-year growth in both revenue and net income. Total revenues increased by 5.9% to $456.9 million, driven by robust performance in the Semiconductor Test and Industrial Automation segments, with the latter experiencing substantial growth due to demand for collaborative robots. The company's profitability saw a notable improvement, with gross profit margin expanding to 58.0% from 53.4% in the prior year, benefiting from a favorable product mix and lower inventory provisions. Net income more than doubled, reaching $85.2 million, or $0.42 per diluted share, compared to $49.9 million, or $0.24 per diluted share, in Q1 2016. This performance reflects effective cost management and operational efficiencies. Teradyne also continued its capital return strategy, repurchasing $37.7 million in stock and paying $14.0 million in dividends, underscoring its commitment to shareholder value.

    May 12, 2017
  30. 2016-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Oct 2, 2016

    Teradyne, Inc. reported a net loss of $109.8 million for the first nine months of 2016, a significant downturn compared to a net income of $207.1 million in the same period of 2015. This loss was heavily influenced by substantial goodwill and intangible asset impairment charges totaling $338 million, primarily related to the Wireless Test segment, stemming from a sharp decline in projected demand. Despite this, the company's Semiconductor Test segment showed revenue growth for the nine-month period, and the Industrial Automation segment, bolstered by the acquisition of Universal Robots, also saw significant revenue increases. Total revenues for the nine months increased to $1.37 billion from $1.32 billion in the prior year, driven by growth in Semiconductor Test and the new Industrial Automation segment, though this was partially offset by declines in System Test and a significant drop in Wireless Test revenues. The company maintained a strong liquidity position with $1.25 billion in cash, cash equivalents, and marketable securities as of October 2, 2016. Teradyne also continued its share repurchase program and dividend payments, signaling confidence in its ongoing operational stability despite the reported net loss.

    Nov 10, 2016
  31. 2016-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Jul 3, 2016

    Teradyne, Inc.'s (TER) Q2 2016 10-Q filing reveals a significant net loss of $223.5 million for the quarter, largely driven by substantial goodwill and intangible asset impairments totaling $338 million, primarily within the Wireless Test segment. This was a sharp contrast to the profitability in the prior year's quarter. Revenue saw a modest increase of 3.7% year-over-year to $531.8 million, propelled by growth in Semiconductor and System Test, and the contribution from the newly acquired Industrial Automation segment (Universal Robots). However, the Wireless Test segment experienced a significant revenue decline of 64.4%. Despite the top-line growth and strong performance in Semiconductor Test, the significant impairment charges overwhelmed operating profit, leading to the net loss and a diluted loss per share of $1.10. Despite the net loss, the company's financial position remains relatively stable. Cash and cash equivalents increased to $381.1 million. The company continued its share repurchase program and dividend payments. Management is navigating the challenges in the Wireless Test market, attributed to a major customer's operational efficiencies and slower market growth. The company is also addressing operational impacts from the Japan earthquake, with insurance proceeds offsetting impairment charges. Investors should closely monitor the recovery and future demand in the Wireless Test segment, the impact of the ongoing integration of Universal Robots, and the company's ability to manage costs and drive growth in its core Semiconductor Test business amidst industry cyclicality and evolving technology trends.

    Aug 12, 2016
  32. 2016-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Apr 3, 2016

    Teradyne, Inc. reported a strong first quarter for 2016, with total revenues increasing by 25.7% to $431.0 million compared to the prior year period. This growth was primarily driven by a significant rebound in the Semiconductor Test segment, bolstered by strong demand in application processor and image sensor markets, and supplemented by the recent acquisition of Universal Robots, which contributed $16.7 million in revenue to the new Industrial Automation segment. The company demonstrated solid operational execution, with income from operations increasing to $56.1 million from $35.1 million year-over-year, reflecting improved gross margins and efficient management of operating expenses despite increased R&D and SG&A associated with the acquisition. Despite a notable decrease in revenue from the Wireless Test segment due to customer-specific factors, the overall performance showcases Teradyne's diversified business model and its ability to capitalize on market demand. The company's balance sheet remains robust, with a healthy cash and equivalents and marketable securities balance of over $975 million. Teradyne also continued its commitment to shareholder returns through active share repurchase programs and dividend payments. The outlook appears positive, supported by continued investment in technology and market expansion, although the company acknowledged potential disruptions from the recent earthquake in Japan.

    May 13, 2016
  33. 2015-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Oct 4, 2015

    Teradyne, Inc. reported revenues of $465.994 million for the third quarter of 2015, a slight decrease from $478.010 million in the same period last year. Net income for the quarter was $71.453 million, down from $82.949 million in Q3 2014. The company's performance was impacted by a revenue decline in its Semiconductor Test segment, partially offset by growth in System Test and the addition of revenue from the recently acquired Universal Robots (Industrial Automation segment). The nine-month period ending October 4, 2015, saw total revenues of $1.321 billion, relatively flat compared to $1.324 billion in the prior year. Net income for this period increased to $207.118 million from $185.083 million in the same period of 2014. This increase was driven by improved gross profit margins and a significant gain from the sale of an equity investment, despite a revenue decrease in Semiconductor Test. Key financial events during the period include the acquisition of Universal Robots for approximately $284 million, which significantly increased goodwill and intangible assets, and ongoing share repurchases totaling $226.8 million. The company also maintained a strong liquidity position with $1.077 billion in cash, cash equivalents, and marketable securities at the end of the nine-month period.

    Nov 13, 2015
  34. 2015-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Jul 5, 2015

    Teradyne, Inc. reported its financial results for the second quarter and first six months ended July 5, 2015. The company demonstrated solid revenue growth driven by its Semiconductor Test and System Test segments, with System Test showing a significant increase. Notably, the company completed the acquisition of Universal Robots A/S in June 2015, adding a new Industrial Automation segment and enhancing its growth potential. Financially, Teradyne saw an increase in gross profit margin due to improved product mix and sales of previously leased testers, although this was partially offset by higher provisions for excess and obsolete inventory. Operating expenses saw a modest increase in R&D, while SG&A remained relatively flat. The company also announced a new $350 million revolving credit facility, demonstrating its commitment to maintaining strong liquidity. Shareholder returns were supported by $128.3 million in stock repurchases and $25.9 million in dividend payments for the first six months of the year.

    Aug 14, 2015
  35. 2015-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Apr 5, 2015

    Teradyne, Inc. reported solid financial results for the first quarter of 2015, demonstrating a significant rebound from the prior year period. Total revenues increased by 6.6% year-over-year to $342.4 million, driven by strong performance in the Semiconductor Test and Wireless Test segments. The company achieved a substantial improvement in profitability, with net income soaring to $32.8 million ($0.15 per diluted share) from just $0.9 million ($0.00 per diluted share) in the first quarter of 2014. This improved profitability was supported by a higher gross profit margin and effectively managed operating expenses, despite increased R&D investments. From a balance sheet perspective, Teradyne maintained a strong liquidity position with cash and cash equivalents and marketable securities totaling approximately $1.27 billion. The company also initiated a significant share repurchase program and continued to pay quarterly dividends, reflecting confidence in its financial health and commitment to returning value to shareholders. The acquisition of Avionics Interface Technologies (AIT) in late 2014 is expected to complement the System Test segment's offerings.

    May 8, 2015
  36. 2014-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Sep 28, 2014

    Teradyne's Q3 2014 10-Q shows a strong quarter driven by Semiconductor Test. Third-quarter revenue rose 10% year over year to $478.0 million, and Semiconductor Test revenue jumped 25% to $380.1 million on higher system-on-a-chip volume from application processors. Wireless Test fell 41% to $54.8 million on weaker cellular and connectivity volume. Net income was $82.9 million, or $0.38 per diluted share, versus $0.29 a year earlier, and operating margin was 21%. Gross margin slipped to 54.6% from 58.7%, reflecting product mix and a $6.4 million inventory provision. Nine-month revenue reached $1.32 billion, up 16%, with net income of $185.1 million. The balance sheet and cash flow picture is mixed. Cash, cash equivalents and marketable securities totaled about $1.18 billion, roughly flat to down $18 million year to date. The company repaid the $190 million convertible notes in cash in March 2014, and operating cash flow of $317 million was consumed partly by a $164 million increase in receivables, with DSO rising to 61 days from 50. Capital spending rose to $146 million, largely for testers placed on customer leases. Teradyne also began paying a quarterly dividend of $0.06 per share and completed the small Avionics Interface Technologies acquisition in October 2014. Investors should watch the receivables build, the reliance on Semiconductor Test cycles, and the expected roughly $50 million actuarial pension loss tied to new mortality tables, which management plans to offset with a planned $30 million Q4 contribution to the U.S. pension plan.

    Nov 7, 2014
  37. 2014-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Jun 29, 2014

    Teradyne's Q2 2014 results were strong, with revenue of $525.6 million, up 22% year over year from $428.9 million, and net income of $101.2 million, or $0.47 per diluted share, versus $66.6 million, or $0.28, a year earlier. The growth was driven almost entirely by Semiconductor Test, where revenue rose 44% to $421.5 million on higher system-on-a-chip volume for application processors and microcontrollers, and higher FLASH memory test demand. Wireless Test declined 31% to $68.7 million on lower cellular product volume, while System Test was roughly flat at $35.4 million. Gross margin slipped to 55.3% from 56.2%, pressured by product mix and a $5.0 million excess and obsolete inventory provision, but operating income rose to $120.7 million from $85.9 million. The quarterly book-to-bill ratio of 1.2 for the total company suggests continued order momentum. Balance sheet and capital allocation changed meaningfully in the first half of 2014. Teradyne retired its $190 million 4.50% convertible senior notes at maturity in March 2014, settling principal in cash and issuing 25.1 million shares, and it also repaid its Japan loan. Total cash, cash equivalents and marketable securities fell to about $1.107 billion, from roughly $1.2 billion at year-end 2013. Shareholders' equity rose to $2.10 billion, and total liabilities dropped to $529 million from $645 million. Teradyne also initiated its first quarterly dividend of $0.06 per share, paid June 2, 2014, at a cost of $11.7 million. Accounts receivable rose sharply to $301 million from $158 million, reflecting the higher sales volume, and working capital absorbed cash in the period. Looking ahead, management expects to spend about $162 million on total 2014 capital additions, including roughly $75 million on testers for customer leases, and believes existing liquidity is sufficient for at least twelve months. The company notes about $430 million of cash and investments held outside the U.S. that would incur additional taxes if repatriated. The effective tax rate was 15% for the six months, supported by a Singapore tax holiday worth $6.1 million, which is set to expire at the end of 2015. Investors should watch whether Semiconductor Test strength is sustainable given the cyclical nature of the end markets, whether Wireless Test stabilizes, and whether gross margins recover as inventory provisions normalize.

    Aug 8, 2014
  38. 2014-Q1

    TERADYNE, INC Quarterly Report for Q1 Ended Mar 30, 2014

    Teradyne, Inc. reported its first-quarter 2014 financial results, with total net revenues reaching $321.0 million, a 14.5% increase compared to the same period last year. This growth was primarily driven by a strong performance in the Semiconductor Test segment, which saw a 24% revenue increase year-over-year, largely due to higher system-on-a-chip (SOC) product volume. However, the Wireless Test segment experienced a significant revenue decline of 37%, impacting overall profitability. The company reported a net income of $0.9 million, or $0.00 per diluted share, a substantial decrease from $6.6 million, or $0.03 per diluted share, in the first quarter of 2013. This decline was influenced by several factors including increased cost of revenues, higher operating expenses, particularly a one-time stock-based compensation charge related to the former CEO's retirement, and a reduction in income tax benefit due to the non-recurrence of a significant R&D tax credit from the prior year. Despite the profitability drop, Teradyne's balance sheet remains solid with $966.8 million in cash, cash equivalents, and marketable securities.

    May 7, 2014
  39. 2013-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Sep 29, 2013

    Teradyne, Inc. (TER) reported its third quarter and nine-month results for the period ending September 29, 2013. For the nine months, net revenues decreased to $1.14 billion from $1.41 billion in the prior year, primarily driven by declines in Semiconductor Test and System Test segments, with lower demand in the hard disk drive market impacting System Test. Despite revenue challenges, gross profit as a percentage of revenue improved to 56.8% from 54.0% year-over-year, reflecting favorable product mix and lower inventory provisions. Cash and cash equivalents saw a significant increase, rising to $572.9 million from $338.9 million at the end of 2012, fueled by strong operating cash flow. The company ended the period with a healthy liquidity position. Teradyne completed the acquisition of ZTEC Instruments, Inc. and the sale of its equity interest in Empirix Inc. in October 2013, which are expected to impact future financial performance.

    Nov 8, 2013
  40. 2013-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Jun 30, 2013

    Teradyne (TER) reported a sharp year-over-year decline in its Q2 2013 results as demand weakened across its three segments. Net revenues for the quarter fell 22% to $428.9 million from $548.3 million, and gross margin held roughly flat at 56.2%. Operating income dropped to $85.9 million from $157.4 million as operating expenses rose modestly to $155.3 million, and diluted EPS fell to $0.28 from $0.49. Results were supported by a low effective tax rate of 17% (7% for the first half), which flattered net income relative to operating performance. The revenue decline was concentrated in Systems Test, down 48% on weaker storage test (hard disk drive) demand, and in Semiconductor Test, down 20% on lower system-on-a-chip volumes. Wireless Test declined 11%. Management reported a book-to-bill of 1.1 for the company overall, with Semiconductor Test at 1.2, which suggests improving order momentum even as shipments lag. Balance sheet liquidity remains strong but is shifting toward short-term obligations. Cash, cash equivalents and marketable securities totaled about $1.03 billion, though cash and cash equivalents fell by $111 million in the first half, largely because $458 million was moved into marketable securities and operating cash flow was only $69 million. Accounts receivable rose $75 million on higher sales volume in the period. The 4.50% convertible senior notes, carried at $177.5 million net and $190 million principal, mature March 15, 2014 and are now classified as current debt, pushing current liabilities to $465 million. Management states that cash and marketable securities are sufficient for at least twelve months, and it notes about $330 million of cash held outside the U.S. that would incur additional taxes if repatriated. The filing also discloses a new antitrust complaint filed May 17, 2013 by Boston Semi Equipment, which alleges that Teradyne is excluding it from the markets for reconfigured equipment and repairs. Management considers a material effect on financial position unlikely but says losses could be material to results of operations in any single period. Investors should watch the convertible notes' 2014 maturity, the sustainability of the order rebound, and whether the tax rate normalizes toward the 35% statutory level.

    Aug 9, 2013
  41. 2013-Q1

    TERADYNE, INC Quarterly Report for Q1 Ended Mar 31, 2013

    Teradyne, Inc. reported a decrease in net revenues for the first quarter of 2013 compared to the same period in 2012, primarily driven by lower sales in the Semiconductor Test and Systems Test segments. Despite the revenue decline, the company's gross profit margin improved due to a favorable product mix and reduced sales of lower-margin storage test systems. Operating expenses also increased, particularly in Engineering & Development and Selling & Administrative, as a percentage of revenue. The company reported a net income of $6.6 million for the quarter, a significant drop from $33.6 million in the prior year, resulting in diluted EPS of $0.03. Financially, Teradyne maintained a strong liquidity position with cash, cash equivalents, and marketable securities totaling $956.3 million. However, operating activities consumed cash during the quarter, largely due to unfavorable changes in operating assets and liabilities. The company's debt structure includes convertible senior notes, and it has a significant amount of intangible assets and goodwill on its balance sheet, reflecting past acquisitions. Management expects current cash resources to be sufficient for at least the next twelve months.

    May 10, 2013
  42. 2012-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Sep 30, 2012

    Teradyne's Q3 2012 10-Q shows a strong quarter driven by the addition of the LitePoint acquisition (Wireless Test segment, acquired October 2011). Net revenues rose 35% year over year to $463.4 million, and gross margin expanded to 56.2% from 49.5%. Income from continuing operations was $88.6 million, or $0.39 diluted EPS, versus $56.7 million ($0.26) a year earlier. Results were helped by an effective tax rate of 14% that included roughly $13 million of deferred tax benefit tied to repatriating Japanese subsidiary earnings, so the quarter's earnings are not fully representative of the underlying run rate. Semiconductor Test revenue grew 29% to $311.0 million, while Systems Test Group fell 67% to $33.8 million on weaker storage test sales. Balance sheet and cash flow are solid but shifting. Cash, cash equivalents and marketable securities rose to about $1.0 billion, though nine-month operating cash flow of $362.2 million was used partly to fund $44.0 million of LitePoint contingent consideration payments and $91.1 million of capex. Accounts receivable jumped $76.1 million, and the book-to-bill ratio fell to 0.5 for the company, with Semiconductor Test at 0.5 and Wireless Test at 0.4, which signals softer incoming orders relative to shipments. Management states that roughly $300 million of cash sits outside the U.S. and would incur additional taxes if repatriated. Investors should also note an accounting change effective January 1, 2012, under which pension actuarial gains and losses are recognized immediately rather than amortized. Prior periods were restated. Without the change, Q3 diluted EPS would have been $0.32 instead of $0.39, and nine-month diluted EPS would have been $0.93 instead of $1.02. The company repurchased no shares during the quarter and has $168.8 million remaining under its $200 million authorization. The 4.50% convertible notes remain unconverted, with a conversion price of $5.48 and a hedged effective price of $7.67.

    Nov 9, 2012
  43. 2012-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Jul 1, 2012

    Teradyne's Q2 2012 10-Q shows a strong quarter driven by the acquisition of LitePoint (Wireless Test), which closed in October 2011. Net revenues rose 34% year-over-year to $548.3 million from $410.5 million, and gross margin expanded to 56.4% from 52.3%. Income from continuing operations was $111.4 million ($0.49 diluted EPS) versus $88.1 million ($0.38) a year earlier. Wireless Test contributed $111.9 million of revenue in the quarter, while Semiconductor Test grew 6% to $365.1 million and Systems Test Group grew 6% to $71.3 million. The quarter's book-to-bill ratio of 1.1 for the total company, with Wireless Test at 1.7, points to healthy demand, though Systems Test Group's 0.6 ratio is a notable softness. The balance sheet remains strong, with cash, cash equivalents and marketable securities of $828.8 million, up $74.1 million in six months. Accounts receivable more than doubled to $346.1 million from $129.3 million, reflecting higher sales volume and a concentration of late-quarter shipments, which absorbed much of the operating cash flow. Six-month operating cash flow was $113.3 million, versus $121.6 million a year earlier, after a $216.8 million increase in receivables. Free cash flow after $57.8 million of capital expenditures was positive but modest. Investors should note several items affecting the quality of earnings. The quarter included a $6.5 million reduction in LitePoint contingent consideration, which boosted operating income, and a $9.4 million inventory provision that reduced gross margin. Amortization of acquired intangibles rose sharply to $18.4 million in the quarter from $7.3 million. The $190 million 4.50% convertible notes, due 2014, are close to conversion (the stock price triggered the contingent conversion condition), though the convertible note hedge and warrant transactions mitigate dilution up to roughly $7.67 per share. The effective tax rate also rose to about 26.7% from about 8.2%, partly reflecting a U.S. deferred tax provision.

    Aug 10, 2012
  44. 2012-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Apr 1, 2012

    Teradyne's first quarter 2012 results show a company whose top line grew while profitability compressed sharply. Net revenues rose 5% year over year to $396.7 million, driven by Systems Test Group growth (up 69%, led by Storage Test) and the first contribution from the LitePoint acquisition in Wireless Test ($31.3 million). However, Semiconductor Test revenue fell 16% to $267.6 million, reflecting weakness in System-on-a-Chip and memory products. Gross margin fell 3.0 points to 48.1%, and operating income dropped about 42% to $46.4 million, as engineering, selling and administrative, and acquired intangible amortization all increased with the LitePoint acquisition. Net income fell to $33.6 million, or $0.15 diluted EPS, versus $96.8 million (including a discontinued-operations gain) in the prior-year period. Continuing-operations diluted EPS was $0.15 versus $0.30 a year earlier. The balance sheet remains strong but cash generation was weak. Cash, cash equivalents and marketable securities declined $12.5 million to $742.1 million, and operating cash flow was only $11.2 million, held back by a $92.2 million increase in accounts receivable. Accounts receivable more than doubled to $221.5 million from $129.3 million, which investors should watch for collection timing. Book-to-bill was 1.2 for the company overall, with Semiconductor Test at 1.4 and Systems Test Group at 0.5. Management also changed its pension accounting to immediately recognize actuarial gains and losses. This change is applied retrospectively and reduced Q1 2012 net income by about $3.9 million, so the reported figures are not directly comparable with previously filed 2011 results. The filing also highlights the convertible notes, which are approaching a point where the conversion contingency could become relevant. The notes' conversion trigger was met during the quarter (the stock traded above 130% of the $5.48 conversion price), though no holders had converted as of May 11, 2012. The effective conversion price is $7.67 after the note hedge and warrant transactions, which mitigates dilution. Teradyne's $273.2 million of purchase commitments, mostly due within one year, and an earn-out liability of $61.2 million for LitePoint are near-term obligations to monitor.

    May 11, 2012
  45. 2011-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Oct 2, 2011

    Teradyne's Q3 2011 10-Q shows a sharp slowdown in the core business alongside a strengthened balance sheet. Third-quarter net revenue fell 30% year over year to $344.4 million (from $491.4 million), driven by a 46% drop in Semiconductor Test to $241.4 million, partly offset by a 139% jump in Systems Test Group (primarily hard disk drive test) to $103.0 million. Gross margin compressed to 49.3% from 55.3%, largely from product mix toward lower-margin HDD systems, and net income fell to $54.7 million ($0.25 diluted EPS) from $147.3 million. The Q3 book-to-bill ratio of 0.7 for the total company, with Semiconductor Test at 0.8 and Systems Test at 0.4, signals weak near-term demand momentum. Balance sheet strength improved meaningfully: cash and equivalents rose to $1.095 billion from $398 million at year-end 2010, and total cash, equivalents and marketable securities reached roughly $1.2 billion. Operating cash flow for the nine months was $214.6 million, down from $389.8 million, reflecting lower customer advances and working-capital outflows. Shareholders' equity grew to $1.37 billion. The company also repurchased 2.0 million shares for $23.9 million, and carries $190 million of 4.50% convertible notes due 2014. The key forward-looking event is the October 5, 2011 acquisition of LitePoint Corporation for about $510 million in cash, plus up to $70 million in performance-based contingent payments through 2012. This extends Teradyne into wireless device test, a new served market, but it consumes most of the cash cushion built up this year and introduces integration and goodwill/intangibles risk, which management flags in the new risk factors. Investors will be watching whether Semiconductor Test orders recover and whether the LitePoint deal delivers the expected growth.

    Nov 14, 2011
  46. 2011-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Jul 3, 2011

    Teradyne's second quarter 2011 10-Q shows revenue of $410.5 million, down 8% year over year from $445.3 million, driven by a 17% decline in Semiconductor Test to $343.1 million. The decline was partly offset by a 109% surge in Systems Test Group revenue to $67.4 million, largely from hard disk drive test systems. Gross margin compressed to 52.4% from 56.3%, mainly due to product mix shifting toward lower-margin HDD systems, plus higher inventory provisions. GAAP net income fell to $89.1 million ($0.39 diluted EPS) from $122.1 million ($0.55) a year earlier, and the Q2 book-to-bill ratio dropped to 0.8 from 1.1, a signal that near-term revenue may remain under pressure. The balance sheet remains strong. Cash, cash equivalents and marketable securities total roughly $1.2 billion, against $150 million of carrying value on the 4.50% convertible notes and a Japan loan of about $7 million. Management states this liquidity is sufficient for at least twelve months. Operating cash flow for the six months was $121.6 million, while capital expenditures were $44.5 million. Teradyne repurchased 1.5 million shares for $17.8 million after quarter end, under a $200 million authorization. For investors, the key issues are the Semiconductor Test demand slowdown, the margin pressure from HDD mix and competitive pricing, and the diluted EPS effect of the convertible notes, whose conversion price is $5.48 and whose warrants raise the effective price to about $7.67. The share price was about $12 at the time of the buyback, well above the conversion price, so the notes are economically in the money.

    Aug 12, 2011
  47. 2011-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Apr 3, 2011

    Teradyne's first quarter of 2011 (ended April 3, 2011) was strong on both top and bottom lines. Net revenues rose 18% year over year to $377.2 million, driven by a 10% increase in Semiconductor Test and a 96% surge in Systems Test Group, which was powered by hard disk drive test system sales. Gross margin slipped to 51.0% from 53.2% due to unfavorable product mix and higher inventory provisions, but operating income grew 33% to $78.5 million. Net income was $94.9 million, or $0.41 diluted, though this figure is inflated by a $25.2 million after-tax gain on the March 2011 sale of the Diagnostic Solutions business to SPX Corporation for $40.6 million. Income from continuing operations was $68.1 million, or $0.29 diluted, up from $0.24 a year earlier. The balance sheet and liquidity remain solid. Cash, cash equivalents and marketable securities reached about $1.1 billion, up $44.8 million in the quarter, and management believes this is sufficient for at least the next twelve months. Shareholders' equity rose to $1.23 billion as retained earnings swung to positive $53.0 million from a deficit. Operating cash flow was modest at $19.6 million, held down by a $82.5 million use from working capital, including a $56.8 million drop in accrued compensation from profit-sharing payouts and a $27.1 million decline in customer advances. Book-to-bill fell to 1.2 from 1.6 a year earlier, a signal that order momentum is moderating from its recent peak. Investors should watch several items: the convertible notes (a 4.50% $190 million issue due 2014) had a holder conversion trigger met in the quarter, though no holders had converted as of May 13, 2011; a $239.5 million purchase commitment book supports near-term production; and the company is reevaluating how it recognizes pension actuarial gains and losses, a change that could affect future reported earnings. Newly added risk factors cover disruption from the Japan earthquake and tsunami, which prompted buffer inventory purchases.

    May 13, 2011
  48. 2010-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Oct 3, 2010

    Teradyne's third quarter 2010 was a sharp rebound driven by the semiconductor test business. Net revenues rose 92% year over year to $502.1 million, and nine-month revenues rose 133% to $1,286.5 million. Semiconductor Test revenue more than tripled in the quarter (up $275.2 million, or 159%), led by power management, microcontroller and mobile/wireless customers, while Systems Test Group revenue fell 40% on weaker HDD test demand. Gross margin expanded to 55% from 41% a year earlier, and operating income reached $158.1 million versus $8.8 million, producing net income of $147.3 million, or $0.66 per diluted share, compared with $6.7 million a year earlier. Much of the margin gain came from volume and mix, though variable compensation rose sharply as profits recovered. The balance sheet strengthened considerably. Cash, cash equivalents and marketable securities totaled $899.3 million, up $380.5 million since year-end 2009, and operating cash flow for the nine months was $390.0 million. Accounts receivable grew to $306.5 million from $125.2 million and customer advances rose sharply, reflecting higher sales volume. Shareholders' equity increased to $1.07 billion from $664.6 million, and the accumulated deficit narrowed to $102.0 million. Investors should note that the order picture is more mixed. The total company book-to-bill ratio was 0.7 in the quarter, with Semiconductor Test at 0.6, which suggests revenue may decelerate from these elevated levels. The $4.5 million convertible notes remain a dilution consideration: diluted share count rose to 229.4 million, largely from the 34.7 million shares underlying the 4.50% convertible notes, and the notes had become convertible during the quarter as the stock traded above the trigger price, although no holders had converted as of November 10, 2010.

    Nov 10, 2010
  49. 2010-Q3

    TERADYNE, INC Quarterly Report for Q3 Ended Jul 4, 2010

    Teradyne's second-quarter 2010 results show a sharp cyclical rebound driven by Semiconductor Test. Net revenues rose 168% year over year to $454.8 million, and net income reached $122.1 million, or $0.55 per diluted share, versus a loss of $66.8 million in the prior-year quarter. Semiconductor Test revenue more than quadrupled to $413.1 million, while Systems Test Group revenue fell 38% to $41.7 million on weaker HDD, Mil/Aero, and Diagnostic Solutions demand. Gross margin expanded to 55.9% from 27.8%, and the company reported operating income of $136.6 million, though part of the profit reflects variable compensation increases and the restoration of temporary pay cuts. The book-to-bill ratio slowed to 1.1 from 1.3 a year earlier, which signals that order momentum is moderating even as shipments are strong. The balance sheet strengthened considerably. Cash, cash equivalents, and marketable securities total $661.3 million, and shareholders' equity rose to $908.8 million from $664.6 million at year-end 2009. Accounts receivable more than doubled to $248.0 million, and deferred revenue fell by $63.0 million as customer prepayments unwound. Operating cash flow for the six months was $134.8 million. Management expects its liquidity to cover working capital and capital expenditure needs for at least the next twelve months. Management also made a $20.0 million discretionary pension contribution in the first half of 2010, with an additional $15.0 million paid in August 2010. Investors should weigh the cyclical nature of the results and the significant convertible debt position. The $190 million 4.50% convertible notes are due in 2014, and the holders' conversion right was triggered during the quarter. Dilution from the convertible notes, warrants, and equity awards is material, with diluted shares of about 231.5 million. The company keeps a full valuation allowance on U.S. and Singapore deferred tax assets, so its tax provision remains low. Management still characterizes the recovery as tied to the broader semiconductor cycle.

    Aug 12, 2010
  50. 2010-Q2

    TERADYNE, INC Quarterly Report for Q2 Ended Apr 4, 2010

    Teradyne, Inc. reported a significant turnaround in its financial performance for the first quarter of 2010 compared to the same period in 2009. The company experienced a substantial increase in net revenues, driven primarily by a 269% surge in its Semiconductor Test segment, indicating a strong recovery in the semiconductor industry. This revenue growth, coupled with improved operational efficiencies and the benefits of earlier cost-reduction measures, resulted in a substantial swing from a net loss in Q1 2009 to a net income of $50.1 million in Q1 2010. Despite the strong revenue growth, the company's balance sheet shows a decrease in cash and cash equivalents, primarily due to significant investments in marketable securities and property, plant, and equipment. However, the company maintains a healthy liquidity position with $532.7 million in cash, cash equivalents, and marketable securities. Management expresses confidence that this balance will be sufficient to meet working capital and expenditure needs for at least the next twelve months.

    May 14, 2010