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

Summary

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.

Key Highlights

• 1Total revenues for the first quarter of 2022 were $755.4 million, a decrease of 3.4% compared to $781.7 million in the first quarter of 2021.
• 2Net income decreased to $161.9 million ($0.92 per diluted share) from $205.5 million ($1.09 per diluted share) in the prior year period.
• 3The Semiconductor Test segment experienced a revenue decline of 8.7% to $482.3 million.
• 4The Industrial Automation segment showed strong growth, with revenues increasing by 29.0% to $103.2 million.
• 5Cash and cash equivalents, along with marketable securities, totaled $1.2 billion as of April 3, 2022.
• 6The company recorded a $14.7 million charge related to an arbitration claim settlement for the AutoGuide acquisition.
• 7Teradyne repurchased approximately 1.8 million shares of common stock for $201.5 million during the quarter.

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