Teradyne Reports Third Quarter 2017 Results

  • Q3’17 revenue and earnings exceeded guidance on strength of Semiconductor Test shipments
  • Semiconductor Test revenue up 23% compared with Q3’16 and for the first 9 months compared with 2016
  • Universal Robots revenue up 70% compared with Q3’16, up 77% for the first 9 months compared with 2016

NORTH READING, Mass. — (BUSINESS WIRE) — October 25, 2017Teradyne, Inc. (NYSE: TER) reported revenue of $503 million for the third quarter of 2017 of which $397 million was in Semiconductor Test, $40 million in Industrial Automation, $35 million in System Test, and $31 million in Wireless Test. GAAP net income for the third quarter was $103.4 million or $0.52 per share. On a non-GAAP basis, Teradyne’s net income in the third quarter was $107.7 million, or $0.54 per diluted share, which excluded acquired intangible assets amortization, non-cash convertible debt interest, restructuring and other charges, and included the related tax impact on non-GAAP adjustments.

Orders in the third quarter of 2017 were $410 million of which $295 million were in Semiconductor Test, $40 million in Industrial Automation, $42 million in System Test, and $33 million in Wireless Test.

“Strong Semiconductor Test performance, with greater than expected image sensor test system shipments, drove Q3 revenue and earnings above the high end of our guidance,” said CEO and President Mark Jagiela. "Additionally, Universal Robots growth remained strong with Q3 revenue up 70% over the Q3'16 period and up 77% for the first 9 months of the year."

On the demand front, Semiconductor Test achieved its highest third quarter orders in over a decade driven mainly by record memory test orders. This, combined with continued strong growth at Universal Robots, positions the Company for full year sales over $2 billion and net income of over $2 per share at the mid-point of our Q4 guidance.”

Guidance for the fourth quarter of 2017 is revenue of $420 million to $450 million, with GAAP net income of $0.27 to $0.33 per diluted share and non-GAAP net income of $0.31 to $0.37 per diluted share. Non-GAAP guidance excludes acquired intangible assets amortization, non-cash convertible debt interest, and includes the related tax impact on non-GAAP adjustments.

Webcast
A conference call to discuss the third quarter results, along with management's business outlook, will follow at 10 a.m. ET, Thursday, October 26. Interested investors should access the webcast at www.teradyne.com and click on "Investors" at least five minutes before the call begins. Presentation materials will be available starting at 10 a.m. ET. A replay will be available on the Teradyne website at www.teradyne.com/investors.

Non-GAAP Results
In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. Non-GAAP income from operations and non-GAAP net income exclude acquired intangible assets amortization, non-cash convertible debt interest, pension actuarial gains and losses, discrete income tax adjustments, goodwill impairment, acquired intangible assets impairment, and restructuring and other. GAAP requires that these items be included in determining income from operations and net income. Non-GAAP income from operations, non-GAAP net income, non-GAAP income from operations and non-GAAP net income as a percentage of revenue, and non-GAAP net income per share are non-GAAP performance measures presented to provide meaningful supplemental information regarding Teradyne’s baseline performance before gains, losses or other charges that may not be indicative of Teradyne’s current core business or future outlook. These non-GAAP performance measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with Teradyne’s business plan, historical operating results and the operating results of Teradyne’s competitors. Non-GAAP gross margin excludes pension actuarial gains and losses. GAAP requires that these items be included in determining gross margin. Non-GAAP gross margin dollar amount and percentage are non-GAAP performance measures that management believes provide useful supplemental information for management and the investor. Management uses non-GAAP gross margin as a performance measure for Teradyne’s current core business and future outlook and for comparison with Teradyne’s business plan, historical gross margin results and the gross margin results of Teradyne’s competitors. Management believes each of these non-GAAP performance measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of Teradyne’s financial and operational performance, as well as facilitating meaningful comparisons of Teradyne’s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on “Investors” and then selecting the “GAAP to Non-GAAP Reconciliation” link. The non-GAAP performance measures discussed in this press release may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.

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