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Teradyne Reports Increase In Fourth Quarter 2013 Orders; Expects Revenue Growth In First Quarter Of 2014; Initiates Quarterly Cash Dividend

Teradyne, Inc. (NYSE: TER) reported revenue of $285 million for the fourth quarter of 2013 of which $215 million was in Semiconductor Test, $44 million in System Test and $26 million in Wireless Test. On a non-GAAP basis, Teradyne’s net income in the fourth quarter was $13.2 million, or $0.07 per diluted share, which excluded acquired intangible asset amortization, pension actuarial gains, non-cash convertible debt interest and a gain from the sale of an equity investment and included income taxes on a cash basis. GAAP net income for the fourth quarter was $22.3 million or $0.09 per diluted share.

Bookings in the fourth quarter of 2013 were $290 million of which $225 million were in Semiconductor Test, $47 million in System Test and $18 million in Wireless Test.

For fiscal year 2013, revenue was $1.43 billion. Net income for the year was $215 million or $1.06 per diluted share on a non-GAAP basis. GAAP net income for the year was $165 million or $0.70 per diluted share. Bookings for the year were $1.43 billion.

“The fourth quarter capped a strong year of market share gains in both semiconductor and wireless test,” said CEO Mike Bradley. “While overall industry capital spending was at trough levels in the fourth quarter and was down for the full year, we delivered our 18 th consecutive quarter of operating profits and exceeded our model profit rate for 2013 in total.”

“In line with seasonal trends, orders improved in the fourth quarter and we expect that order trend to accelerate in the first quarter as customers build capacity for new consumer devices in 2014,” said President Mark Jagiela. “Our 2013 market share gains have positioned us well for growth in 2014 and we’ve increased our first quarter production plans to reflect the improving demand environment.”

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