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Teradyne Reports 55% Sequential Growth In First Quarter 2014 Orders; Expects Revenue Growth In Second Quarter Of 2014

Teradyne, Inc. (NYSE: TER) reported revenue of $321 million for the first quarter of 2014 of which $262 million was in Semiconductor Test, $38 million in System Test and $21 million in Wireless Test. On a non-GAAP basis, Teradyne’s net income in the first quarter was $22.4 million, or $0.11 per diluted share, which excluded acquired intangible asset amortization, retired CEO equity charge, non-cash convertible debt interest and excluded discrete income tax adjustments. GAAP net income for the first quarter was $0.9 million or $0.00 per diluted share.

Bookings in the first quarter of 2014 were $450 million of which $366 million were in Semiconductor Test, $57 million in Wireless Test, and $27 million in System Test.

“First quarter Semiconductor Test orders were the highest in nearly four years driving a 55% increase in overall company orders,” said CEO and President Mark Jagiela. “UltraFLEX and J750 products recorded strong demand for applications processor and microcontroller test driven primarily by mobile end markets. Our flexible manufacturing capability is designed to respond to this type of order surge and we are ramping second quarter production to meet the increasing demand. Meanwhile, although Wireless Test orders more than tripled from the Q4 trough, near term visibility remains limited with a more cautious outlook from customers."

Guidance for the second quarter of 2014 is revenue of $460 million to $490 million, with diluted non-GAAP net income of $0.36 to $0.43 per share and diluted GAAP net income of $0.29 to $0.36 per share. Non-GAAP guidance excludes acquired intangible asset amortization and the related tax impact.

As previously announced in our press release dated January 22, 2014, our initial quarterly cash dividend is payable on June 2, 2014 to shareholders of record as of the close of business on May 9, 2014. Payment dates for future quarterly cash dividends, subject to Board of Director approval, are expected to be in March, June, September and December of each year.

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