The North Reading, Massachusetts-based company posted net income in the first quarter of $94.6 million, or 54 cents a share, beating analysts' forecast of 44 cents. Revenue totaled $494.1 million, beating Wall Street's expectation of $475.9 million.
Earnings excluded acquired intangible asset amortization, restructuring and other charges, non-cash convertible debt interest, discrete income tax adjustments, and included the related tax impact on non-GAAP adjustments.
Revenue was comprised of $341 million in semiconductor testing, $66 million in industrial automation, $58 million in system test and $29 million in wireless test.
For the current quarter ending in July, Teradyne said it expects earnings to range from 56 cents to 65 cents a share and revenue in the range of $520 million to $550 million. Analysts had expected revenue of $537.8 million.
"First-quarter sales and earnings were above our January guidance as test shipments were slightly stronger with favorable product mix, resulting in higher margins than expected," said Teradyne President and CEO Mark Jagiela. "Pockets of strength, such as 5G test, have been balanced by softness in areas, such as automotive test, so our full year outlook remains essentially unchanged from our January view."