Teradyne Posts First-Quarter Loss, Beats Estimates

The automatic test maker beat analyst estimates by a penny, but posted a 40-cent loss.

Author:: Michael Dunn
Publish date:: Apr 17, 2002 8:29 AM EDT

Automatic test equipment maker

Teradyne

beat Wall Street's first-quarter estimates by a penny and said it sees conditions improving.

The company posted a pro forma loss of $73.4 million, or 40 cents a share, compared with profits of 33 cents a share in the year-ago quarter. Analysts polled by Thomson Financial/First Call had been expecting a loss of 41 cents a share.

Including special charges, the company reported a loss of $77.1 million, or 42 cents a share, compared with a profit of $54.0 million last year. Sales for the quarter were $248 million, down sharply from $605 million a year ago.

The company said that four out of five of its businesses saw higher net bookings in the first quarter than the fourth quarter of 2001, but cautioned that some business segments are still not showing signs of recovery.

For the second quarter, the company said it now expects to see a loss of 31 cents a share plus or minus 10% on sales of $280 million to $310 million. According to First Call, analysts are currently expecting the company to lose 34 cents a share on sales of $251 million.

Shares of Teradyne closed at $34.49 Tuesday on the

New York Stock Exchange