Teradyne, Inc (TER) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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Teradyne, Inc
Ticker: TER CIK: 97210

Exhibit 99.1

Teradyne Reports Fourth Quarter and Fiscal Year 2020 Results

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Revenue of $759 million in Q4’20, growth of 16% from Q4’19

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Full year 2020 revenue grew 36%, GAAP EPS 65%, Non-GAAP EPS 62%

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Test Revenue growth of 18% in Q4’20 from Q4’19

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Higher than expected Industrial Automation shipments drove Q4 revenue above the high end of guidance

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Industrial Automation revenue growth of 4% in Q4’20 from Q4’19, 34% from Q3’20

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Quarterly dividend of $0.10 announced

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Board authorized a $2 billion share repurchase program, expect to repurchase a minimum of $600 million in shares in 2021

Q4’20

Q4’19

Q3’20

FY 2020

FY 2019

Revenue (mil)

759

655

819

3,121

2,295

GAAP EPS

1.05

0.69

1.21

4.28

2.60

Non-GAAP EPS

1.10

0.88

1.18

4.62

2.86

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NORTH READING, Mass. – January 27, 2021 –

Teradyne, Inc. (NASDAQ: TER) reported revenue of $759 million for the fourth quarter of 2020 of which $524 million was in Semiconductor Test, $104 million in System Test, $40 million in Wireless Test and $92 million in Industrial Automation (IA). GAAP net income for the fourth quarter was $196.3 million or $1.05 per diluted share. On a non-GAAP basis, Teradyne’s net income in the fourth quarter was $193.2 million, or $1.10 per diluted share, which excluded pension actuarial losses, acquired intangible asset amortization, restructuring and other charges, non-cash convertible debt interest, and included the related tax impact on non-GAAP adjustments.

“Stronger than expected growth at Universal Robots drove Q4 sales and profits above guidance and capped an extraordinary year for Teradyne,” said CEO and President Mark Jagiela. “For the full year, company sales grew 36% and non-GAAP earnings per share 62%, the seventh consecutive year of earnings growth. The annual results were driven by increased revenue in all our test businesses, highlighted by Semiconductor Test’s 46% and System Test’s 43% growth. While the global slowdown in industrial activity compressed the automation market for much of 2020, we are encouraged by the improving global industrial outlook and the sooner-than-expected return to year-over-year growth at Universal Robots.

“After an exceptionally strong Q4, we enter 2021 expecting record Q1 level sales and profits driven by continued strong test demand, including a notable recovery in automotive related semiconductor test shipments.”

The following information was filed by Teradyne, Inc (TER) on Thursday, January 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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