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Teradyne Reports Increase in Fourth Quarter 2013 Orders; Expects Revenue Growth in First Quarter of 2014; Initiates Quarterly Cash Dividend
Q413 orders increased 7% from Q313
Q413 revenue of $285 million, down 34% from Q313 and up 15% from Q412
Q413 diluted non-GAAP net income of $0.07 per share, down from $0.46 per share in Q313 and no change from Q412; Q413 diluted GAAP net income of $0.09 per share
Q114 guidance: Revenue of $300 million to $330 million; Diluted non-GAAP net income of $0.02 to $0.09 per share; Diluted GAAP net loss of $(0.09) to $(0.03) per share
Quarterly cash dividend of $0.06 per share initiated
NORTH READING, Mass. January 22, 2014 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, Teradynes 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 for Teradyne, 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 18th 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 weve increased our first quarter production plans to reflect the improving demand environment.
Guidance for the first quarter of 2014 is revenue of $300 million to $330 million, with diluted non-GAAP net income of $0.02 to $0.09 per share and diluted GAAP net loss of $(0.09) to $(0.03) per share. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest and CEO equity charge, and includes income taxes on a cash basis.
The Company additionally announced that its Board of Directors has approved the initiation of a quarterly cash dividend of $0.06 per share, with the initial quarterly dividend payable on June 2, 2014, to shareholders of record as of the close of business on May 9, 2014.
Teradynes operating model provides the financial foundation to support both a dividend and our growth plans, said Mr Jagiela.
Future dividend declarations, as well as record and payment dates, are subject to board approval.
As announced on November 13, 2013, Mark E. Jagiela will succeed Michael A. Bradley, who will retire as CEO, effective January 31, 2014. Mr. Jagiela will join the Board of Directors on the same date. Mr. Bradley will continue as a Director of the Company.
The following information was filed by Teradyne, Inc (TER) on Thursday, January 23, 2014 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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