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Teradyne Reports Fourth Quarter and Fiscal Year 2014 Results
|||Q414 Revenue of $323 million, up 13% year over year and full year revenue up 15%|
|||Quarterly cash dividend of $0.06 and $500 million share repurchase program announced|
|Q414||Q413||Q314||FY 2014||FY 2013|
NORTH READING, Mass. January 28, 2015 Teradyne, Inc. (NYSE: TER) reported revenue of $323 million for the fourth quarter of 2014 of which $237 million was in Semiconductor Test, $46 million in System Test and $40 million in Wireless Test. On a non-GAAP basis, Teradynes net income in the fourth quarter was $31.1 million, or $0.14 per diluted share, which excluded a Wireless Test goodwill impairment charge of $99 million, pension actuarial losses of $47 million as well as acquired intangible asset amortization and discrete income tax adjustments. GAAP net loss for the fourth quarter was ($103.8) million or ($0.48) per share.
Orders in the fourth quarter of 2014 were $332 million of which $226 million were in Semiconductor Test, $67 million in System Test and $39 million in Wireless Test.
For the fiscal year, Teradyne reported revenue of $1,648 million of which $1,301 million was in Semiconductor Test, $185 million in Wireless Test, and $162 million in System Test. On a non-GAAP basis, Teradynes net income for 2014 was $265.6 million, or $1.23 per diluted share which excluded the charges noted above, a first quarter 2014 CEO retirement equity charge, and non-cash convertible debt interest. GAAP net income for the year was $81.3 million or $0.37 per share and GAAP operating profit declined 49%. Cash provided by operating activities for 2014 was $493 million and purchases of property, plant and equipment were $170 million.
The fourth quarter wraps up a very strong year for Teradyne from both a market share and cash flow perspective, said CEO and President Mark Jagiela. Revenues grew 15% driven by strong System-on-a-Chip (SOC) demand, our operating profit grew 26%, and we generated over $300 million in free cash flow. Despite an expected softening of SOC test demand in 2015, our cycle hardened operating model, combined with our long term outlook for the markets we serve, provides us the confidence to substantially increase our capital return plans for 2015.
Teradyne announced that its Board of Directors has approved a share repurchase program authorizing the Company to repurchase up to $500 million of its common stock through open market or private transactions. The $500 million authorization replaces the Companys existing repurchase program announced in 2010.
The Board of Directors has also declared a quarterly cash dividend of $0.06 per share, payable on March 24, 2015 to shareholders of record as of the close of business on February 27, 2015.
We intend to execute $300 million of the repurchase authorization this year, Jagiela continued. Our strong balance sheet and expectations for future cash generation provide Teradyne the flexibility to return capital to shareholders through a significant share repurchase program and a quarterly cash dividend while continuing to invest in future growth and strategic business development opportunities.
The following information was filed by Teradyne, Inc (TER) on Thursday, January 29, 2015 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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