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Teradyne Reports Fourth Quarter and Fiscal Year 2015 Results
|||Full year orders up 10% from 2014|
|||Q415 orders up 66% from Q315, driven by strong mobility test demand|
|||Record quarterly and full year revenue at Universal Robots|
|Q415||Q414||Q315||FY 2015||FY 2014|
NORTH READING, Mass. January 27, 2016 Teradyne, Inc. (NYSE: TER) reported revenue of $318 million for the fourth quarter of 2015 of which $205 million was in Semiconductor Test, $59 million in System Test, $32 million in Wireless Test and $22 million in Industrial Automation. On a non-GAAP basis, Teradynes net income in the fourth quarter was $26.1 million, or $0.13 per diluted share, which excluded acquired intangible asset amortization, pension actuarial losses, restructuring and other charges, and discrete income tax adjustments. GAAP net loss for the fourth quarter was ($0.6) million or ($0.00) per diluted share.
Orders in the fourth quarter of 2015 were $522 million of which $408 million was in Semiconductor Test, $66 million in System Test, $30 million in Wireless Test and $18 million in Industrial Automation.
For the fiscal year, Teradyne reported revenue of $1,640 million of which $1,202 million was in Semiconductor Test, $211 million in System Test, $185 million in Wireless Test and $42 million in Industrial Automation. On a non-GAAP basis, Teradynes net income for 2015 was $271.2 million, or $1.27 per diluted share, which excluded acquired intangible asset amortization, pension actuarial losses, and discrete income tax adjustments. GAAP net income for the year was $206.5 million or $0.97 per diluted share. Cash provided by operating activities for 2015 was $413 million and purchases of property, plant and equipment were $90 million.
We closed 2015 with exceptionally strong Semiconductor Test demand as orders for our flagship UltraFLEX product line were pulled into the fourth quarter to meet 2016 production ramps for new mobile products, said CEO and President Mark Jagiela. At Universal Robots, we set quarterly and annual revenue records as customers serving a broad swath of industrial markets continue to embrace collaborative robots.
For the year, revenues again topped $1.6 billion despite the cyclical softness of the Semiconductor Test market in 2015. In addition, we generated $323 million in free cash flow, returned $350 million to shareholders through share repurchases and dividends, and added a new growth dimension to Teradyne in the fast expanding collaborative robot (cobot) market with the acquisition of Universal Robots. We enter 2016 well positioned to grow share in our core test businesses, broaden the range of applications for cobots, and continue our balanced capital allocation strategy, continued Mr. Jagiela.
The following information was filed by Teradyne, Inc (TER) on Thursday, January 28, 2016 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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