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Teradyne Reports Strong Revenue and Earnings Growth in Second Quarter and First Half 2017
|||Q217 revenue of $697 million, up 31% from Q216 and 53% from Q117|
|||First half 2017 revenue up 20% from first half 2016|
|||Semiconductor Test revenue increased 36% from Q216; 1H17 up 22% from 1H16|
|||Universal Robots (UR) revenue increased 57% from Q216; 1H17 up 81% from 1H16|
NORTH READING, Mass. July 26, 2017 Teradyne, Inc. (NYSE: TER) reported revenue of $697 million for the second quarter of 2017 of which $593 million was in Semiconductor Test, $39 million in Industrial Automation (UR), $37 million in System Test, and $28 million in Wireless Test. GAAP net income for the second quarter was $175.0 million or $0.87 per share. On a non-GAAP basis, Teradynes net income in the second quarter was $181.5 million, or $0.90 per diluted share, which excluded acquired intangible assets amortization, non-cash convertible debt interest, pension actuarial gains, restructuring and other charges, and included the related tax impact on non-GAAP adjustments.
Orders in the second quarter of 2017 were $462 million of which $369 million were in Semiconductor Test, $33 million in Industrial Automation (UR), $30 million in Wireless Test, and $29 million in System Test.
Continued strong performance in our Semiconductor Test Business and Universal Robots drove our second quarter sales up 31% and EPS up 64% compared to last years second quarter, said CEO and President Mark Jagiela. Semiconductor Test shipments grew 36% year on year reflecting continued strength in mobile and microcontroller test and increasing demand in memory and analog test. Universal Robots shipments increased 57% from Q216 and sales continue to broaden with our expanding distribution reach and growing customer awareness of the powerful economic benefits of URs collaborative robots.
Looking ahead to the 2nd half of 2017, we expect the normal seasonal pattern of slowing mobile device test shipments in Semiconductor Test and continued 50% plus growth at Universal Robots.
Guidance for the third quarter of 2017 is revenue of $455 million to $485 million, with GAAP net income of $0.35 to $0.42 per diluted share and non-GAAP net income of $0.39 to $0.46 per diluted share. Non-GAAP guidance excludes acquired intangible assets amortization, non-cash convertible debt interest, and includes the related tax impact on non-GAAP adjustments.
The following information was filed by Teradyne, Inc (TER) on Thursday, July 27, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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