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Teradyne Reports Third Quarter 2017 Results
|||Q317 revenue and earnings exceeded guidance on strength of Semiconductor Test shipments|
|||Semiconductor Test revenue up 23% compared with Q316 and for the first 9 months compared with 2016|
|||Universal Robots revenue up 70% compared with Q316, up 77% for the first 9 months compared with 2016|
NORTH READING, Mass. October 25, 2017 Teradyne, Inc. (NYSE: TER) reported revenue of $503 million for the third quarter of 2017 of which $397 million was in Semiconductor Test, $40 million in Industrial Automation, $35 million in System Test, and $31 million in Wireless Test. GAAP net income for the third quarter was $103.4 million or $0.52 per share. On a non-GAAP basis, Teradynes net income in the third quarter was $107.7 million, or $0.54 per diluted share, which excluded acquired intangible assets amortization, non-cash convertible debt interest, restructuring and other charges, and included the related tax impact on non-GAAP adjustments.
Orders in the third quarter of 2017 were $410 million of which $295 million were in Semiconductor Test, $40 million in Industrial Automation, $42 million in System Test, and $33 million in Wireless Test.
Strong Semiconductor Test performance, with greater than expected image sensor test system shipments, drove Q3 revenue and earnings above the high end of our guidance, said CEO and President Mark Jagiela. Additionally, Universal Robots growth remained strong with Q3 revenue up 70% over the Q316 period and up 77% for the first 9 months of the year.
On the demand front, Semiconductor Test achieved its highest third quarter orders in over a decade driven mainly by record memory test orders. This, combined with continued strong growth at Universal Robots, positions the Company for full year sales over $2 billion and net income of over $2 per share at the mid-point of our Q4 guidance.
Guidance for the fourth quarter of 2017 is revenue of $420 million to $450 million, with GAAP net income of $0.27 to $0.33 per diluted share and non-GAAP net income of $0.31 to $0.37 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.
A conference call to discuss the third quarter results, along with managements business outlook, will follow at 10 a.m. ET, Thursday, October 26. Interested investors should access the webcast at www.teradyne.com and click on Investors at least five minutes before the call begins. Presentation materials will be available starting at 10 a.m. ET. A replay will be available on the Teradyne website at www.teradyne.com/investors.
The following information was filed by Teradyne, Inc (TER) on Thursday, October 26, 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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