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Teradyne Reports First Quarter 2019 Results
Q119 GAAP earnings per share grew 44% and Non-GAAP earnings per share grew 20% from Q118
Industrial Automation revenue up 35% from Q118 on Universal Robots growth of 16% and the addition of Mobile Industrial Robots (MiR)
Expect 8% sequential revenue growth in Q219 at mid-point of guidance
NORTH READING, Mass. April 23, 2019 Teradyne, Inc. (NASDAQ: TER) reported revenue of $494 million for the first quarter of 2019 of which $341 million was in Semiconductor Test, $66 million in Industrial Automation, $58 million in System Test, and $29 million in Wireless Test. GAAP net income for the first quarter was $109.1 million or $0.62 per share. On a non-GAAP basis, Teradynes net income in the first quarter was $94.6 million, or $0.54 per diluted share, which excluded acquired intangible asset amortization, restructuring and other charges, non-cash convertible debt interest, discrete income tax adjustments, and included the related tax impact on non-GAAP adjustments.
First quarter sales and earnings were above our January guidance as test shipments were slightly stronger with favorable product mix resulting in higher margins than expected, said Teradyne President and CEO Mark Jagiela. Pockets of strength such as 5G test have been balanced by softness in areas such as automotive test so our full year outlook remains essentially unchanged from our January view.
Guidance for the second quarter of 2019 is revenue of $520 million to $550 million, with GAAP net income of $0.48 to $0.56 per diluted share and non-GAAP net income of $0.56 to $0.65 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest and includes the related tax impact on non-GAAP adjustments.
A conference call to discuss the first quarter results, along with managements business outlook, will follow at 10 a.m. ET, Wednesday, April 24. 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 Wednesday, April 24, 2019 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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