Teradyne, Inc (TER) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Exhibit 99.1

Teradyne Reports First Quarter 2019 Results

 

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Q1’19 GAAP earnings per share grew 44% and Non-GAAP earnings per share grew 20% from Q1’18

 

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Industrial Automation revenue up 35% from Q1’18 on Universal Robots growth of 16% and the addition of Mobile Industrial Robots (MiR)

 

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Expect 8% sequential revenue growth in Q2’19 at mid-point of guidance

 

		Q1’19				Q1’18				Q4’18
Revenue (mil)		$	494			$	487			$	520
GAAP EPS		$	0.62			$	0.43			$	0.79
Non-GAAP EPS		$	0.54			$	0.45			$	0.63

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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, Teradyne’s 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.

Webcast

A conference call to discuss the first quarter results, along with management’s 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.