Teradyne, Inc (TER) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Earnings Press Release
10-K Annual Report
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Teradyne, Inc
Ticker: TER CIK: 97210

Exhibit 99.1

Teradyne Reports Fourth Quarter and Fiscal Year 2019 Results

•

Revenue of $655 million in Q4’19, growth of 26% from Q4’18

•

Full year 2019 revenue grew 9%, GAAP EPS 14%, Non-GAAP EPS 21%

•

Strong Semiconductor Test and LitePoint Wireless shipments drove Q4 revenue above the high end of guidance

•

Industrial Automation revenue growth of 5% in Q4, 14% in 2019

•

Quarterly dividend increased 11% to $0.10 beginning in Q1’20

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Board authorized a $1 billion share repurchase program, expect to repurchase a minimum of $250 million in shares in 2020

Q4’19

Q4’18

Q3’19

FY 2019

FY 2018

Revenue (mil)

655

520

582

2,295

2,101

GAAP EPS

0.75

0.79

0.75

2.67

2.35

Non-GAAP EPS

0.88

0.63

0.77

2.86

2.37

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NORTH READING, Mass. – January 22, 2020 –

Teradyne, Inc. (NASDAQ: TER) reported revenue of $655 million for the fourth quarter of 2019 of which $439 million was in Semiconductor Test, $88 million in Industrial Automation (IA), $83 million in System Test, and $45 million in Wireless Test. GAAP net income for the fourth quarter was $136.8 million or $0.75 per diluted share. On a non-GAAP basis, Teradyne’s net income in the fourth quarter was $152.7 million, or $0.88 per diluted share, which excluded acquired intangible asset amortization, pension actuarial losses, restructuring and other charges, non-cash convertible debt interest, and included the related tax impact on non-GAAP adjustments.

“We delivered revenue and profits above plan in the fourth quarter on higher than expected memory and wireless test demand combined with continued 5G infrastructure test demand,” said CEO and President Mark Jagiela. “For the full year, we increased total company revenue 9% and non-GAAP earnings 21%, our sixth consecutive year of earnings growth. Despite the headwinds in global industrial automation investment, Universal Robots grew revenue 6% for the year and MiR grew 43% on a pro-forma basis. In Q4, we strengthened our IA portfolio with the addition of AutoGuide and their innovative autonomous mobile forklifts and tuggers to our line-up of easy to deploy, safe, and fast ROI automation products.”

“Beyond the strong financial performance, 2019 was a significant year for the company strategically as we introduced major new products in growing segments across our test and industrial automation businesses. These products expand our served markets and position us for continued growth in 2020. Our Q1 outlook reflects the impact of customer production ramps from several design wins using these new products along with early

The following information was filed by Teradyne, Inc (TER) on Thursday, January 23, 2020 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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