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Teradyne Reports Second Quarter 2020 Results
Revenue of $839 million in Q220 grew 49% from Q219
Q220 GAAP earnings per share grew 91% and Non-GAAP earnings per share grew 102% from Q219
Test revenue grew 59% from Q219 on Semiconductor Test strength
Industrial Automation revenue declined 21% from Q219 on global manufacturing weakness
Q320 Revenue guidance at mid-point represents 33% growth from Q319
NORTH READING, Mass. July 21, 2020 Teradyne, Inc. (NASDAQ: TER) reported revenue of $839 million for the second quarter of 2020 of which $659 million was in Semiconductor Test, $72 million in System Test, $49 million in Wireless Test and $59 million in Industrial Automation (IA). GAAP net income for the second quarter was $188.9 million or $1.05 per diluted share. On a non-GAAP basis, Teradynes net income in the second quarter was $229.2 million, or $1.33 per diluted share, which excluded restructuring and other charges, acquired intangible asset amortization, non-cash convertible debt interest, discrete tax adjustments and included the related tax impact on non-GAAP adjustments.
Stronger than expected System on a Chip (SOC) test shipments driven by accelerated demand for mobility related test capacity, combined with success in navigating supply constraints, led to revenue and profits above the high end of our guidance range in the second quarter, said CEO and President Mark Jagiela. Industrial Automation sales, while down from the year ago period due to the global slowdown in business activity, improved monthly through the quarter.
Guidance for the third quarter reflects increased memory and storage test shipments along with production ramps of new product design wins in SOC test.
Guidance for the third quarter of 2020 is revenue of $745 million to $805 million, with GAAP net income of $0.91 to $1.06 per diluted share and non-GAAP net income of $1.01 to $1.17 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.
The following information was filed by Teradyne, Inc (TER) on Wednesday, July 22, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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