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Teradyne Reports Third Quarter 2020 Results
Revenue of $819 million in Q320 grew 41% from Q319
Q320 GAAP earnings per share grew 61% and Non-GAAP earnings per share grew 53% from Q319
Test revenue grew 46% from Q319 on Memory, Storage, and System on a Chip (SOC) Test strength
Industrial Automation revenue was up sequentially and flat with Q319 on improving global manufacturing conditions and new products
Q420 Revenue guidance at mid-point represents 8% growth from Q419
|Q320||Q319||Q220||9 Mos20||9 Mos19|
NORTH READING, Mass. October 20, 2020 Teradyne, Inc. (NASDAQ: TER) reported revenue of $819 million for the third quarter of 2020 of which $592 million was in Semiconductor Test, $118 million in System Test, $41 million in Wireless Test and $69 million in Industrial Automation. GAAP net income for the third quarter was $222.7 million or $1.21 per diluted share. On a non-GAAP basis, Teradynes net income in the third quarter was $205.4 million, or $1.18 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.
We delivered quarterly sales above plan and generated a dollar per share or more in non-GAAP earnings for the third consecutive quarter, said CEO and President Mark Jagiela. The results were driven by record memory and storage test shipments along with strong System on a Chip (SOC) test demand for mobility and compute devices. In Industrial Automation, sales grew 17% from Q220 on the combination of improving conditions in the manufacturing sector and new products.
Entering Q4, market conditions in our test businesses are stronger than expected and weve positioned our production capacity to respond to potential short lead time demands as we move through the quarter. For the full year 2020, at the mid-point of our guidance, we expect our year-over-year sales to grow more than 33% to over $3.0 billion and GAAP earnings per share to grow 58% to $4.12 and non-GAAP earnings per share to grow 57% to $4.50.
Guidance for the fourth quarter of 2020 is revenue of $680 million to $740 million, with GAAP net income of $0.81 to $0.96 per diluted share and non-GAAP net income of $0.90 to $1.06 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, October 21, 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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