Orders in the first quarter of 2016 were $389 million of which $306 million were in Semiconductor Test, $46 million in System Test, $20 million in Wireless Test and $18 million in Industrial Automation.
Teradyne’s orders of $912 million over the last two quarters, driven by Q4’15's accelerated ordering of semiconductor testers for mobile products, were 11% above the $822 million in orders over the Q4'14 to Q1’15 period. Revenues were up 13%, $84 million, over the period.
“First quarter semiconductor test revenues are off to their strongest start in over 15 years,” said CEO and President Mark Jagiela. “Our UltraFLEX System-on-a-Chip platform led the revenue performance driven by expanding mobile device demand. At Universal Robots, sales were up 58% from the first quarter of 2015 and we’re tracking to our full year, 50% or greater growth plan as the range of applications and global demand for collaborative robots continue to expand. Looking ahead, at the mid-point of our second quarter guidance, we'll deliver the highest reported first half revenue since 2004 reflecting our strong bookings performance over the last six months.”
Guidance for the second quarter of 2016 is revenue of $510 million to $540 million, with non-GAAP net income of $0.46 to $0.53 per diluted share and GAAP net income of $0.38 to $0.45 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization.
Webcast
A conference call to discuss the first quarter
results, along with management's business outlook, will occur at 10 a.m.
ET, Thursday, April 28. 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.
Non-GAAP Results
In addition to disclosing results that are
determined in accordance with GAAP, Teradyne also discloses non-GAAP
results of operations that exclude certain income items and charges.
These results are provided as a complement to results provided in
accordance with GAAP. Non-GAAP income from operations and non-GAAP net
income exclude acquired intangible asset amortization, pension actuarial
gains and losses, discrete income tax adjustments, restructuring and
other, and a gain from the sale of an equity investment. GAAP requires
that these items be included in determining income from operations and
net income. Non-GAAP income from operations, non-GAAP net income,
non-GAAP income from operations and non-GAAP net income as a percentage
of revenue, and non-GAAP net income per share are non-GAAP measures
presented to provide meaningful supplemental information regarding
Teradyne's baseline performance before gains, losses or other charges
that may not be indicative of Teradyne’s current core business or future
outlook. These non-GAAP measures are used to make operational decisions,
to determine employee compensation, to forecast future operational
results, and for comparison with Teradyne’s business plan, historical
operating results and the operating results of Teradyne’s competitors.
Non-GAAP gross margin excludes pension actuarial gains and losses. GAAP
requires that these items be included in determining gross margin.
Non-GAAP gross margin dollar amount and percentage are non-GAAP measures
that management believes provide useful supplemental information for
management and the investor. Management uses non-GAAP gross margin as a
performance measure for Teradyne’s current core business and future
outlook and for comparison with Teradyne’s business plan, historical
gross margin results and the gross margin results of Teradyne’s
competitors. Management believes each of these non-GAAP measures
provides useful supplemental information for investors, allowing greater
transparency to the information used by management in its operational
decision making and in the review of Teradyne’s financial and
operational performance, as well as facilitating meaningful comparisons
of Teradyne’s results in the current period compared with those in prior
and future periods. A reconciliation of each available GAAP to non-GAAP
financial measure discussed in this press release is contained in the
attached exhibits and on the Teradyne website at
www.teradyne.com
by clicking on "Investors" and then selecting the "GAAP to Non-GAAP
Reconciliation" link. The non-GAAP financial measures discussed in this
press release may not be comparable to similarly titled measures used by
other companies. The presentation of non-GAAP measures is not meant to
be considered in isolation, as a substitute for, or superior to,
financial measures or information provided in accordance with GAAP.
About Teradyne
Teradyne
(NYSE:
TER) is a leading supplier of automation equipment for test and
industrial applications. Teradyne Automatic Test Equipment (ATE) is used
to test semiconductors, wireless products, data storage and complex
electronic systems, which serve consumer, communications, industrial and
government customers. Our Industrial Automation products include
Collaborative Robots used by global manufacturing and light industrial
customers to improve quality and increase manufacturing efficiency. In
2015, Teradyne had revenue of $1.64 billion and currently employs
approximately 4,200 people worldwide. For more information, visit
www.teradyne.com .
Teradyne (R) is a registered trademark of Teradyne, Inc. in the U.S. and
other countries.
