Teradyne Inc. Declares Quarterly Cash Dividend, Payable on March 24, 2015; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2015
January 28, 2015 at 10:32 pm
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Teradyne Inc. declared a quarterly cash dividend of $0.06 per share, payable on March 24, 2015 to shareholders of record as of the close of business on February 27, 2015.
Teradyne Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net revenues of $323.236 million against $285.301 million a year ago. Loss from operations was $126.171 million against income of $6.837 million a year ago. Loss before income taxes was $124.813 million against income of $35.439 million a year ago. Net loss was $103.811 million or $0.48 per diluted share against net income of $22.343 million or $0.09 per diluted share a year ago. Net cash provided by operating activities was $179.435 million against $41.033 million a year ago. Purchases of property, plant and equipment was $23.965 million against $23.806 million a year ago. Non-GAAP income from operations was $36.5 million against $16.7 million a year ago. Non-GAAP net income was $31.1 million or $0.44 per diluted share against $13.3 million or $0.07 per diluted share a year ago.
For the year, the company reported net revenues of $1,647.824 million against $1,427.933 million a year ago. Income from operations was $96.423 million against $190.659 million a year ago. Income before income taxes was $95.376 million against $201.922 million a year ago. Net income was $81.272 million or $0.37 per diluted share against $164.947 million or $0.70 per diluted share a year ago. Net cash provided by operating activities was $493.335 million against $263.966 million a year ago. Purchases of property, plant and equipment was $170.317 million against $106.731 million a year ago. Non-GAAP income from operations was $320.7 million against $254.9 million a year ago. Non-GAAP net income was $265.6 million or $1.23 per diluted share against $215.5 million or $1.06 per diluted share a year ago.
For the first quarter of 2015, the company revenues in the range of $320 million to $345 million, GAAP net income per diluted share in the range of $0.07 to $0.11 and non-GAAP net income per diluted share in the range of $0.09 to $0.14. The operating profit rate at the midpoint of the company's first quarter guidance is about 11%.
In 2015, the company expects its gross capital expenditure to fallback to about $90 million to $100 million. 2015 tax rate is expected to be about 27%. The company expects double-digit revenue growth and the group to be back at model profit for the year 2015.
Teradyne, Inc. specializes in the development, manufacturing and marketing of automatic test equipments. Net sales break down by family of products as follows:
- semiconductor tester (72.4%);
- system testing solutions (13.1%): testers of integrated circuit, digital network cards, electronic modules, military and aerospace instruments, car diagnostic systems, etc.;
- industrial automation solutions (9%);
- wireless test solutions (5.5%): for mobiles devices and equipments manufacturers (smart phones, tablets, laptops, etc.).
Net sales break down by source of income into sales of products (86.2%) and services (13.8%; consulting, development, training and technical support services).
Net sales break down geographically as follows: the United States (10.3%), Taiwan (37.8%), China (14.9%), Korea (12.5%), Europe (6.6%), Japan (4.6%), Thailand (4.4%), Singapore (2.4%), Philippines (2.2%), Malaysia (1.8%) and other (2.5%).
Teradyne Inc. Declares Quarterly Cash Dividend, Payable on March 24, 2015; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2015