Teradyne Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter of 2014
January 22, 2014 at 10:45 pm
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Teradyne Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company's net revenues were $285,301,000 against $248,404,000 a year ago. Profit from operations was $6,837,000 against loss from operations of $24,595,000 a year ago. Income before income taxes was $35,439,000 against loss before income taxes of $30,285,000 a year ago. Net income was $22,343,000 or $0.09 diluted per share against net loss of $16,543,000 or $0.09 diluted per share a year ago. Net cash provided by operating activities was $43,667,000 against $42,967,000 a year ago. Purchases of property, plant and equipment was $23,646,000 against $27,948,000 a year ago. Non-GAAP income from operations was $16.6 million against $11.6 million a year ago. Non-GAAP net income was $13.2 million or $0.07 diluted per share against $12.6 million or $0.07 diluted per share a year ago.
For the year, the company's net revenues were $1,427,933,000 against $1,656,750,000 a year ago. Income from operations was $190,659,000 against $287,368,000 a year ago. Income before income taxes was $201,922,000 against $265,976,000 a year ago. Net income was $164,947,000 or $0.70 diluted per share against $217,049,000 or $0.94 diluted per share a year ago. Net cash provided by operating activities was $267,115,000 against $403,081,000 a year ago. Purchases of property, plant and equipment was $106,571,000 against $119,080,000 a year ago. Non-GAAP income from operations was $254.8 million against $382.6 million a year ago. Non-GAAP net income was $215.4 million or $1.06 diluted per share against $337.5 million against $1.67 diluted per share a year ago.
For the first quarter of 2014, the company expected revenues to be $300 million to $330 million, with diluted non-GAAP net income of $0.02 to $0.09 per share and diluted GAAP net loss of $0.09 to $0.03 per share.
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. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter of 2014