Teradyne, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018
January 24, 2018 at 05:02 pm EST
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Teradyne, Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net revenues of $479.415 million against $379.989 million a year ago. Income from operations was $98.011 million against $59.172 million a year ago. Income before income taxes was $98.084 million against $58.884 million a year ago. Net loss was $105.923 million or $0.54 per basic and diluted share against net income of $66.345 million or $0.33 per basic and diluted share a year ago. Net cash provided by operating activities was $147.472 million against $36.612 million a year ago. Purchases of property, plant and equipment was $32.128 million against $19.020 million a year ago. Income from operations - non-GAAP was $110.6 million against $70.7 million a year ago. Net income - non-GAAP was $91.4 million or $0.46 per diluted share against $64.6 million or $0.32 per diluted share a year ago.
For the year, the company reported net revenues of $2,136.606 million against $1,753.250 million a year ago. Income from operations was $530.028 million against loss from operations of $60.015 million a year ago. Income before income taxes was $524.412 million against loss before income taxes of $55.060 million a year ago. Net income was $257.692 million or $1.28 per diluted share against net loss of $43.421 million or $0.21 per diluted share a year ago. Net cash provided by operating activities was $626.495 million against $455.197 million a year ago. Purchases of property, plant and equipment was $105.375 million against $85.272 million a year ago. Income from operations - non-GAAP was $563.6 million against $349.5 million a year ago. Net income - non-GAAP was $469.2 million or $2.34 per diluted share against $308.9 million or $1.51 per diluted share a year ago.
The company provided earnings guidance for the first quarter of 2018. For the first quarter of 2018, the company expects revenue of $460 million to $490 million, with GAAP net income of $0.32 to $0.39 per diluted share and non-GAAP net income of $0.38 to $0.45 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest, restructuring and other charges and includes the related tax impact on non-GAAP adjustments. The company earmarked $80 million to $100 million for CapEx.
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. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018