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Teradyne Reports Fourth Quarter and Fiscal Year 2019 Results

Revenue of $655 million in Q4a??19, growth of 26% from Q4a??18



Full year 2019 revenue grew 9%, GAAP EPS 14%, Non-GAAP EPS 21%



Strong Semiconductor Test and LitePoint Wireless shipments drove Q4 revenue above the high end of guidance



Industrial Automation revenue growth of 5% in Q4, 14% in 2019



Quarterly dividend increased 11% to $0.10 beginning in Q1a??20



Board authorized a $1 billion share repurchase program, expect to repurchase a minimum of $250 million in shares in 2020







Q4'19



Q4'18



Q3'19



FY 2019



FY 2018



Revenue (mil)



$655



$520



$582



$2,295



$2,101



GAAP EPS



$0.75



$0.79



$0.75



$A 2.67



$2.35



Non-GAAP EPS



$0.88



$0.63



$0.77



$A 2.86



$2.37

==========================================NORTH READING, Mass., Jan. 22, 2020 (GLOBE NEWSWIRE) -- Teradyne, Inc. (NASDAQ: TER) reported revenue of $655 million for the fourth quarter of 2019 of which $439 million was in Semiconductor Test, $88 million in Industrial Automation (IA), $83 million in System Test, and $45 million in Wireless Test. GAAP net income for the fourth quarter was $136.8 million or $0.75 per diluted share. On a non-GAAP basis, Teradynea??s net income in the fourth quarter was $152.7 million, or $0.88 per diluted share, which excluded acquired intangible asset amortization, pension actuarial losses, restructuring and other charges, non-cash convertible debt interest, and included the related tax impact on non-GAAP adjustments.a??We delivered revenue and profits above plan in the fourth quarter on higher than expected memory and wireless test demand combined with continued 5G infrastructure test demand,a?? said CEO and President Mark Jagiela. a??For the full year, we increased total company revenue 9% and non-GAAP earnings 21%, our sixth consecutive year of earnings growth. Despite the headwinds in global industrial automation investment, Universal Robots grew revenue 6% for the year and MiR grew 43% on a pro-forma basis. In Q4, we strengthened our IA portfolio with the addition of AutoGuide and their innovative autonomous mobile forklifts and tuggers to our line-up of easy to deploy, safe, and fast ROI automation products.a??A Jagiela continued, a??Beyond the strong financial performance, 2019 was a significant year for the company strategically as we introduced major new products in growing segments across our test and industrial automation businesses. These products expand our served markets and position us for continued growth in 2020. Our Q1 outlook reflects the impact of customer production ramps from several design wins using these new products along with early test demand for smartphone related silicon and storage test capacity expansions. We expect this revenue profile to continue through the second quarter before tapering in the second half of the year.a??Teradynea??s Board of Directors declared an 11% increase to the quarterly cash dividend to $0.10 per share, payable on March 20, 2020 to shareholders of record as of the close of business on February 21, 2020. The Board also authorized a $1 billion share repurchase program and the company expects to repurchase a minimum of $250 million of its common stock in 2020.
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