Press release
Teradyne Reports Second Quarter 2023 Results
Revenue and earnings above the mid-point of Q2 guidanceRevenue of $684 million in Q2’23, down 19% from Q2’22Returned $152 million to shareholders in share
About this update from Teradyne, Inc.
[{"type":"text","content":"Revenue and earnings above the mid-point of Q2 guidanceRevenue of $684 million in Q2’23, down 19% from Q2’22Returned $152 million to shareholders in share repurchases and dividends in Q2’23 Q2'23 Q2'22 Q1'23 Revenue (mil)$ 684 $ 841 $618 GAAP EPS$ 0.73 $ 1.16 $0.50 Non-GAAP EPS$ 0.79 $ 1.21 $0.55 NORTH READING, Mass., July 26, 2023 (GLOBE NEWSWIRE) -- Teradyne, Inc. (NASDAQ: TER) reported revenue of $684 million for the second quarter of 2023 of which $475 million was in Semiconductor Test, $94 million in System Test, $44 million in Wireless Test and $72 million in Robotics. GAAP net income for the second quarter was $120.1 million or $0.73 per diluted share. On a non-GAAP basis, Teradyne’s net income in the second quarter was $129.0 million, or $0.79 per diluted share, which excluded restructuring and other charges, acquired intangible asset amortization, and included the related tax impact on non-GAAP adjustments. “We delivered revenue at the high end of our guidance range with higher semiconductor test shipments which more than offset weaker robotics demand in the quarter while profits exceeded plan on higher gross margins,” said Teradyne CEO Greg Smith. “As we enter Q3, test demand for DRR5 and HBM memory devices for data center applications remains strong and SOC test demand for automotive applications is incrementally stronger. In robotics, we expect order rates to decline as customers navigate slowing global industrial activity and macro-economic headwinds.” Guidance for the third quarter of 2023 is revenue of $650 million to $710 million, with GAAP net income of $0.57 to $0.77 per diluted share and non-GAAP net income of $0.61 to $0.81 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization, restructuring and other charges and includes the related tax impact on non-GAAP adjustments. Webcast A conference call to discuss the second quarter results, along with management's business outlook, will follow at 8:30 a.m. ET, Thursday, July 27. Interested investors should access the webcast at http://investors.teradyne.com/events-presentations. Presentation materials will be available starting at 8:30 a.m. ET. A replay will also be available at the website. Non-GAAP ResultsIn addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operatio...