Teradyne Reports Second Quarter 2020 Results

  • Revenue of $839 million in Q2’20 grew 49% from Q2’19
  • Q2’20 GAAP earnings per share grew 91% and Non-GAAP earnings per share grew 102% from Q2’19
  • Test revenue grew 59% from Q2’19 on Semiconductor Test strength
  • Industrial Automation revenue declined 21% from Q2’19 on global manufacturing weakness
  • Q3’20 Revenue guidance at mid-point represents 33% growth from Q3’19
  Q2'20
  Q2'19
  Q1'20
  1H’20
  1H’19
Revenue (mil) $  839  $  564   $ 704   $ 1,543  $ 1,058
GAAP EPS $  1.05  $  0.55   $ 0.97   $ 2.02  $ 1.16
Non-GAAP EPS $  1.33  $  0.66   $ 1.00   $ 2.34  $ 1.20

NORTH READING, Mass., July 21, 2020 (GLOBE NEWSWIRE) -- Teradyne, Inc. (NASDAQ: TER) reported revenue of $839 million for the second quarter of 2020 of which $659 million was in Semiconductor Test, $72 million in System Test, $49 million in Wireless Test and $59 million in Industrial Automation (IA). GAAP net income for the second quarter was $188.9 million or $1.05 per diluted share. On a non-GAAP basis, Teradyne’s net income in the second quarter was $229.2 million, or $1.33 per diluted share, which excluded restructuring and other charges, acquired intangible asset amortization, non-cash convertible debt interest, discrete tax adjustments and included the related tax impact on non-GAAP adjustments.

“Stronger than expected System on a Chip (SOC) test shipments driven by accelerated demand for mobility-related test capacity, combined with success in navigating supply constraints, led to revenue and profits above the high end of our guidance range in the second quarter,” said CEO and President Mark Jagiela. “Industrial Automation sales, while down from the year ago period due to the global slowdown in business activity, improved monthly through the quarter.

“Guidance for the third quarter reflects increased memory and storage test shipments along with production ramps of new product design wins in SOC test.”

Guidance for the third quarter of 2020 is revenue of $745 million to $805 million, with GAAP net income of $0.91 to $1.06 per diluted share and non-GAAP net income of $1.01 to $1.17 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest and includes the related tax impact on non-GAAP adjustments.

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