Teradyne Reports First Quarter 2019 Results

         
TERADYNE, INC. REPORT FOR FIRST FISCAL QUARTER OF 2019        
            
CONDENSED  CONSOLIDATED  STATEMENTS OF OPERATIONS  
(In thousands, except per share amounts)      
            
      Quarter Ended  
      March 31,
2019
  December 31,
2018
  April 1,
2018
  
            
Net revenues $494,099  $519,558  $487,467   
            
 Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1)  206,464   210,023   217,635   
            
Gross profit  287,635   309,535   269,832   
            
Operating expenses:        
 Selling and administrative  102,013   100,552   90,505   
 Engineering and development  76,791   74,706   74,408   
 Acquired intangible assets amortization  10,634   10,558   7,698   
 Restructuring and other (2)  5,112     11,446       (313 )    
      Operating expenses     194,550       197,262       172,298      
                       
Income from operations     93,085       112,273       97,534      
                       
  Interest and other (income) expense (3)     (894 )     1,145       1,714      
                       
Income before income taxes     93,979       111,128       95,820      
  Income tax (benefit) provision (4)     (15,159 )     (32,662 )     8,846      
Net income   $ 109,138     $ 143,790     $ 86,974      
                       
Net income per common share:                
Basic       $ 0.63     $ 0.80     $ 0.45      
Diluted       $ 0.62     $ 0.79     $ 0.43      
                       
Weighted average common shares - basic     173,532       178,958       195,255      
                       
Weighted average common shares - diluted (5)     176,972       181,520       203,484      
                       
                       
Cash dividend declared per common share   $ 0.09     $ 0.09     $ 0.09      
                       
                       
(1 ) Cost of revenues includes:   Quarter Ended    
          March 31,
2019
  December 31,
2018
  April 1,
2018
   
      Provision for excess and obsolete inventory   $ 2,397     $ 1,720     $ 3,522      
      Sale of previously written down inventory     (778 )     (1,501 )     (2,243 )    
          $ 1,619     $ 219     $ 1,279      
                       
                       
(2 ) Restructuring and other consists of:   Quarter Ended    
          March 31,
2019
  December 31,
2018
  April 1,
2018
   
      Contingent consideration fair value adjustment   $ 2,970     $ 10,223     $ (4,968 )    
      Acquisition related expenses and compensation     1,343       455       774      
      Employee severance     799       768       3,881      
          $ 5,112     $ 11,446     $ (313 )    
                       
                       
(3 ) Interest and other (income) expense, includes:   Quarter Ended    
          March 31,
2019
  December 31,
2018
  April 1,
2018
   
      Non-cash convertible debt interest   $ 3,368     $ 3,327     $ 3,206      
      Pension actuarial gain     -       (3,512 )     -      
          $ 3,368     $ (185 )   $ 3,206      
                       
                       
(4 ) For the quarter ended Mach 31, 2019, income tax (benefit) provision includes a $26 million tax benefit from the release of uncertain tax position reserves due to the IRS completion of its audit of Teradyne's 2015 Federal tax return. For the quarter ended December 31, 2018, income tax (benefit) provision includes a $52 million tax benefit related to the finalization of our toll tax charge.    
                       
(5 ) Under GAAP, when calculating diluted earnings per share, convertible debt must be assumed to have converted if the effect on EPS would be dilutive. Diluted shares assume the conversion of the convertible debt as the effect would be dilutive. Accordingly, for the quarters ended March 31, 2019, December 31, 2018, and April 1, 2018, 2.2 million, 0.9 million and 4.4 million shares, respectively, have been included in diluted shares. For the quarter ended April 1, 2018, diluted shares also included 1.8 million shares from the convertible note hedge transaction.  

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