UPDATE: Teradyne (TER) Tops Q4 EPS by 9c, Revenues Beat; Offers Q1 EPS/Revenue Guidance Above Consensus, Announces $1B Share Buyback
Teradyne (NASDAQ: TER) reported Q4 EPS of $0.88, $0.09 better than the analyst estimate of $0.79. Revenue for the quarter came in at $655 million versus the consensus estimate of $611.67 million.
- Revenue of $655 million in Q4’19, growth of 26% from Q4’18
- 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 Q1’20
- Board authorized a $1 billion share repurchase program, expect to repurchase a minimum of $250 million in shares in 2020
“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,” said CEO and President Mark Jagiela. “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.”
Jagiela continued, “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.”
GUIDANCE:
Teradyne sees Q1 2020 EPS of $0.86-$0.96, versus the consensus of $0.62. Teradyne sees Q1 2020 revenue of $670-710 million, versus the consensus of $551.22 million.
For earnings history and earnings-related data on Teradyne (TER) click here.