- Q1’16 Revenue of $431 million, up 26% from Q1’15 and 35% from Q4’15
- Universal Robots delivers 58% increase in revenue from Q1’15
NORTH READING, Mass. — (BUSINESS WIRE) — April 27, 2016 — Teradyne, Inc.
Q1’16 | Q1’15 | Q4’15 | Q4’14 | |||||||||||
Orders (mil) | $389 | $490 | $522 | $332 | ||||||||||
Revenue (mil) | $431 | $342 | $318 | $323 | ||||||||||
Non-GAAP EPS | $0.31 | $0.17 | $0.13 | $0.14 | ||||||||||
GAAP EPS | $0.24 | $0.15 | ($0.00) | ($0.48) | ||||||||||
Teradyne, Inc. (NYSE: TER) reported revenue of $431 million for the first quarter of 2016 of which $340 million was in Semiconductor Test, $54 million in System Test, $20 million in Wireless Test and $17 million in Industrial Automation. On a non-GAAP basis, Teradyne’s net income in the first quarter was $64.4 million, or $0.31 per diluted share, which excluded acquired intangible asset amortization, restructuring and other charges, pension actuarial gain and discrete income tax adjustments. GAAP net income for the first quarter was $50.0 million or $0.24 per share.
Orders in the first quarter of 2016 were $389 million of which $306 million were in Semiconductor Test, $46 million in System Test, $20 million in Wireless Test and $18 million in Industrial Automation.
Teradyne’s orders of $912 million over the last two quarters, driven by Q4’15's accelerated ordering of semiconductor testers for mobile products, were 11% above the $822 million in orders over the Q4'14 to Q1’15 period. Revenues were up 13%, $84 million, over the period.
“First quarter semiconductor test revenues are off to their strongest start in over 15 years,” said CEO and President Mark Jagiela. “Our UltraFLEX System-on-a-Chip platform led the revenue performance driven by expanding mobile device demand. At Universal Robots, sales were up 58% from the first quarter of 2015 and we’re tracking to our full year, 50% or greater growth plan as the range of applications and global demand for collaborative robots continue to expand. Looking ahead, at the mid-point of our second quarter guidance, we'll deliver the highest reported first half revenue since 2004 reflecting our strong bookings performance over the last six months.”
Guidance for the second quarter of 2016 is revenue of $510 million to $540 million, with non-GAAP net income of $0.46 to $0.53 per diluted share and GAAP net income of $0.38 to $0.45 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization.
Webcast
A conference call to discuss the first quarter
results, along with management's business outlook, will occur at 10 a.m.
ET, Thursday, April 28. Interested investors should access the webcast
at
www.teradyne.com
and click on "Investors" at least five minutes before the call begins.
Presentation materials will be available starting at 10 a.m. ET. A
replay will be available on the Teradyne website at
www.teradyne.com/investors.
Non-GAAP Results
In addition to disclosing results that are
determined in accordance with GAAP, Teradyne also discloses non-GAAP
results of operations that exclude certain income items and charges.
These results are provided as a complement to results provided in
accordance with GAAP. Non-GAAP income from operations and non-GAAP net
income exclude acquired intangible asset amortization, pension actuarial
gains and losses, discrete income tax adjustments, restructuring and
other, and a gain from the sale of an equity investment. GAAP requires
that these items be included in determining income from operations and
net income. Non-GAAP income from operations, non-GAAP net income,
non-GAAP income from operations and non-GAAP net income as a percentage
of revenue, and non-GAAP net income per share are non-GAAP measures
presented to provide meaningful supplemental information regarding
Teradyne's baseline performance before gains, losses or other charges
that may not be indicative of Teradyne’s current core business or future
outlook. These non-GAAP measures are used to make operational decisions,
to determine employee compensation, to forecast future operational
results, and for comparison with Teradyne’s business plan, historical
operating results and the operating results of Teradyne’s competitors.
Non-GAAP gross margin excludes pension actuarial gains and losses. GAAP
requires that these items be included in determining gross margin.
Non-GAAP gross margin dollar amount and percentage are non-GAAP measures
that management believes provide useful supplemental information for
management and the investor. Management uses non-GAAP gross margin as a
performance measure for Teradyne’s current core business and future
outlook and for comparison with Teradyne’s business plan, historical
gross margin results and the gross margin results of Teradyne’s
competitors. Management believes each of these non-GAAP measures
provides useful supplemental information for investors, allowing greater
transparency to the information used by management in its operational
decision making and in the review of Teradyne’s financial and
operational performance, as well as facilitating meaningful comparisons
of Teradyne’s results in the current period compared with those in prior
and future periods. A reconciliation of each available GAAP to non-GAAP
financial measure discussed in this press release is contained in the
attached exhibits and on the Teradyne website at
www.teradyne.com
by clicking on "Investors" and then selecting the "GAAP to Non-GAAP
Reconciliation" link. The non-GAAP financial measures discussed in this
press release may not be comparable to similarly titled measures used by
other companies. The presentation of non-GAAP measures is not meant to
be considered in isolation, as a substitute for, or superior to,
financial measures or information provided in accordance with GAAP.
About Teradyne
Teradyne
(NYSE:
TER) is a leading supplier of automation equipment for test and
industrial applications. Teradyne Automatic Test Equipment (ATE) is used
to test semiconductors, wireless products, data storage and complex
electronic systems, which serve consumer, communications, industrial and
government customers. Our Industrial Automation products include
Collaborative Robots used by global manufacturing and light industrial
customers to improve quality and increase manufacturing efficiency. In
2015, Teradyne had revenue of $1.64 billion and currently employs
approximately 4,200 people worldwide. For more information, visit
www.teradyne.com.
Teradyne (R) is a registered trademark of Teradyne, Inc. in the U.S. and
other countries.
Safe Harbor Statement
This release contains forward-looking
statements regarding future business prospects, Teradyne’s results of
operations, market conditions, the payment of a quarterly dividend, the
repurchase of Teradyne common stock pursuant to a share repurchase
program and a senior secured credit facility. Such statements are based
on the current assumptions and expectations of Teradyne’s management and
are neither promises nor guarantees of future performance, future
events, future payment of dividends, future repurchases of common stock
or future availability of, or borrowing under, a credit facility. There
can be no assurance that management’s estimates of Teradyne’s future
results or other forward-looking statements will be achieved.
Additionally, the current dividend and share repurchase programs may be
modified, suspended or discontinued at any time. Important factors that
could cause actual results, dividend payments, repurchases of common
stock or borrowings under the credit facility to differ materially from
those presently expected include: conditions affecting the markets in
which Teradyne operates; decreased or delayed product demand; market
acceptance of new products; the ability to grow Universal Robots’
business; increased research and development spending; deterioration of
Teradyne’s financial condition; the business judgment of the board of
directors that a declaration of a dividend, the repurchase of common
stock or debt under the credit facility is not in the company’s best
interests; and other events, factors and risks disclosed in filings with
the SEC, including, but not limited to, the “Risk Factors” section of
Teradyne’s Annual Report on Form 10-K for the fiscal year ended December
31, 2015. The forward-looking statements provided by Teradyne in this
press release represent management’s views as of the date of this
release. Teradyne anticipates that subsequent events and developments
may cause management's views to change. However, while Teradyne may
elect to update these forward-looking statements at some point in the
future, Teradyne specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing
Teradyne's views as of any date subsequent to the date of this release.
CONDENSED CONSOLIDATED OPERATING STATEMENTS | ||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
April 3, 2016 | December 31, 2015 | April 5, 2015 | ||||||||||||||||||
Net revenues | $ | 430,994 | $ | 318,444 | $ | 342,401 | ||||||||||||||
Cost of revenues (exclusive of acquired intangible assets amortization shown separately below) (1) (2) | 200,662 | 152,418 | 149,978 | |||||||||||||||||
Gross profit | 230,332 | 166,026 | 192,423 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Engineering and development (1) | 73,464 | 70,941 | 71,450 | |||||||||||||||||
Selling and administrative (1) | 79,174 | 79,718 | 72,041 | |||||||||||||||||
Acquired intangible assets amortization | 19,994 | 19,911 | 13,808 | |||||||||||||||||
Restructuring and other (3) | 1,587 | 5,204 | - | |||||||||||||||||
Operating expenses | 174,219 | 175,774 | 157,299 | |||||||||||||||||
Income (loss) from operations | 56,113 | (9,748 | ) | 35,124 | ||||||||||||||||
Interest and other (4) | 1,079 | 891 | 7,314 | |||||||||||||||||
Income (loss) before income taxes | 57,192 | (8,857 | ) | 42,438 | ||||||||||||||||
Income tax provision (benefit) | 7,206 | (8,216 | ) | 9,651 | ||||||||||||||||
Net income (loss) | $ | 49,986 | $ | (641 | ) | $ | 32,787 | |||||||||||||
Net income (loss) per common share: |
||||||||||||||||||||
Basic | $ | 0.24 | $ | (0.00 | ) | $ | 0.15 | |||||||||||||
Diluted | $ | 0.24 | $ | (0.00 | ) | $ | 0.15 | |||||||||||||
Weighted average common shares - basic | 204,271 | 205,113 | 217,187 | |||||||||||||||||
Weighted average common shares - diluted | 205,732 | 205,113 | 218,812 | |||||||||||||||||
Cash dividend declared per common share | $ | 0.06 | $ | 0.06 | $ | 0.06 | ||||||||||||||
Net orders | $ | 389,417 | $ | 522,240 | $ | 490,357 | ||||||||||||||
(1) Pension actuarial (gains) losses included in our operating results were as follows: |
Quarter Ended | |||||||||||||||||||
April 3, 2016 | December 31, 2015 | April 5, 2015 | ||||||||||||||||||
Cost of revenues | $ | (393 | ) | $ | 8,271 | $ | - | |||||||||||||
Engineering and development | (394 | ) | 4,658 | - | ||||||||||||||||
Selling and administrative | (406 | ) | 4,826 | - | ||||||||||||||||
$ | (1,193 | ) | $ | 17,755 | $ | - | ||||||||||||||
(2) Cost of revenues includes: |
Quarter Ended | |||||||||||||||||||
April 3, 2016 | December 31, 2015 | April 5, 2015 | ||||||||||||||||||
Provision for excess and obsolete inventory | $ | 4,373 | $ | 2,393 | $ | 1,440 | ||||||||||||||
Sale of previously written down inventory | (1,168 | ) | (1,196 | ) | (1,931 | ) | ||||||||||||||
$ | 3,205 | $ | 1,197 | $ | (491 | ) | ||||||||||||||
(3) Restructuring and other consists of: |
Quarter Ended | |||||||||||||||||||
April 3, 2016 | December 31, 2015 | April 5, 2015 | ||||||||||||||||||
Contingent consideration fair value adjustment | $ | 1,173 | $ | 5,089 | $ | - | ||||||||||||||
Employee severance | 414 | 115 | - | |||||||||||||||||
$ | 1,587 | $ | 5,204 | $ | - | |||||||||||||||
(4) Interest and other includes: |
Quarter Ended | |||||||||||||||||||
April 3, 2016 | December 31, 2015 | April 5, 2015 | ||||||||||||||||||
Gain from the sale of an equity investment | $ | - | $ | - | $ | (4,782 | ) | |||||||||||||
$ | - | $ | - | $ | (4,782 | ) | ||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) |
|||||||||||||
April 3, 2016 | December 31, 2015 | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 319,358 | $ | 264,705 | |||||||||
Marketable securities | 410,003 | 477,696 | |||||||||||
Accounts receivable, net | 253,976 | 211,293 | |||||||||||
Inventories, net | 160,687 | 153,588 | |||||||||||
Deferred tax assets | - | 54,973 | |||||||||||
Prepayments | 95,185 | 91,519 | |||||||||||
Other current assets | 3,513 | 6,194 | |||||||||||
Total current assets | 1,242,722 | 1,259,968 | |||||||||||
Net property, plant and equipment | 266,907 | 273,414 | |||||||||||
Marketable securities | 246,072 | 265,928 | |||||||||||
Deferred tax assets | 59,119 | 7,404 | |||||||||||
Other assets | 13,041 | 13,080 | |||||||||||
Retirement plans assets | 1,968 | 636 | |||||||||||
Intangible assets, net | 223,274 | 239,831 | |||||||||||
Goodwill | 495,871 | 488,413 | |||||||||||
Total assets | $ | 2,548,974 | $ | 2,548,674 | |||||||||
Liabilities | |||||||||||||
Accounts payable | $ | 84,104 | $ | 92,358 | |||||||||
Accrued employees' compensation and withholdings | 71,838 | 113,994 | |||||||||||
Deferred revenue and customer advances | 72,095 | 85,527 | |||||||||||
Other accrued liabilities | 92,617 | 43,727 | |||||||||||
Contingent consideration | 500 | 15,500 | |||||||||||
Accrued income taxes | 23,368 | 21,751 | |||||||||||
Total current liabilities | 344,522 | 372,857 | |||||||||||
Long-term deferred revenue and customer advances | 25,468 | 25,745 | |||||||||||
Retirement plans liabilities | 106,921 | 103,531 | |||||||||||
Deferred tax liabilities | 18,300 | 26,663 | |||||||||||
Long-term other accrued liabilities | 34,753 | 32,156 | |||||||||||
Long-term contingent consideration | 23,109 | 21,936 | |||||||||||
Total liabilities | 553,073 | 582,888 | |||||||||||
Shareholders' equity | 1,995,901 | 1,965,786 | |||||||||||
Total liabilities and shareholders' equity | $ | 2,548,974 | $ | 2,548,674 | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||||||||||
Quarter Ended | |||||||||||||||
April 3, 2016 | April 5, 2015 | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income | $ | 49,986 | $ | 32,787 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Depreciation | 16,192 | 19,345 | |||||||||||||
Amortization | 20,470 | 15,139 | |||||||||||||
Stock-based compensation | 7,925 | 7,963 | |||||||||||||
Provision for excess and obsolete inventory | 4,373 | 1,440 | |||||||||||||
Retirement plans actuarial gain | (1,193 | ) | - | ||||||||||||
Deferred taxes | (5,496 | ) | (1,831 | ) | |||||||||||
Contingent consideration adjustment | 1,173 | - | |||||||||||||
Gain from the sale of an equity investment | - | (4,782 | ) | ||||||||||||
Other | 484 | (1,417 | ) | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable | (42,552 | ) | (24,749 | ) | |||||||||||
Inventories | (702 | ) | 5,960 | ||||||||||||
Prepayments and other assets | (1,148 | ) | 3,146 | ||||||||||||
Accounts payable and other accrued expenses | (7,626 | ) | (20,150 | ) | |||||||||||
Deferred revenue and customer advances | (13,836 | ) | 1,038 | ||||||||||||
Retirement plans contributions | (1,250 | ) | (1,019 | ) | |||||||||||
Accrued income taxes | (52 | ) | 4,662 | ||||||||||||
Net cash provided by operating activities | 26,748 | 37,532 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||
Purchases of property, plant and equipment | (20,334 | ) | (21,149 | ) | |||||||||||
Purchases of available-for-sale marketable securities | (221,778 | ) | (335,635 | ) | |||||||||||
Proceeds from maturities of available-for-sale marketable securities | 73,458 | 140,222 | |||||||||||||
Proceeds from sales of available-for-sale marketable securities | 239,370 | 148,639 | |||||||||||||
Proceeds from the sale of an equity investment | - | 4,782 | |||||||||||||
Proceeds from life insurance | - | 1,098 | |||||||||||||
Net cash provided by (used for) investing activities | 70,716 | (62,043 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||
Issuance of common stock under employee stock purchase and stock option plans | 9,140 | 8,899 | |||||||||||||
Repurchase of common stock | (28,001 | ) | (46,650 | ) | |||||||||||
Dividend payments | (12,253 | ) | (13,049 | ) | |||||||||||
Payments of contingent consideration | (11,697 | ) | - | ||||||||||||
Net cash used for financing activities | (42,811 | ) | (50,800 | ) | |||||||||||
Increase (decrease) in cash and cash equivalents | 54,653 | (75,311 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 264,705 | 294,256 | |||||||||||||
Cash and cash equivalents at end of period | $ | 319,358 | $ | 218,945 | |||||||||||
GAAP to Non-GAAP Earnings Reconciliation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
April 3, 2016 |
% of Net
|
December 31,
2015 |
% of Net
|
April 5,
2015 |
% of Net
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 431.0 | $ | 318.4 | $ | 342.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit - GAAP | $ | 230.3 | 53.4 | % | $ | 166.0 | 52.1 | % | $ | 192.4 | 56.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Pension mark-to-market adjustments (1) | (0.4 | ) | -0.1 | % | 8.3 | 2.6 | % | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
Gross profit - non-GAAP | $ | 229.9 | 53.3 | % | $ | 174.3 | 54.7 | % | $ | 192.4 | 56.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations - GAAP | $ | 56.1 | 13.0 | % | $ | (9.7 | ) | -3.0 | % | $ | 35.1 | 10.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Acquired intangible assets amortization | 20.0 | 4.6 | % | 19.9 | 6.3 | % | 13.8 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other (2) | 1.6 | 0.4 | % | 5.2 | 1.6 | % | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Pension mark-to-market adjustments (1) | (1.2 | ) | -0.3 | % | 17.8 | 5.6 | % | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
Income from operations - non-GAAP | $ | 76.5 | 17.7 | % | $ | 33.2 | 10.4 | % | $ | 48.9 | 14.3 | % | |||||||||||||||||||||||||||||||||||||||||||
Net Income
per Common Share |
Net Income
per Common Share |
Net Income
per Common Share |
|||||||||||||||||||||||||||||||||||||||||||||||||||||
April 3, 2016 |
% of Net
|
Basic | Diluted |
December 31,
2015 |
% of Net
|
Basic | Diluted |
April 5,
2015 |
% of Net
|
Basic | Diluted | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) - GAAP | $ | 50.0 | 11.6 | % | $ | 0.24 | $ | 0.24 | $ | (0.6 | ) | -0.2 | % | $ | (0.00 | ) | $ | (0.00 | ) | $ | 32.8 | 9.6 | % | $ | 0.15 | $ | 0.15 | ||||||||||||||||||||||||||||
Acquired intangible assets amortization | 20.0 | 4.6 | % | 0.10 | 0.10 | 19.9 | 6.3 | % | 0.10 | 0.10 | 13.8 | 4.0 | % | 0.06 | 0.06 | ||||||||||||||||||||||||||||||||||||||||
Pension mark-to-market adjustments (1) | (1.2 | ) | -0.3 | % | (0.01 | ) | (0.01 | ) | 17.8 | 5.6 | % | 0.09 | 0.09 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||
Restructuring and other (2) | 1.6 | 0.4 | % | 0.01 | 0.01 | 5.2 | 1.6 | % | 0.03 | 0.03 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||
Exclude discrete tax items (3) | (2.5 | ) | -0.6 | % | (0.01 | ) | (0.01 | ) | (6.3 | ) | -2.0 | % | (0.03 | ) | (0.03 | ) | (1.8 | ) | -0.5 | % | (0.01 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (3.5 | ) | -0.8 | % | (0.02 | ) | (0.02 | ) | (9.9 | ) | -3.1 | % | (0.05 | ) | (0.05 | ) | (2.4 | ) | -0.7 | % | (0.01 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Interest and other (4) | - | - | - | - | - | - | - | - | (4.8 | ) | -1.4 | % | (0.02 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||||||||||
Net income - non-GAAP | $ | 64.4 | 14.9 | % | $ | 0.32 | $ | 0.31 | $ | 26.1 | 8.2 | % | $ | 0.13 | $ | 0.13 | $ | 37.6 | 11.0 | % | $ | 0.17 | $ | 0.17 | |||||||||||||||||||||||||||||||
GAAP and non-GAAP weighted average common shares - basic | 204.3 | 205.1 | 217.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP weighted average common shares - diluted | 205.7 | 205.1 | 218.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Include dilutive shares | - | 2.1 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP weighted average common shares - diluted | 205.7 | 207.2 | 218.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Actuarial (gains) losses recognized under GAAP in accordance with Teradyne's mark-to-market pension accounting. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Restructuring and other consists of: |
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Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
April 3, 2016 |
December 31,
2015 |
April 5,
2015 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration fair value adjustment | $ | 1.2 | $ | 5.1 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee severance | 0.4 | 0.1 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1.6 | $ | 5.2 | $ | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
(3) For the quarters ended April 3, 2016, December 31, 2015, and April 5, 2015, adjustment to exclude discrete income tax items. |
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(4) For the quarter ended April 5, 2015, Interest and other included a gain from the sale of an equity investment. |
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GAAP to Non-GAAP Reconciliation of Second Quarter 2016 guidance: |
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GAAP and non-GAAP second quarter revenue guidance: | $510 million to $540 million | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP net income per diluted share | $ | 0.38 | $ | 0.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Exclude acquired intangible assets amortization | 0.10 | 0.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax effect of non-GAAP adjustment | (0.02 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP net income per diluted share | $ | 0.46 | $ | 0.53 | |||||||||||||||||||||||||||||||||||||||||||||||||||
For press releases and other information of interest to investors, please visit Teradyne's homepage at http://www.teradyne.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160427006749/en/
Contact:
Teradyne, Inc.
Andy Blanchard, 978-370-2425
Vice President of
Corporate Relations