StockSelector.com
  Research, Select, & Monitor Friday, May 25, 2018 3:03:13 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Teradyne, Inc.$38.52$.05.13%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Teradyne Reports Third Quarter 2017 Results
   Wednesday, October 25, 2017 5:02:00 PM ET

--Semiconductor Test revenue up 23% compared with Q3’16 and for the first 9 months compared with 2016

--Universal Robots revenue up 70% compared with Q3’16, up 77% for the first 9 months compared with 2016

Teradyne, Inc. (TER ):

                                    Q3’17     Q3’16     Q2’17
                                                                                                                                                                                                                                                     --------------------------------                                           --------------------------------                                           --------------------------------
                                                                                                                                                                        Orders (mil)                                                                               $410                                                                       $378                                                                       $462
                                                                                                                                                                        Revenue (mil)                                                                              $503                                                                       $410                                                                       $697
                                                                                                                                                                        GAAP EPS                                                                                   $0.52                                                                      $0.31                                                                      $0.87
                                                                                                                                                                        Non-GAAP EPS                                                                               $0.54                                                                      $0.33                                                                      $0.90


Teradyne, Inc. (TER ) reported revenue of $503 million for the third quarter of 2017 of which $397 million was in Semiconductor Test, $40 million in Industrial Automation, $35 million in System Test, and $31 million in Wireless Test. GAAP net income for the third quarter was $103.4 million or $0.52 per share. On a non-GAAP basis, Teradyne’s net income in the third quarter was $107.7 million, or $0.54 per diluted share, which excluded acquired intangible assets amortization, non-cash convertible debt interest, restructuring and other charges, and included the related tax impact on non-GAAP adjustments.

Orders in the third quarter of 2017 were $410 million of which $295 million were in Semiconductor Test, $40 million in Industrial Automation, $42 million in System Test, and $33 million in Wireless Test.

"Strong Semiconductor Test performance, with greater than expected image sensor test system shipments, drove Q3 revenue and earnings above the high end of our guidance," said CEO and President Mark Jagiela. "Additionally, Universal Robots growth remained strong with Q3 revenue up 70% over the Q3’16 period and up 77% for the first 9 months of the year."

On the demand front, Semiconductor Test achieved its highest third quarter orders in over a decade driven mainly by record memory test orders. This, combined with continued strong growth at Universal Robots, positions the Company for full year sales over $2 billion and net income of over $2 per share at the mid-point of our Q4 guidance."

Guidance for the fourth quarter of 2017 is revenue of $420 million to $450 million, with GAAP net income of $0.27 to $0.33 per diluted share and non-GAAP net income of $0.31 to $0.37 per diluted share. Non-GAAP guidance excludes acquired intangible assets amortization, non-cash convertible debt interest, and includes the related tax impact on non-GAAP adjustments.

Webcast A conference call to discuss the third quarter results, along with management’s business outlook, will follow at 10 a.m. ET, Thursday, October 26. 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 assets amortization, non-cash convertible debt interest, pension actuarial gains and losses, discrete income tax adjustments, goodwill impairment, acquired intangible assets impairment, and restructuring and other. 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 performance 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 performance 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 performance 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 performance 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 performance 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 (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 2016, Teradyne had revenue of $1.75 billion and currently employs approximately 4,400 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 Teradyne’s future business prospects, results of operations, market conditions, earnings per share, the payment of a quarterly dividend, the repurchase of Teradyne common stock pursuant to a share repurchase program, use of proceeds and potential dilution from the senior convertible notes offering and potential borrowings under 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, events, earnings per share, use of cash, payment of dividends, repurchases of common stock, payment of the senior convertible notes or availability of, or borrowing under, the 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, earnings per share, use of cash, dividend payments, repurchases of common stock, payment of the senior convertible notes 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 from one or more significant customers; development, delivery and acceptance of new products; the ability to grow Universal Robots’ business; increased research and development spending; deterioration of Teradyne’s financial condition; the consummation and success of any mergers or acquisitions; unexpected cash needs; insufficient cash flow to make required payments and pay the principal amount on the senior convertible notes; the business judgment of the board of directors that a declaration of a dividend, the repurchase of common stock or borrowing 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, 2016 and the Quarterly Report on Form 10-Q for the period ended July 2, 2017. 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.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
TERADYNE, INC. REPORT FOR THIRD FISCAL QUARTER OF 2017
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                               
                                                                                                                                                                                                                                                                                                           Quarter Ended                                                                                                                                                                                                                                                     Nine Months Ended
                                                                                                                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               --------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                        October 1, 2017                                                                              July 2, 2017                                                                                     October 2, 2016                                                                                                          October 1, 2017                                                                               October 2, 2016
                                                                                                                                                                                      --------------------------------------------------                                          --------------------------------------------------                                          ---------------------------------------------------------------                                                               ----------------------------------------------------                                          ----------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Net revenues                                                                                                                                                                                             $ 503,378                                                                                   $ 696,901                                                                                   $              410,475                                                                                                        $ 1,657,191                                                                                   $ 1,373,261
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
     Cost of revenues (exclusive of acquired intangible assets                                                                                                                          208,592                                               305,682                                                            183,116                                                                      706,253                                                 632,700  
     amortization shown separately below) (1) (2)
                                                                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------------- --------------------                                                                -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Gross profit                                                                                                                                                                                               294,786                                                                                     391,219                                                                                                  227,359                                                                                                            950,938                                                                                       740,561
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Operating expenses:
     Selling and administrative (1)                                                                                                                                                                         86,244                                                                                      89,131                                                                                                   78,794                                                                                                            260,282                                                                                       239,393
     Engineering and development (1)                                                                                                                                                                        77,190                                                                                      81,728                                                                                                   71,400                                                                                                            235,101                                                                                       220,973
     Acquired intangible assets amortization                                                                                                                                                                 7,028                                                                                       8,166                                                                                                    8,487                                                                                                             23,145                                                                                        44,725
     Restructuring and other (3)                                                                                                                                                                            (4,407 )                                                                                     2,288                                                                                                   12,177                                                                                                                392                                                                                        16,372
     Goodwill impairment (4)                                                                                                                                                                                     -                                                                                           -                                                                                                        -                                                                                                                  -                                                                                       254,946
     Acquired intangible assets impairment (4)                                                                                                                                                -                                                     -                                                                  -                                                                            -                                                  83,339  
                                                                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------------- --------------------                                                                -------------------- --------- --------------------                                           -------------------- --------- --------------------
                  Operating expenses                                                                                                                                                                       166,055                                                                                     181,313                                                                                                  170,858                                                                                                            518,920                                                                                       859,748
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Income (loss) from operations                                                                                                                                                                              128,731                                                                                     209,906                                                                                                   56,501                                                                                                            432,018                                                                                      (119,187 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
     Interest and other (5)                                                                                                                                                              (1,294 )                                                                 (3,029 )                                                                               3,180                                                                       (5,689 )                                                                    5,242  
                                                                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------------- --------------------                                                                -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Income (loss) before income taxes                                                                                                                                                                          127,437                                                                                     206,877                                                                                                   59,681                                                                                                            426,329                                                                                      (113,945 )
     Income tax provision (benefit)                                                                                                                                                      24,017                                                31,901                                                             (4,113 )                                                                                        62,713                                                  (4,178 )
                                                                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------------- --------------------                                                                -------------------- --------- --------------------                                           -------------------- --------- --------------------
Net income (loss)                                                                                                                                                                                        $ 103,420                                                                $ 174,976                                                                $               63,794                                                                                     $   363,616                                                                $  (109,767 )
                                                                                                                                                                                      ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ==================== ====================                                                                ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Net income (loss) per common share:
-------------------------------------------------------------------------------------------------------------------
Basic                                                                                                                                                                                                    $    0.52                                                                $    0.88                                                                $                 0.32                                                                                     $      1.83                                                                $     (0.54 )
                                                                                                                                                                                      ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ==================== ====================                                                                ==================== ========= ====================                                           ==================== ========= ====================
Diluted                                                                                                                                                                                                  $    0.52                                                                $    0.87                                                                $                 0.31                                                                                     $      1.81                                                                $     (0.54 )
                                                                                                                                                                                      ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ==================== ====================                                                                ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Weighted average common shares - basic                                                                                                                                                  197,485                                               198,774                                                            202,211                                                                      198,755                                                 203,167  
                                                                                                                                                                                      ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ==================== ====================                                                                ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                    
Weighted average common shares - diluted                                                                                                                                                200,775                                               201,529                                                            203,929                                                                      201,413                                                 203,167  
                                                                                                                                                                                      ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ==================== ====================                                                                ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Cash dividend declared per common share                                                                                                                                                                  $    0.07                                                                $    0.07                                                                $                 0.06                                                                                     $      0.21                                                                $      0.18  
                                                                                                                                                                                      ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ==================== ====================                                                                ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Net orders                                                                                                                                                                                               $ 410,229                                                                $ 461,606                                                                $              378,461                                                                                     $ 1,466,567                                                                $ 1,238,862  
                                                                                                                                                                                      ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ==================== ====================                                                                ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
             (1 )                      Pension actuarial (gains) losses included in our operating results
                                       were as follows:
                                                                                                                                                                                                                                                                                                           Quarter Ended                                                                                                                                                                                                                                                     Nine Months Ended
                                                                                                                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               --------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                        October 1, 2017                                                                              July 2, 2017                                                                                     October 2, 2016                                                                                                          October 1, 2017                                                                               October 2, 2016
                                                                                                                                                                                      --------------------------------------------------                                          --------------------------------------------------                                          ---------------------------------------------------------------                                                               ----------------------------------------------------                                          ----------------------------------------------------
                                                   Cost of revenues                                                                                                                                      $       -                                                                                   $    (664 )                                                                                 $                  364                                                                                                        $      (664 )                                                                                 $      (250 )
                                                   Selling and administrative                                                                                                                                    -                                                                                      (1,094 )                                                                                                    192                                                                                                             (1,094 )                                                                                        (441 )
                                                   Engineering and development                                                                                                                -                                                  (746 )                                                                                 106                                                                         (746 )                                                                     (509 )
                                                                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------------- --------------------                                                                -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                                                                                                         $       -                                                                $  (2,504 )                                                                                 $                  662                                                                                     $    (2,504 )                                                                                 $    (1,200 )
                                                                                                                                                                                      ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ==================== ====================                                                                ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
             (2 )                      Cost of revenues includes:                                                                                                                                                                                                                                          Quarter Ended                                                                                                                                                                                                                                                     Nine Months Ended
                                                                                                                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               --------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                        October 1, 2017                                                                              July 2, 2017                                                                                     October 2, 2016                                                                                                          October 1, 2017                                                                               October 2, 2016
                                                                                                                                                                                      --------------------------------------------------                                          --------------------------------------------------                                          ---------------------------------------------------------------                                                               ----------------------------------------------------                                          ----------------------------------------------------
                                                   Provision for excess and obsolete inventory                                                                                                           $   1,859                                                                                   $   2,569                                                                                   $                3,033                                                                                                        $     7,154                                                                                   $    15,148
                                                   Sale of previously written down inventory                                                                                             (3,121 )                                                                 (2,149 )                                                                              (1,794 )                                                                                        (6,404 )                                                                   (8,113 )
                                                                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------------- --------------------                                                                -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                                                                                                         $  (1,262 )                                                                                 $     420                                                                $                1,239                                                                                     $       750                                                                $     7,035  
                                                                                                                                                                                      ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ==================== ====================                                                                ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
             (3 )                      Restructuring and other consists of:                                                                                                                                                                                                                                Quarter Ended                                                                                                                                                                                                                                                     Nine Months Ended
                                                                                                                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               --------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                        October 1, 2017                                                                              July 2, 2017                                                                                     October 2, 2016                                                                                                          October 1, 2017                                                                               October 2, 2016
                                                                                                                                                                                      --------------------------------------------------                                          --------------------------------------------------                                          ---------------------------------------------------------------                                                               ----------------------------------------------------                                          ----------------------------------------------------
                                                   Employee severance                                                                                                                                    $     581                                                                                   $     789                                                                                   $                4,203                                                                                                        $     1,953                                                                                   $     5,920
                                                   Contingent consideration fair value adjustment                                                                                                             (286 )                                                                                     1,499                                                                                                    7,974                                                                                                              1,847                                                                                        10,452
                                                   Facility related                                                                                                                                           (393 )                                                                                         -                                                                                                        -                                                                                                                901                                                                                             -
                                                   Property insurance recovery                                                                                                                              (5,064 )                                                                                         -                                                                                                        -                                                                                                             (5,064 )                                                                                      (5,051 )
                                                   Expenses and impairment of fixed assets related to Japan earthquake                                                                      755                                                     -                                                                  -                                                                          755                                                   5,051  
                                                                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------------- --------------------                                                                -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                                                                                                         $  (4,407 )                                                                                 $   2,288                                                                $               12,177                                                                                     $       392                                                                $    16,372  
                                                                                                                                                                                      ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ==================== ====================                                                                ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
             (4 )                      Goodwill and acquired intangible assets impairment related to
                                       Teradyne’s Wireless Test business segment.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
             (5 )                      Interest and other includes:                                                                                                                                                                                                                                        Quarter Ended                                                                                                                                                                                                                                                     Nine Months Ended
                                                                                                                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               --------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                        October 1, 2017                                                                              July 2, 2017                                                                                     October 2, 2016                                                                                                          October 1, 2017                                                                               October 2, 2016
                                                                                                                                                                                      --------------------------------------------------                                          --------------------------------------------------                                          ---------------------------------------------------------------                                                               ----------------------------------------------------                                          ----------------------------------------------------
                                                   Non-cash convertible debt interest expense                                                                                                            $   3,127                                                                                   $   3,088                                                                                   $                    -                                                                                                        $     9,265                                                                                   $         -
 
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    
                                                                                                                                                          October 1, 2017                                                                               December 31, 2016
                                                                                                                                                 --------------------------------                                                               --------------------------------
                                                                                                                                                                                                                                                 
Assets
     Cash and cash equivalents                                                                                                                                      $    418,677                                                                                   $    307,884
     Marketable securities                                                                                                                                             1,217,830                                                                                        871,024
     Accounts receivable, net                                                                                                                                            268,068                                                                                        192,444
     Inventories, net                                                                                                                                                    125,183                                                                                        135,958
     Prepayments                                                                                                                                                         105,309                                                                                        108,454
     Other current assets                                                                                                                               5,021                                                                       8,039
                                                                                                                                                 -------------------- ----------                                                                -------------------- ----------
                  Total current assets                                                                                                                                 2,140,088                                                                                      1,623,803
                                                                                                                                                                                                                                                 
     Property, plant and equipment, net                                                                                                                                  259,080                                                                                        253,821
     Marketable securities                                                                                                                                               211,943                                                                                        433,843
     Deferred tax assets                                                                                                                                                 120,228                                                                                        107,405
     Other assets                                                                                                                                                         12,028                                                                                         12,165
     Retirement plans assets                                                                                                                                              10,954                                                                                          7,712
     Acquired intangible assets, net                                                                                                                                      85,729                                                                                        100,401
     Goodwill                                                                                                                                         249,277                                                                     223,343
                                                                                                                                                 -------------------- ----------                                                                -------------------- ----------
                  Total assets                                                                                                                                      $  3,089,327                                                                                   $  2,762,493
                                                                                                                                                 ==================== ==========                                                                ==================== ==========
                                                                                                                                                                                                                                                 
Liabilities
     Accounts payable                                                                                                                                               $     79,429                                                                                   $     95,362
     Accrued employees’ compensation and withholdings                                                                                                                    113,634                                                                                        109,944
     Deferred revenue and customer advances                                                                                                                              111,506                                                                                         84,478
     Other accrued liabilities                                                                                                                                            62,611                                                                                         51,382
     Contingent consideration                                                                                                                                             21,818                                                                                          1,050
     Accrued income taxes                                                                                                                              42,377                                                                      30,480
                                                                                                                                                 -------------------- ----------                                                                -------------------- ----------
                  Total current liabilities                                                                                                                              431,375                                                                                        372,696
                                                                                                                                                                                                                                                 
     Retirement plans liabilities                                                                                                                                        114,316                                                                                        106,938
     Long-term deferred revenue and customer advances                                                                                                                     31,686                                                                                         23,463
     Deferred tax liabilities                                                                                                                                             10,543                                                                                         12,144
     Long-term other accrued liabilities                                                                                                                                  11,604                                                                                         28,642
     Long-term contingent consideration                                                                                                                                   17,311                                                                                         37,282
     Long-term debt                                                                                                                                   362,595                                                                     352,669
                                                                                                                                                 -------------------- ----------                                                                -------------------- ----------
                  Total liabilities                                                                                                                                      979,430                                                                                        933,834
                                                                                                                                                                                                                                                 
Shareholders’ equity                                                                                                                                                   2,109,897                                                                                      1,828,659
                                                                                                                                                                                                                              
                                                                                                                                                 --------------------------------                                                               --------------------------------
                  Total liabilities and shareholders’ equity                                                                                                        $  3,089,327                                                                                   $  2,762,493
                                                                                                                                                 ==================== ==========                                                                ==================== ==========
                                                                                                                                                                                                                                                                                                                  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                               Quarter Ended                                                                                                                                                                                                 Nine Months Ended
                                                                                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------                                                               --------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                               October 1, 2017                                                                              October 2, 2016                                                                                                    October 1, 2017                                                                               October 2, 2016
                                                                                                                                                             ---------------------------------------------------                                          ---------------------------------------------------                                                               -----------------------------------------------------                                          ---------------------------------------------------
Cash flows from operating activities:
    Net income (loss)                                                                                                                                                           $  103,420                                                                                   $   63,794                                                                                                        $    363,616                                                                                   $ (109,767 )
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
      Depreciation                                                                                                                                                                  16,769                                                                                       16,269                                                                                                              49,243                                                                                       48,437
      Amortization                                                                                                                                                                   9,901                                                                                        9,095                                                                                                              32,313                                                                                       46,275
      Stock-based compensation                                                                                                                                                       8,308                                                                                        7,555                                                                                                              25,620                                                                                       23,012
      Deferred taxes                                                                                                                                                                 2,884                                                                                      (21,110 )                                                                                                              (679 )                                                                                    (42,568 )
      Provision for excess and obsolete inventory                                                                                                                                    1,859                                                                                        3,033                                                                                                               7,154                                                                                       15,148
      Contingent consideration fair value adjustment                                                                                                                                  (286 )                                                                                      7,974                                                                                                               1,847                                                                                       10,452
      Property insurance recovery                                                                                                                                                   (4,309 )                                                                                          -                                                                                                              (4,309 )                                                                                     (5,051 )
      Impairment of fixed assets                                                                                                                                                         -                                                                                            -                                                                                                                   -                                                                                        4,179
      Retirement plans actuarial losses (gains)                                                                                                                                          -                                                                                          662                                                                                                              (2,504 )                                                                                     (1,200 )
      Tax benefit related to employee stock compensation awards                                                                                                                          -                                                                                       (3,399 )                                                                                                                 -                                                                                       (3,399 )
      Goodwill impairment                                                                                                                                                                -                                                                                            -                                                                                                                   -                                                                                      254,946
      Acquired intangible assets impairment                                                                                                                                              -                                                                                            -                                                                                                                   -                                                                                       83,339
      Other                                                                                                                                                                             36                                                                                         (426 )                                                                                                               429                                                                                          151
      Changes in operating assets and liabilities:
           Accounts receivable                                                                                                                                                     137,807                                                                                      183,890                                                                                                             (75,623 )                                                                                     45,660
           Inventories                                                                                                                                                              31,919                                                                                       18,378                                                                                                              23,770                                                                                       48,600
           Prepayments and other assets                                                                                                                                              2,937                                                                                          384                                                                                                               7,362                                                                                      (13,273 )
           Accounts payable and accrued expenses                                                                                                                                   (27,778 )                                                                                    (32,672 )                                                                                                             5,298                                                                                      (38,712 )
           Deferred revenue and customer advances                                                                                                                                   29,223                                                                                      (52,692 )                                                                                                            34,535                                                                                       53,380
           Retirement plans contributions                                                                                                                                           (2,875 )                                                                                     (3,573 )                                                                                                            (4,858 )                                                                                     (5,871 )
           Income taxes                                                                                                                                              15                                                  4,221                                                                        15,808                                                  4,227  
                                                                                                                                                             -------------------- -------- --------------------                                           -------------------- -------- --------------------                                                                -------------------- ---------- --------------------                                           -------------------- -------- --------------------
Net cash provided by operating activities                                                                                                                                          309,830                                                                                      201,383                                                                                                             479,022                                                                                      417,965
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Cash flows from investing activities:
    Purchases of property, plant and equipment                                                                                                                                     (27,280 )                                                                                    (19,659 )                                                                                                           (73,247 )                                                                                    (66,252 )
    Purchases of available-for-sale marketable securities                                                                                                                         (701,704 )                                                                                   (438,526 )                                                                                                        (1,036,523 )                                                                                   (875,837 )
    Proceeds from sales of available-for-sale marketable securities                                                                                                                129,915                                                                                      131,946                                                                                                             443,169                                                                                      466,744
    Proceeds from maturities of available-for-sale marketable securities                                                                                                           165,648                                                                                       74,138                                                                                                             473,255                                                                                      202,162
    Proceeds from property insurance                                                                                                                              5,064                                                      -                                                                         5,064                                                  5,051  
                                                                                                                                                             -------------------- -------- --------------------                                           -------------------- -------- --------------------                                                                -------------------- ---------- --------------------                                           -------------------- -------- --------------------
Net cash used for investing activities                                                                                                                                            (428,357 )                                                                                   (252,101 )                                                                                                          (188,282 )                                                                                   (268,132 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Cash flows from financing activities:
    Issuance of common stock under stock purchase and stock option plans                                                                                                             9,247                                                                                        2,189                                                                                                              24,462                                                                                       20,085
    Repurchase of common stock                                                                                                                                                     (57,493 )                                                                                    (28,309 )                                                                                                          (151,821 )                                                                                    (85,092 )
    Dividend payments                                                                                                                                                              (13,805 )                                                                                    (12,123 )                                                                                                           (41,730 )                                                                                    (36,548 )
    Tax benefit related to employee stock compensation awards                                                                                                                            -                                                                                        3,399                                                                                                                   -                                                                                        3,399
    Payments related to net settlement of employee stock compensation                                                                                                                 (146 )                                                                                        (77 )                                                                                                           (12,584 )                                                                                     (9,229 )
    awards
    Payments of contingent consideration                                                                                                                              -                                                      -                                                                        (1,050 )                                                                 (11,697 )
                                                                                                                                                             -------------------- -------- --------------------                                           -------------------- -------- --------------------                                                                -------------------- ---------- --------------------                                           -------------------- -------- --------------------
Net cash used for financing activities                                                                                                                                             (62,197 )                                                                                    (34,921 )                                                                                                          (182,723 )                                                                                   (119,082 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Effects of exchange rate changes on cash and cash equivalents                                                                                                                        1,052                                                                                        2,481                                                                                                               2,776                                                                                        2,481
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
(Decrease) increase in cash and cash equivalents                                                                                                                                  (179,672 )                                                                                    (83,158 )                                                                                                           110,793                                                                                       33,232
Cash and cash equivalents at beginning of period                                                                                                                598,349                                                381,095                                                                       307,884                                                264,705  
                                                                                                                                                             -------------------- -------- --------------------                                           -------------------- -------- --------------------                                                                -------------------- ---------- --------------------                                           -------------------- -------- --------------------
Cash and cash equivalents at end of period                                                                                                                                      $  418,677                                                                $  297,937                                                                                     $    418,677                                                                $  297,937  
                                                                                                                                                             ==================== ======== ====================                                           ==================== ======== ====================                                                                ==================== ========== ====================                                           ==================== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
GAAP to Non-GAAP Earnings Reconciliation
(In millions, except per share amounts)
                                                                                                                                                                                                                                                                                                                                                                                           Quarter Ended
                                                                                                                                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                             October 1,                                                                                 % of Net                                                                                                                                                                                                                                                                                                                                        July 2,                                                                % of Net                                                                                                                                                                                                                                                                                                                                      October 2,                                                               % of Net
                                                                                                                                                                                                2017                                                                                    Revenues                                                                                                                                                                                                                                                                                                                                         2017                                                                  Revenues                                                                                                                                                                                                                                                                                                                                         2016                                                                  Revenues
                                                                                                                                                                         -----------------------------------------------                                             --------------------------------------------                                                                                                                                                                                                                                                                                                 -----------------------------------------------                                             --------                                                                                                                                                                                                                                                                                                                    ----------------------------------------------                                             --------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Net revenues                                                                                                                                                                                $   503.4                                                                                                                                                                                                                                                                                                                                                                                                                                $   696.9                                                                                                                                                                                                                                                                                                                                                                                                               $  410.5
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Gross profit - GAAP                                                                                                                                                                         $   294.8                                                                                     58.6 %                                                                                                                                                                                                                                                                                                                                     $   391.2                                                                56.1 %                                                                                                                                                                                                                                                                                                                                         $  227.4                                                                55.4 %
     Pension mark-to-market adjustment (1)                                                                                                                                       -                                                  -                                                                                                                                                                                                                                                                                                      (0.7 )                                                              -0.1 %                                                                                                                                                                                                                                                                                                                           0.4                                              0.1 %
                                                                                                                                                                         -------------------- ------- --------------------                                           -------------------- ---- --------------------                                                                                                                                                                                                                                                                                               -------------------- ------- --------------------                                           ---- ----                                                                                                                                                                                                                                                                                                                   -------------------- ------ --------------------                                           ---- ----
Gross profit - non-GAAP                                                                                                                                                                     $   294.8                                                                                     58.6 %                                                                                                                                                                                                                                                                                                                                     $   390.5                                                                56.0 %                                                                                                                                                                                                                                                                                                                                         $  227.8                                                                55.5 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Income from operations - GAAP                                                                                                                                                               $   128.7                                                                                     25.6 %                                                                                                                                                                                                                                                                                                                                     $   209.9                                                                30.1 %                                                                                                                                                                                                                                                                                                                                         $   56.5                                                                13.8 %
     Acquired intangible assets amortization                                                                                                                                                      7.0                                                                                      1.4 %                                                                                                                                                                                                                                                                                                                                           8.2                                                                 1.2 %                                                                                                                                                                                                                                                                                                                                              8.5                                                                 2.1 %
     Restructuring and other (2)                                                                                                                                                                 (4.4 )                                                                                   -0.9 %                                                                                                                                                                                                                                                                                                                                           2.3                                                                 0.3 %                                                                                                                                                                                                                                                                                                                                             12.2                                                                 3.0 %
     Pension mark-to-market adjustment (1)                                                                                                                                       -                                                  -                                                                                                                                                                                                                                                                                                      (2.5 )                                                              -0.4 %                                                                                                                                                                                                                                                                                                                           0.7                                              0.2 %
                                                                                                                                                                         -------------------- ------- --------------------                                           -------------------- ---- --------------------                                                                                                                                                                                                                                                                                               -------------------- ------- --------------------                                           ---- ----                                                                                                                                                                                                                                                                                                                   -------------------- ------ --------------------                                           ---- ----
Income from operations - non-GAAP                                                                                                                                                           $   131.3                                               26.1 %                                                                                                                                                                                                                                                                                                                                     $   217.9                                             31.3 %                                                                                                                                                                                                                                                                                                                                         $   77.9                                             19.0 %
                                                                                                                                                                         ==================== ======= ====================                                           ==================== ==== ====================                                                                                                                                                                                                                                                                                               ==================== ======= ====================                                           ==== ====                                                                                                                                                                                                                                                                                                                   ==================== ====== ====================                                           ==== ====
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Net Income                                                                                                                                                                                                                                                                                                                                                                                                             Net Income
                                                                                                                                                                                                                                                                                                                                                                                                                               Net Income                                                                                                                                                                                                                                                                                                                                                                                      per Common Share                                                                                                                                                                                                                                                                                                                                                                                                       per Common Share
                                                                                                                                                                                                                                                                                                                                                                                                                            per Common Share
                                                                                                                                                                                                                                                                                                                                                               ----------------------------------------------------------------------------------------------------------------------------------                                                                                                                                                                                                                                                                 ----------------------------------------------------------------------------------------------------------------------------------                                                                                                                                                                                                                                                                                     -----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                             October 1,                                                                                 % of Net                                                                                     Basic                                                                                    Diluted                                                                                                                                                                                                       % of Net                                                                 Basic                                                                                    Diluted                                                                                                                                                                     October 2,                                                               % of Net                                                                 Basic                                                                                    Diluted
                                                                                                                                                                                                2017                                                                                    Revenues                                                                                                                                                                                                                                                                                                                                        July 2,                                                                Revenues                                                                                                                                                                                                                                                                                                                                         2016                                                                  Revenues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         2017
                                                                                                                                                                         -----------------------------------------------                                             --------------------------------------------                                              ---------------------------------------------                                             ---------------------------------------------                                                                                                            -----------------------------------------------                                             --------                                            ---------------------------------------------                                             ---------------------------------------------                                                                                                                                 ----------------------------------------------                                             --------                                            ---------------------------------------------                                             ----------------------------------------------
Net income - GAAP                                                                                                                                                                           $   103.4                                                                                     20.5 %                                                                                  $  0.52                                                                                   $  0.52                                                                                                                                                  $   175.0                                                                25.1 %                                                                 $  0.88                                                                                   $  0.87                                                                                                                                                                       $   63.8                                                                15.5 %                                                                 $  0.32                                                                                   $   0.31
     Acquired intangible assets amortization                                                                                                                                                      7.0                                                                                      1.4 %                                                                                     0.04                                                                                      0.04                                                                                                                                                        8.2                                                                 1.2 %                                                                    0.04                                                                                      0.04                                                                                                                                                                            8.5                                                                 2.1 %                                                                    0.04                                                                                       0.04
     Interest and other (3)                                                                                                                                                                       3.1                                                                                      0.6 %                                                                                     0.02                                                                                      0.02                                                                                                                                                        3.1                                                                 0.4 %                                                                    0.02                                                                                      0.02                                                                                                                                                                              -                                                                   -                                                                         -                                                                                          -
     Restructuring and other (2)                                                                                                                                                                 (4.4 )                                                                                   -0.9 %                                                                                    (0.02 )                                                                                   (0.02 )                                                                                                                                                      2.3                                                                 0.3 %                                                                    0.01                                                                                      0.01                                                                                                                                                                           12.2                                                                 3.0 %                                                                    0.06                                                                                       0.06
     Pension mark-to-market adjustment (1)                                                                                                                                                          -                                                                                        -                                                                                          -                                                                                         -                                                                                                                                                       (2.5 )                                                              -0.4 %                                                                   (0.01 )                                                                                   (0.01 )                                                                                                                                                                          0.7                                                                 0.2 %                                                                    0.00                                                                                       0.00
     Exclude discrete tax adjustments (4)                                                                                                                                                         0.3                                                                                      0.1 %                                                                                     0.00                                                                                      0.00                                                                                                                                                        0.5                                                                 0.1 %                                                                    0.00                                                                                      0.00                                                                                                                                                                          (10.7 )                                                              -2.6 %                                                                   (0.05 )                                                                                    (0.05 )
     Non-GAAP tax adjustments (5)                                                                                                                                             (1.7 )                                                                -0.3 %                                                                 (0.01 )                                                                (0.01 )                                                                                                                                  (5.1 )                                                              -0.7 %                                                (0.03 )                                                                (0.03 )                                                                                                                                                      (6.8 )                                                              -1.7 %                                                (0.03 )                                                                 (0.03 )
                                                                                                                                                                         -------------------- ------- --------------------                                           -------------------- ---- --------------------                                            -------------------- ----- --------------------                                           -------------------- ----- --------------------                                                                                                          -------------------- ------- --------------------                                           ---- ----                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                                                                                                               -------------------- ------ --------------------                                           ---- ----                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------
Net income - non-GAAP                                                                                                                                                                       $   107.7                                               21.4 %                                                                                  $  0.55                                                                $  0.54                                                                                                                               $   181.5                                             26.0 %                                                                 $  0.91                                                                $  0.90                                                                                                                                                    $   67.7                                             16.5 %                                                                 $  0.33                                                                $   0.33  
                                                                                                                                                                         ==================== ======= ====================                                           ==================== ==== ====================                                            ==================== ===== ====================                                           ==================== ===== ====================                                                                                                          ==================== ======= ====================                                           ==== ====                                           ==================== ===== ====================                                           ==================== ===== ====================                                                                                                                               ==================== ====== ====================                                           ==== ====                                           ==================== ===== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
GAAP and non-GAAP weighted average common shares - basic                                                                                                                                        197.5                                                                                                                                                                                                                                                                                                                                                                                                                                    198.8                                                                                                                                                                                                                                                                                                                                                                                                                  202.2
GAAP weighted average common shares - diluted                                                                                                                                                   200.8                                                                                                                                                                                                                                                                                                                                                                                                                                    201.5                                                                                                                                                                                                                                                                                                                                                                                                                  203.9
    Exclude dilutive shares from convertible note                                                                                                                             (1.1 )                                                                                                                                                                                                                                                                                                                                                                                                                (0.7 )                                                                                                                                                                                                                                                                                                                                                                                                 -  
                                                                                                                                                                         -------------------- ------- --------------------                                                                                                                                                                                                                                                                                                                                                                                        -------------------- ------- --------------------                                                                                                                                                                                                                                                                                                                                                                       -------------------- ------ --------------------
Non-GAAP weighted average common shares - diluted                                                                                                                            199.7                                                                                                                                                                                                                                                                                                                                                                                              200.8                                                                                                                                                                                                                                                                                                                                                                            203.9  
                                                                                                                                                                         ==================== ======= ====================                                                                                                                                                                                                                                                                                                                                                                                        ==================== ======= ====================                                                                                                                                                                                                                                                                                                                                                                       ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
            (1 )                      Actuarial (gains) losses recognized under GAAP in accordance with
                                      Teradyne’s mark-to-market pension accounting.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
            (2 )                      Restructuring and other consists of:
                                                                                                                                                                                                                                                                                                                                                                                                              Quarter Ended
                                                                                                                                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                             October 1,                                                                                                                                                                                                                                                                                                                                                                                                                                 July 2,                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                2017                                                                                                                                                                                                                                                                                                                                                                                                                                     2017                                                                                                                                                                                                                                                                                                                                                                                                                October 2,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                2016
                                                                                                                                                                         -----------------------------------------------                                                                                                                                                                                                                                                                                                                                                                                          -----------------------------------------------                                                                                                                                                                                                                                                                                                                                                                         ----------------------------------------------
                                      Employee severance                                                                                                                                    $     0.6                                                                                                                                                                                                                                                                                                                                                                                                                                $     0.8                                                                                                                                                                                                                                                                                                                                                                                                               $    4.2
                                      Contingent consideration fair value adjustment                                                                                                             (0.3 )                                                                                                                                                                                                                                                                                                                                                                                                                                    1.5                                                                                                                                                                                                                                                                                                                                                                                                                    8.0
                                      Facility related                                                                                                                                           (0.4 )                                                                                                                                                                                                                                                                                                                                                                                                                                      -                                                                                                                                                                                                                                                                                                                                                                                                                      -
                                      Property insurance recovery                                                                                                                                (5.1 )                                                                                                                                                                                                                                                                                                                                                                                                                                      -                                                                                                                                                                                                                                                                                                                                                                                                                      -
                                      Expenses and Impairment of fixed assets related to Japan earthquake                                                                      0.8                                                                                                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                                                                                                                                                                -  
                                                                                                                                                                         -------------------- ------- --------------------                                                                                                                                                                                                                                                                                                                                                                                        -------------------- ------- --------------------                                                                                                                                                                                                                                                                                                                                                                       -------------------- ------ --------------------
                                                                                                                                                                                            $    (4.4 )                                                                                                                                                                                                                                                                                                                                                                                                                              $     2.3                                                                                                                                                                                                                                                                                                                                                                                            $   12.2  
                                                                                                                                                                         ==================== ======= ====================                                                                                                                                                                                                                                                                                                                                                                                        ==================== ======= ====================                                                                                                                                                                                                                                                                                                                                                                       ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
            (3 )                      For the quarters ended October 1, 2017 and July 2, 2017, interest
                                      and other included non-cash convertible debt interest expense.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
            (4 )                      For the quarters ended October 1, 2017, July 2, 2017 and October 2,
                                      2016 adjustment to exclude discrete income tax items.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
            (5 )                      For periods after December 31, 2016, the non-GAAP annual effective
                                      tax rate is based on a with and without calculation with respect to
                                      non-GAAP reconciling items.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                              Nine Months Ended
                                                                                                                                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                             October 1,                                                                                 % of Net                                                                                                                                                                                                                                                                                                                                      October 2,                                                               % of Net
                                                                                                                                                                                                2017                                                                                    Revenues                                                                                                                                                                                                                                                                                                                                         2016                                                                  Revenues
                                                                                                                                                                         -----------------------------------------------                                             --------------------------------------------                                                                                                                                                                                                                                                                                                 -----------------------------------------------                                             --------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Net Revenues                                                                                                                                                                                $ 1,657.2                                                                                                                                                                                                                                                                                                                                                                                                                                $ 1,373.3
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Gross profit - GAAP                                                                                                                                                                         $   950.9                                                                                     57.4 %                                                                                                                                                                                                                                                                                                                                     $   740.6                                                                53.9 %
                                      Pension mark-to-market adjustment (1)                                                                                                   (0.7 )                                                                 0.0 %                                                                                                                                                                                                                                                                                                                       (0.3 )                                                               0.0 %
                                                                                                                                                                         -------------------- ------- --------------------                                           -------------------- ---- --------------------                                                                                                                                                                                                                                                                                               -------------------- ------- --------------------                                           ---- ----
Gross profit - non-GAAP                                                                                                                                                                     $   950.2                                                                                     57.3 %                                                                                                                                                                                                                                                                                                                                     $   740.3                                                                53.9 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Income (loss) from operations - GAAP                                                                                                                                                        $   432.0                                                                                     26.1 %                                                                                                                                                                                                                                                                                                                                     $  (119.2 )                                                              -8.7 %
                                      Acquired intangible assets amortization                                                                                                                    23.1                                                                                      1.4 %                                                                                                                                                                                                                                                                                                                                          44.7                                                                 3.3 %
                                      Restructuring and other (2)                                                                                                                                 0.4                                                                                      0.0 %                                                                                                                                                                                                                                                                                                                                          16.4                                                                 1.2 %
                                      Pension mark-to-market adjustment (1)                                                                                                                      (2.5 )                                                                                   -0.2 %                                                                                                                                                                                                                                                                                                                                          (1.2 )                                                              -0.1 %
                                      Goodwill impairment (3)                                                                                                                                       -                                                                                        -                                                                                                                                                                                                                                                                                                                                           254.9                                                                18.6 %
                                      Acquired intangible assets impairment (3)                                                                                                  -                                                  -                                                                                                                                                                                                                                                                                                      83.3                                              6.1 %
                                                                                                                                                                         -------------------- ------- --------------------                                           -------------------- ---- --------------------                                                                                                                                                                                                                                                                                               -------------------- ------- --------------------                                           ---- ----
Income from operations - non-GAAP                                                                                                                                                           $   453.0                                               27.3 %                                                                                                                                                                                                                                                                                                                                     $   278.9                                             20.3 %
                                                                                                                                                                         ==================== ======= ====================                                           ==================== ==== ====================                                                                                                                                                                                                                                                                                               ==================== ======= ====================                                           ==== ====
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                               Net Income                                                                                                                                                                                                                                                                                                                                                                                      Net (Loss) Income
                                                                                                                                                                                                                                                                                                                                                                                                                            per Common Share                                                                                                                                                                                                                                                                                                                                                                                   per Common Share
                                                                                                                                                                                                                                                                                                                                                               ----------------------------------------------------------------------------------------------------------------------------------                                                                                                                                                                                                                                                                 ----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                     % of Net                                                                                     Basic                                                                                    Diluted                                                                                                                                                 October 2,                                            % of Net                                                                 Basic                                                                                    Diluted
                                                                                                                                                                                             October 1,                                                                                 Revenues                                                                                                                                                                                                                                                                                                                                         2016                                                                  Revenues
                                                                                                                                                                                                2017
                                                                                                                                                                         -----------------------------------------------                                             --------------------------------------------                                              ---------------------------------------------                                             ---------------------------------------------                                                                                                            -----------------------------------------------   --------------------                      --------                                            ---------------------------------------------                                             ---------------------------------------------
Net income (loss) - GAAP                                                                                                                                                                    $   363.6                                                                                     21.9 %                                                                                  $  1.83                                                                                   $  1.81                                                                                                                                                  $  (109.8 )                                                              -8.0 %                                                                 $ (0.54 )                                                                                 $ (0.54 )
                                      Acquired intangible assets amortization                                                                                                                    23.1                                                                                      1.4 %                                                                                     0.12                                                                                      0.12                                                                                                                                                       44.7                                                                 3.3 %                                                                    0.22                                                                                      0.22
                                      Interest and other (4)                                                                                                                                      9.3                                                                                      0.6 %                                                                                     0.05                                                                                      0.05                                                                                                                                                          -                                                                   -                                                                         -                                                                                         -
                                      Restructuring and other (2)                                                                                                                                 0.4                                                                                      0.0 %                                                                                     0.00                                                                                      0.00                                                                                                                                                       16.4                                                                 1.2 %                                                                    0.08                                                                                      0.08
                                      Pension mark-to-market adjustment (1)                                                                                                                      (2.5 )                                                                                   -0.2 %                                                                                    (0.01 )                                                                                   (0.01 )                                                                                                                                                     (1.2 )                                                              -0.1 %                                                                   (0.01 )                                                                                   (0.01 )
                                      Goodwill impairment (3)                                                                                                                                       -                                                                                        -                                                                                          -                                                                                         -                                                                                                                                                      254.9                                                                18.6 %                                                                    1.25                                                                                      1.24
                                      Acquired intangible assets impairment (3)                                                                                                                     -                                                                                        -                                                                                          -                                                                                         -                                                                                                                                                       83.3                                                                 6.1 %                                                                    0.41                                                                                      0.41
                                      Exclude discrete tax adjustments (5)                                                                                                                       (6.1 )                                                                                   -0.4 %                                                                                    (0.03 )                                                                                   (0.03 )                                                                                                                                                     11.8                                                                 0.9 %                                                                    0.06                                                                                      0.06
                                      Non-GAAP tax adjustments (6)                                                                                                            (9.9 )                                                                -0.6 %                                                                 (0.05 )                                                                (0.05 )                                                                                                                                 (55.7 )                                                              -4.1 %                                                (0.27 )                                                                (0.27 )
                                                                                                                                                                         -------------------- ------- --------------------                                           -------------------- ---- --------------------                                            -------------------- ----- --------------------                                           -------------------- ----- --------------------                                                                                                          -------------------- ------- --------------------                                           ---- ----                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------
Net income - non-GAAP                                                                                                                                                                       $   377.9                                               22.8 %                                                                                  $  1.90                                                                $  1.88                                                                                                                               $   244.4                                             17.8 %                                                                 $  1.20                                                                $  1.19  
                                                                                                                                                                         ==================== ======= ====================                                           ==================== ==== ====================                                            ==================== ===== ====================                                           ==================== ===== ====================                                                                                                          ==================== ======= ====================                                           ==== ====                                           ==================== ===== ====================                                           ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
GAAP and non-GAAP weighted average common shares - basic                                                                                                                                        198.8                                                                                                                                                                                                                                                                                                                                                                                                                                    203.2
GAAP weighted average common shares - diluted                                                                                                                                                   201.4                                                                                                                                                                                                                                                                                                                                                                                                                                    203.2
                                      Exclude dilutive shares from convertible note                                                                                                              (0.6 )                                                                                                                                                                                                                                                                                                                                                                                                                                      -
                                      Include dilutive shares                                                                                                                    -                                                                                                                                                                                                                                                                                                                                                                                                1.7  
                                                                                                                                                                         -------------------- ------- --------------------                                                                                                                                                                                                                                                                                                                                                                                        -------------------- ------- --------------------
Non-GAAP weighted average common shares - diluted                                                                                                                            200.8                                                                                                                                                                                                                                                                                                                                                                                              204.9  
                                                                                                                                                                         ==================== ======= ====================                                                                                                                                                                                                                                                                                                                                                                                        ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
            (1 )                      Actuarial gains recognized under GAAP in accordance with Teradyne’s
                                      mark-to-market pension accounting.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
            (2 )                      Restructuring and other consists of:
                                                                                                                                                                                                                                                                                                                                                                                                              Nine Months Ended
                                                                                                                                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                             October 1,                                                                                                                                                                                                                                                                                                                                                                                                                               October 2,
                                                                                                                                                                                                2017                                                                                                                                                                                                                                                                                                                                                                                                                                     2016
                                                                                                                                                                         -----------------------------------------------                                                                                                                                                                                                                                                                                                                                                                                          -----------------------------------------------
                                      Employee severance                                                                                                                                    $     2.0                                                                                                                                                                                                                                                                                                                                                                                                                                $     5.9
                                      Contingent consideration fair value adjustment                                                                                                              1.8                                                                                                                                                                                                                                                                                                                                                                                                                                     10.5
                                      Facility related                                                                                                                                            0.9                                                                                                                                                                                                                                                                                                                                                                                                                                        -
                                      Expenses and impairment of fixed assets related to Japan earthquake                                                                                         0.8                                                                                                                                                                                                                                                                                                                                                                                                                                      5.1
                                      Property insurance recovery                                                                                                             (5.1 )                                                                                                                                                                                                                                                                                                                                                                                                                (5.1 )
                                                                                                                                                                         -------------------- ------- --------------------                                                                                                                                                                                                                                                                                                                                                                                        -------------------- ------- --------------------
                                                                                         $     0.4                                                                              $    16.4  
                                                                                         = ======= ====================                                                                            = ======= ====================
                                                                                                                                                                                                                                                                     
            (3 )  Goodwill and acquired intangible assets impairment related to
                  Teradyne’s Wireless Test business segment.
                                                                                                                                                                                                                                                                     
            (4 )  For the nine months ended October 1, 2017, Interest and other
                  included non-cash convertible debt interest expense.
                                                                                                                                                                                                                                                                     
            (5 )  For the nine months ended October 1, 2017 and October 2, 2016,
                  adjustment to exclude discrete income tax items. For the nine months
                  ended October 2, 2016, adjustment to treat Wireless Test business
                  segment goodwill and intangible assets impairments as discrete tax
                  items.
                                                                                                                                                                                                                                                                     
            (6 )  For periods after December 31, 2016, the non-GAAP annual effective
                  tax rate is based on a with and without calculation with respect to
                  non-GAAP reconciling items.
                                                                                                                                                                                                                                                                     
GAAP to Non-GAAP Reconciliation of Fourth Quarter 2017 guidance:
                                                                                                                                                                                                                                                                     
GAAP and non-GAAP fourth quarter revenue guidance:                                                                                $420 million          to          $450 million
GAAP net income per diluted share                                                                                                            $  0.27                           $  0.33
                  Exclude acquired intangible assets amortization                                                                               0.04                              0.04
                  Exclude non-cash convertible debt interest                                                                                    0.02                              0.02
                  Non-GAAP tax adjustment                                                                                   (0.01 )        (0.01 )
                                                                                                                          -------------------- ----- -      -------------------- ----- -
Non-GAAP net income per diluted share                                                                                                        $  0.31                           $  0.37
                                                                                                                                                                                                                                                                     

For press releases and other information of interest to investors, please visit Teradyne’s homepage at http://www.teradyne.com .

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20171025006392r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20171025006392/en/

SOURCE: Teradyne, Inc."> <Property FormalName="PrimaryTwitterHandle" Value="@teradyneinc

Teradyne, Inc. 
Andy Blanchard, 978-370-2425 
Vice President of Corporate Relations


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2018 StockSelector.com. All rights reserved.