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Jan 28
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Teradyne Inc. (TER) reported fourth quarter earnings that beat the Zacks Consensus estimate by 5 cents. The company has a history of positive surprises, and the net negative surprise of 2.12% in the four preceding quarters is skewed by the Dec...
MarketWatch
Jan 27
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Teradyne Inc. said late Wednesday that it swung to a fourth-quarter profit of $16.9 million, or 9 cents a share, from a loss of $385 million, or $2.28 a share, in the year-ago period. Excluding one-time items, the automatic test-equipment...
Business Wire
Jan 27
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Teradyne, Inc. (NYSE: TER) reported revenue of $267 million for the fourth quarter of 2009 of which $198 million was in Semiconductor Test and $69 million in Systems Test Group. On a non-GAAP basis, Teradyne’s income from continuing operations in
Market Intelligence Center
Jan 26
Comment
Teradyne (NYSE: TER) opened at $9.88. So far today, the stock has hit a low of $9.79 and a high of $10.16. TER is now trading at $10.16, up $0.25 (2.52%). The stock hit its 52-Week high of $11.57 in earlier this month and set its 52-Week low of...
Business Wire
Jan 15
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Teradyne, Inc. (NYSE: TER) will release financial results for the fourth quarter and fiscal year 2009 on Wednesday, January 27 at 6:00 p.m. Eastern Standard Time (EST) or later. A conference call to discuss the fourth quarter and fiscal year 2009
Market Intelligence Center
Jan 11
Comment
Teradyne (NYSE: TER) hit a new 52-Week high of $11.49 so far today. Currently the stock is up $0.30 (2.71%) to $11.38 on 2,865,038 shares traded. Today's high is up $8.14 from a 52-Week Low of $3.24. Teradyne stock has been showing support around...
StreetInsider.com
Jan 11
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Visit StreetInsider.com at http://www.streetinsider.com/Upgrades/FBR+Research+Upgrades+of+Teradyne+%28TER%29+to+Outperform%3B+Raises+Estimates+%26+PT/5237246.html for the full story.
TheStreet.com
Dec 28
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Bearish options traders are betting that shares of Teradyne and Chiquita Brands will fall.
Market Intelligence Center
Dec 14
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Teradyne (TER) was upgraded today by analysts at Piper Jaffray and the stock is now at $10.32, up $0.70 (7.28%) on volume of 799,425 shares traded. The brokerage upped TER to Overweight from Neutral. Over the last 52 weeks the stock has ranged...
Business Wire
Dec 9
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More than 600 participants from more than 100 companies attended the Teradyne, Inc. (NYSE: TER) Device Test Seminar series in October and November. The latest device technologies and test strategies along with Teradyne’s industry-leading solutions
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more ▼WIKI ANALYSIS
WIKI ANALYSISTOP CONTRIBUTORS
Teradyne (NYSE: TER)
Company Overview
Business and Financial Metrics
TER Net Revenue, Gross Margin, and Net Income[1]
TER Net Revenue by Region[2]
Teradyne has consistently invested in engineering and development over the past three years, spending 20.7%, 14.9%, and 18.6% of total revenue in 2005, 2006, and 2007 respectively.[3]
| Engineering and Development Expenses (Million USD / % of Total Revenue)[4] | 2005 | 2006 | 2007 |
| Engineering and Development | $216.4 / 20.7% | $202.4 / 14.9% | $204.3 / 18.6% |
Teradyne's customers have the ability to cancel orders suddenly, subject to possible cancellation penalties. The company has faced many cancelled orders due to the highly unpredictable end markets in the semiconductor industry. Accurately predicting cancellations and minimizing backlog presents a challenge for Teradyne, which has reported significant backlog in 2005, 2006 and 2007.[5] Test equipment that is backlogged instead of sold still contributes to production costs, but does not generate any revenue, thus lowering net income.
| Teradyne Backlog by Segment (Million USD / % of Total Segment Bookings)[6] | 2005 | 2006 | 2007 |
| Semiconductor Test | $289.7 / 32.9% | $212.4 / 21.0% | $236.2 / 26.3% |
| Systems Test Group | $117.1 / 44.9% | $120.2 / 44.4% | $102.5 / 49.2% |
Teradyne does business around the world, with 77% of 2007 net revenue coming from outside the United States.[7]
| Net Revenue by Region (Million USD / % of Total Revenue)[8] | 2005 | 2006 | 2007 |
| United States | $229.9 / 22% | $311.9 / 23% | $253.5 / 23% |
| South East Asia | $250.8 / 24% | $325.5 / 24% | $242.5 / 22% |
| Europe | $156.8 / 15% | $189.9 / 14% | $132.3 / 12% |
| Taiwan | $135.9 / 13% | $189.9 / 14% | $143.3 / 13% |
| Japan | $94.1 / 9% | $162.7 / 12% | $132.3 / 12% |
| Singapore | $146.3 / 14% | $149.2 / 11% | $165.3 / 15% |
| Other International | $31.4 / 3% | $27.1 / 2% | $33.1 / 3% |
Business Segments
TER Net Revenue by Business Segment[9]
- Semiconductor Test (80% of Net Revenue) - Teradyne's core semiconductor test segment provides automatic test equipment used by semiconductor manufacturers to improve product quality, reduce time to market, increase production yields, and evaluate product performance.[10] The FLEX Test Platform performs multi-site tests, or tests of many devices and functions in parallel.[11] Semiconductor manufacturers use the multi-site capabilities of the FLEX Platform to improve "Cost of Test" economics, using one test to evaluate all of the necessary capabilities of their specific semiconductor technology.[12] The FLEX Test Platform also has an open architecture, so customizations can be made easily.[13] The FLEX Platform's versatility appeals to manufacturers of semiconductors that have very specific criteria, such as semiconductors in communications and automotive devices. The J750 test system is designed to test large quantities of the basic semiconductors, such as microcontrollers, that are central to most consumer electronics products.[14] Nextest Systems' (NYSE: NEXT), acquired in January 2008, core technology of flash memory semiconductor tests will also be incorporated into this segment.[15]
- Systems Test Group (20% of Net Revenue) - Teradyne's systems test group consists of three business units: Military/Aerospace Test, Commercial Board Test, and Diagnostic Solutions.[16] Teradyne makes equipment used both to test new electronics systems, such as tactical air to missle systems, as well as upgrades of existing systems in military and commercial aircraft.[17] The Commercial Board Test business unit consists of products that test and inspect the complex circuit boards used in cell phones, computers, servers, automobiles and avionics systems.[18] Increasing complexity of these boards leaves them more vulnerable to assembly error, so advanced testing and inspection hardware and software is necessary to ensure product quality. The Diagnostic Solutions business unit consists of equipment used to diagnose problems in automotive electronic systems, such as navigation and climate control systems.[19]
| Net Revenue by Segment (Million USD / % of Total Net Revenue)[20] | 2005 | 2006 | 2007 |
| Semiconductor Test | $814.2 / 77.9% | $1088.9 / 80.3% | $876.5 / 79.5% |
| Systems Test Group | $230.9 / 22.1% | $267.3 / 19.7% | $225.8 / 20.5% |
Key Trends and Forces
Competition
References
- ↑ TER 2007 10-k pg. 18
- ↑ TER 2007 10-k pg. 24
- ↑ TER 2007 10-k pg. 26
- ↑ TER 2007 10-k pg. 26
- ↑ TER 2007 10-k pg. 23
- ↑ TER 2007 10-k pg. 23
- ↑ TER 2007 10-k pg. 24
- ↑ TER 2007 10-k pg. 24
- ↑ TER 2007 10-k pg. 24
- ↑ TER 2007 10-k pg. 3
- ↑ TER 2007 10-k pg. 4
- ↑ TER 2007 10-k pg. 4
- ↑ TER 2007 10-k pg. 4
- ↑ TER 2007 10-k pg. 4
- ↑ TER 2007 10-k pg. 2
- ↑ TER 2007 10-k pg. 5
- ↑ TER 2007 10-k pg. 5
- ↑ TER 2007 10-k pg. 5
- ↑ TER 2007 10-k pg. 6
- ↑ TER 2007 10-k pg. 23
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