QUOTE AND NEWS
newratings.com  Jul 29  Comment 
WASHINGTON (dpa-AFX) - Teradyne, Inc. (TER) reported second quarter net income of $102.9 million or $0.48 per share compared to $101.2 million or $0.47 per share, last year. On a non-GAAP basis, Teradyne's net income in the second quarter was...
Market Intelligence Center  Jul 14  Comment 
After closing Monday at $19.53, Teradyne Inc. (TER) presents an attractive opportunity to get a 5.97% return in just 185 days, which is an annualized return of 11.77% (for comparison purposes only). To enter this trade, sell one Jan. '16 $19.00...
Benzinga  Jun 24  Comment 
Goldman Sachs downgraded Teradyne, Inc. (NYSE: TER) from Conviction Buy to Buy. Teradyne shares have gained 6.00 percent over the past 52 weeks, while the S&P 500 index has surged 8.40 percent in the same period. Teradyne shares fell 2.39...
Market Intelligence Center  Jun 22  Comment 
The patented option-trade picking algorithms that power MarketIntelligenceCenter.com's Artifical Intelligence Center found a trading opportunity with Teradyne Inc. (TER) that should provide a 6.61% return in just 207 days. Sell one Jan. '16 call...
TheStreet.com  Jun 12  Comment 
NEW YORK (TheStreet) -- Teradyne Inc.  stock price target was increased to $24 from $22 at Keybanc which maintained its "overweight" rating. Teradyne closed the Universal Robots acquisition on June 11. Universal Robots is the market leader in...
Market Intelligence Center  Jun 12  Comment 
Teradyne Inc. (TER) traded between $20.98 and $21.22 before closing at $21.21 Thursday and presents some attractive trading opportunities today according to MarketIntelligenceCenter.com's patented algorithms. The computer program that picks trades...
newratings.com  May 13  Comment 
WASHINGTON (dpa-AFX) - Teradyne Inc. (TER) announced the company and the shareholders of Universal Robots have signed a definitive agreement under which Teradyne will acquire privately held Universal Robots, the Danish pioneer of collaborative...




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Teradyne (NYSE: TER)

Company Overview

Business and Financial Metrics

TER Net Revenue, Gross Margin, and Net Income
TER Net Revenue, Gross Margin, and Net Income[1]
TER Net Revenue by Region
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
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

  1. TER 2007 10-k pg. 18  
  2. TER 2007 10-k pg. 24  
  3. TER 2007 10-k pg. 26  
  4. TER 2007 10-k pg. 26  
  5. TER 2007 10-k pg. 23  
  6. TER 2007 10-k pg. 23  
  7. TER 2007 10-k pg. 24  
  8. TER 2007 10-k pg. 24  
  9. TER 2007 10-k pg. 24  
  10. TER 2007 10-k pg. 3  
  11. TER 2007 10-k pg. 4  
  12. TER 2007 10-k pg. 4  
  13. TER 2007 10-k pg. 4  
  14. TER 2007 10-k pg. 4  
  15. TER 2007 10-k pg. 2  
  16. TER 2007 10-k pg. 5  
  17. TER 2007 10-k pg. 5  
  18. TER 2007 10-k pg. 5  
  19. TER 2007 10-k pg. 6  
  20. TER 2007 10-k pg. 23  
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