QUOTE AND NEWS
Market Intelligence Center  Oct 21  Comment 
MarketIntelligenceCenter.com’s patented algorithms have chosen the Apr. '15 $17.00 call for a couple of hedged-trading ideas on Teradyne Inc. (TER). A traditional covered call on Teradyne yields 8.90% (18.26% annualized, for comparison purposes...
Market Intelligence Center  Oct 20  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 7.45% return in just 179 days. Sell one Apr. '15 call...
Benzinga  Oct 3  Comment 
In a report published Friday, Stifel analyst Patrick Ho reiterated a Buy rating on Teradyne, Inc. (NYSE: TER), but lowered the price target from $25.00 to $22.00. In the report, Stifel noted, “Following our recent channel checks, we are...
Forbes  Sep 25  Comment 
In the latest look at stocks ordered by largest market capitalization, Russell 3000 component Teradyne, Inc. (NYSE: TER) was identified as having a larger market cap than the smaller end of the S&P 500, for example Cablevision Systems Corp. (NYSE:...
DailyFinance  Sep 16  Comment 
The Spectrum HS Functional test system joined Teradyne’s (NYSE: TER) Spectrum family of functional ATE today at AUTOTEST in St. Louis, MO. Designed around—and ready for—Teradyne’s High Speed Subsystem (HSSub)...
DailyFinance  Aug 21  Comment 
Teradyne, Inc. (NYSE: TER) today announced a quarterly cash dividend of $0.06 per share, payable on September 26, 2014 to shareholders of record as of the close of business on September 5, 2014. About TeradyneTeradyne ...
Market Intelligence Center  Aug 21  Comment 
With bullish technical indicators and a 3 STARS (out of 5) hold ranking from Standard & Poor’s, Teradyne Inc. (TER) could be an attractive play for investors according to MarketIntelligenceCenter.com's patented option-trade picking algorithms. A...
TheStreet.com  Aug 21  Comment 
By Mike Yamamoto ofaOptionMonster NEW YORK -- Traders were looking for bullish momentum to continue in Teradyne , which has been moving steadily higher since the beginning of the month.a More than 11,600 October 22 calls were bought for 15...
SeekingAlpha  Jul 24  Comment 
Teradyne (NYSE:TER) Q2 2014 Earnings Call July 24, 2014 10:00 am ET Executives Andrew J. Blanchard - Vice President of Corporate Relations Mark E. Jagiela - Chief Executive Officer, President, Director and President of Semiconductor...




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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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