Teradyne(US:TER)2025-04-29 11:30Financial Performance - Teradyne reported Q1 2025 revenue of $686 million, a 14% increase from $600 million in Q1 2024, driven primarily by Semiconductor Test[1][2][5]. - GAAP net income for Q1 2025 was $98.9 million, or $0.61 per diluted share, compared to $0.40 per diluted share in Q1 2024[1][2]. - Non-GAAP net income for Q1 2025 was $121.5 million, or $0.75 per diluted share, up from $0.51 per diluted share in Q1 2024[1][2]. - Operating income for Q1 2025 was $120.8 million, compared to $77.8 million in Q1 2024[11]. - The company experienced a gross profit of $415.3 million in Q1 2025, up from $339.3 million in Q1 2024[11]. - The company reported a gross profit margin of 60.6% for the quarter ended March 30, 2025, compared to 59.4% for the same period in 2024[18]. - Net income for the quarter ended March 30, 2025, was $98,896 thousand, a significant increase of 54% compared to $64,197 thousand for the same period in 2024[17]. - Cash flows from operating activities increased to $161,637 thousand for the quarter ended March 30, 2025, compared to $7,279 thousand for the same period in 2024[17]. Revenue Segmentation - Semiconductor Test revenue for Q1 2025 was $543 million, contributing significantly to overall growth[1]. - Robotics revenue for Q1 2025 was $69 million, indicating ongoing development in this segment[1]. Guidance and Projections - Guidance for Q2 2025 revenue is projected between $610 million and $680 million, with GAAP net income per diluted share expected to be between $0.35 and $0.58[2]. - GAAP second quarter revenue guidance is projected between $610 million to $680 million[22]. - GAAP net income per diluted share for the second quarter is expected to be $0.35, while non-GAAP net income per diluted share is projected at $0.41[22]. - The second quarter non-GAAP net income per diluted share is expected to be $0.64, excluding equity method investment amortization and acquired intangible assets amortization adjustments[22]. - The non-GAAP tax adjustments for the second quarter are projected to be $(0.01)[22]. Shareholder Actions - The board approved an increase in the share repurchase program from $400 million to up to $1 billion, to be completed by the end of 2026[3][5]. - The company repurchased common stock amounting to $157,475 thousand during the quarter ended March 30, 2025[17]. Assets and Liabilities - Total assets decreased slightly to $3,705,837 thousand as of March 30, 2025, from $3,708,714 thousand at December 31, 2024[16]. - Total current liabilities increased to $649,066 thousand as of March 30, 2025, from $624,579 thousand at December 31, 2024[16]. - The company’s total liabilities increased to $908,338 thousand as of March 30, 2025, from $889,420 thousand at December 31, 2024[16]. - Cash and cash equivalents decreased to $475,632 thousand at the end of the quarter, down from $553,354 thousand at the beginning of the period[17]. - The company’s equity method investment increased to $509,626 thousand as of March 30, 2025, compared to $494,494 thousand at December 31, 2024[16]. Restructuring and Expenses - For the quarter ended March 30, 2025, employee severance related primarily to Robotics restructuring, impacting approximately 150 employees, totaling $11.4 million[19]. - Total restructuring and other expenses for the quarter ended March 30, 2025, amounted to $14.5 million[19]. - Selling and administrative expenses for the quarter ended March 30, 2025, included costs related to a planned ERP system implementation[20]. - For the quarter ended March 31, 2024, selling and administrative expenses included an equity charge of $1.7 million for the modification of executives' retirement agreements[23]. Market Outlook - Teradyne's CEO highlighted long-term demand drivers including AI, electrification, and verticalization despite current market uncertainties[2].