Teradyne Q4 2021 Earnings Report
Key Takeaways
Teradyne reported Q4 2021 revenue of $885 million, a 17% increase from Q4 2020. GAAP EPS was $1.29, and non-GAAP EPS was $1.37. The company's test and industrial automation businesses both experienced double-digit revenue growth.
Revenue reached $885 million, reflecting a 17% increase compared to Q4 2020.
GAAP EPS stood at $1.29, while non-GAAP EPS reached $1.37.
Semiconductor Test revenue was $592 million, System Test revenue was $127 million, Wireless Test revenue was $52 million, and Industrial Automation revenue was $113 million.
The board of directors increased the quarterly cash dividend by 10% to $0.11 per share.
Teradyne
Teradyne
Teradyne Revenue by Segment
Forward Guidance
Teradyne expects Q1 2022 revenue between $700 million and $770 million, with GAAP net income per diluted share of $0.71 to $0.93 and non-GAAP net income per diluted share of $0.76 to $0.98.
Positive Outlook
- Strong long-term test and automation demand trends are in place.
- High growth is expected to continue in Industrial Automation in 2022.
- Favorable global economic trends are expected.
- Automation products provide powerful value to customers.
- Expect to repurchase a minimum of $750 million in shares in 2022
Challenges Ahead
- A slower technology transition in one of the major end markets is expected.
- This will result in lower System-on-a-Chip test demand for Teradyne in 2022.
- The slower demand is expected before accelerating again during the ramp of 3nm production in 2023.
- The COVID-19 pandemic has adversely impacted the Company’s results of operations, including increased costs company-wide and constraints within the Company’s supply chain.
- Uncertainty in Teradyne’s markets resulted in a significant decrease in demand for certain Teradyne products and could continue to impact demand for an uncertain period of time.
Revenue & Expenses
Visualization of income flow from segment revenue to net income