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Teradyne Inc (NASDAQ:TER) shares are trading lower after the company reported fourth-quarter FY23 results.
Revenue fell 8% to $670.60 million, missing the consensus of $674.7 million. The company reported robotics revenue of $129 million, up 17% Y/Y.
Adjusted gross profit declined to $379.5 million from $420.4 million a year ago. Adjusted income from operations came in at $135.0 million, down from $168.9 million the prior year quarter.
As of December 31, cash and cash equivalent stood at $819.7 million. Adjusted EPS of $0.79 beat the consensus of $0.71.
Outlook: For the first quarter, the company projects revenue of $540 million-$590 million (vs. $625.13 million estimate) and adjusted EPS of $0.22-$0.38 (vs. consensus of $0.53).
Greg Smith, CEO said, “We closed out 2023 with Q4 revenue and profit in line with our guidance as strong demand for memory test systems and 50% quarterly growth of Robotics revenue offset weakening demand for System-on-a-Chip (SOC) test systems.”
“Looking into the new year, we expect low tester utilization will impact demand in the first half of the year but anticipate the full year Semiconductor test demand to incrementally improve from 2023. In Robotics, after expected seasonal weakness in Q1, we project consistent quarterly growth powered by new products, new applications and improvements in our global distribution channels.”
Price Action: TER shares are down 7.29% at $96.97 premarket on the last check Wednesday.
Posted In: TER
