October 27, 2011. Teradyne Inc. reported revenue of $344 million for the third quarter of 2011 of which $241 million was in semiconductor test and $103 million in systems test. On a non-GAAP basis, Teradyne’s income from continuing operations in the third quarter was $66.1 million, or $0.34 per diluted share, which excluded acquired intangible asset amortization, non-cash convertible debt interest, and acquisition related costs. GAAP income from continuing operations for the third quarter was $54.7 million, or $0.25 per diluted share.
Bookings in the third quarter of 2011 were $240 million, of which $196 million were in semiconductor test and $44 million in the systems test group.
“Record hard disk drive test shipments in the third quarter combined with our lean operating model to produce our seventh consecutive quarter of above model profitability,” said Mike Bradley, Teradyne president and CEO. “Semiconductor test orders and revenue softened in line with industry trends during the quarter, but we continued to see relative strength in the mobility segments driven by power management, image sensors, wireless, and mobile processors.”
“Our recent acquisition of LitePoint adds another growth engine to Teradyne’s portfolio of test solutions,” noted Bradley. “This strategic use of capital significantly enlarges our served market into wireless product testing.”
Guidance for the fourth quarter of 2011 is for revenue of $270 million to $300 million, with non-GAAP income from continuing operations per diluted share of $0.08 to $0.16 and GAAP loss from continuing operations per diluted share of $0.10 to $0.02. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest, acquisition related costs and estimated GAAP purchase accounting charges related to the LitePoint acquisition.