Teradyne (TER) FY2012 results: revenue $1.7 billion, up 15.9% on the year
Teradyne, Inc. (TER) reported revenue of $1.7 billion for fiscal 2012, the year ended 31 December 2012, up 15.9% on the year before. Net income was $217 million, down 41.3%, and diluted earnings per share $0.94. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2013.
Revenue
$1.7 billion
+15.9% on the year
FY2008FY2012
Operating margin
17.3%
16.2% a year earlier
FY2008FY2012
Net income
$217 million
-41.3% on the year
FY2008FY2012
Diluted EPS
$0.94
-42.3% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
1,657
1,429
1,566
+15.9%
Cost of revenue
771
717
709
+7.5%
Gross profit
886
712
858
+24.5%
Gross margin
53.5%
49.8%
54.8%
Research and development
256
201
192
+27.3%
Selling, general and administrative
277
232
225
+19.4%
Operating income
287
231
415
+24.1%
Operating margin
17.3%
16.2%
26.5%
Interest expense
24.5
23.7
24.5
+3.5%
Pre-tax income
266
214
396
+24.0%
Income tax
48.9
-130
16.7
Effective tax rate
18.4%
-60.4%
4.2%
Net income
217
370
385
-41.3%
Net margin
13.1%
25.9%
24.6%
Diluted EPS
$0.94
$1.63
$1.75
-42.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
403
275
567
+46.7%
Capital expenditure
119
86.1
76.0
+38.3%
Free cash flow
284
189
491
+50.5%
Free cash flow margin
17.1%
13.2%
31.3%
Cash from investing
-602
-82.5
-628
Cash from financing
-35.4
-16.3
42.4
Depreciation and amortisation
146
107
93.5
+36.4%
Share-based compensation
39.9
32.3
29.8
+23.4%
Buybacks
n/a
31.2
n/a
Diluted shares, weighted
230m
227m
227m
+1.5%
Shares outstanding at period end
188m
184m
182m
+2.4%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,778
1,505
1,122
+18.2%
Debt
173
163
153
+6.7%
Other liabilities
478
521
536
-8.3%
Total liabilities and equity
2,429
2,189
1,810
+11.0%
Fixed assets
266
232
231
+14.5%
Goodwill
349
353
n/a
-1.0%
Intangible assets
319
393
123
-18.9%
Investments
667
181
658
+268.9%
Cash and equivalents
339
574
398
-40.9%
Receivables
153
129
169
+18.6%
Inventory
139
160
117
-12.9%
Other assets
196
167
115
+17.8%
Total assets
2,429
2,189
1,810
+11.0%
10-K for the year ended 31 December 2012, filed 1 March 2013: the filing.