Teradyne (TER) FY2013 results: revenue $1.4 billion, down 13.8% on the year
Teradyne, Inc. (TER) reported revenue of $1.4 billion for fiscal 2013, the year ended 31 December 2013, down 13.8% on the year before. Net income was $165 million, down 24.0%, and diluted earnings per share $0.70. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$1.4 billion
-13.8% on the year
FY2008FY2013
Operating margin
13.4%
17.3% a year earlier
FY2008FY2013
Net income
$165 million
-24.0% on the year
FY2008FY2013
Diluted EPS
$0.70
-25.5% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,428
1,657
1,429
-13.8%
Cost of revenue
619
771
717
-19.7%
Gross profit
809
886
712
-8.7%
Gross margin
56.6%
53.5%
49.8%
Research and development
264
256
201
+3.2%
Selling, general and administrative
280
277
232
+0.9%
Operating income
191
287
231
-33.7%
Operating margin
13.4%
17.3%
16.2%
Interest expense
26.1
24.5
23.7
+6.4%
Pre-tax income
202
266
214
-24.1%
Income tax
37.0
48.9
-130
-24.4%
Effective tax rate
18.3%
18.4%
-60.4%
Net income
165
217
370
-24.0%
Net margin
11.6%
13.1%
25.9%
Diluted EPS
$0.70
$0.94
$1.63
-25.5%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
267
403
275
-33.7%
Capital expenditure
107
119
86.1
-10.4%
Free cash flow
161
284
189
-43.5%
Free cash flow margin
11.2%
17.1%
13.2%
Cash from investing
-282
-602
-82.5
Cash from financing
17.3
-35.4
-16.3
Depreciation and amortisation
151
146
107
+3.6%
Share-based compensation
36.6
39.9
32.3
-8.3%
Buybacks
n/a
n/a
31.2
Diluted shares, weighted
236m
230m
227m
+2.3%
Shares outstanding at period end
192m
188m
184m
+2.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,985
1,778
1,505
+11.6%
Debt
187
173
163
+7.7%
Other liabilities
458
478
521
-4.1%
Total liabilities and equity
2,630
2,429
2,189
+8.3%
Fixed assets
275
266
232
+3.6%
Goodwill
362
349
353
+3.6%
Intangible assets
252
319
393
-20.9%
Investments
858
667
181
+28.6%
Cash and equivalents
342
339
574
+0.8%
Receivables
158
153
129
+2.7%
Inventory
138
139
160
-1.1%
Other assets
245
196
167
+25.0%
Total assets
2,630
2,429
2,189
+8.3%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.