Teradyne (TER) FY2014 results: revenue $1.6 billion, up 15.4% on the year
Teradyne, Inc. (TER) reported revenue of $1.6 billion for fiscal 2014, the year ended 31 December 2014, up 15.4% on the year before. Net income was $81 million, down 50.7%, and diluted earnings per share $0.37. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$1.6 billion
+15.4% on the year
FY2008FY2014
Operating margin
5.9%
13.4% a year earlier
FY2008FY2014
Net income
$81 million
-50.7% on the year
FY2008FY2014
Diluted EPS
$0.37
-47.1% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,648
1,428
1,657
+15.4%
Cost of revenue
769
619
771
+24.2%
Gross profit
879
809
886
+8.7%
Gross margin
53.3%
56.6%
53.5%
Research and development
292
264
256
+10.4%
Selling, general and administrative
320
280
277
+14.4%
Operating income
96.4
191
287
-49.4%
Operating margin
5.9%
13.4%
17.3%
Interest expense
6.9
26.1
24.5
-73.4%
Pre-tax income
95.4
202
266
-52.8%
Income tax
14.1
37.0
48.9
-61.9%
Effective tax rate
14.8%
18.3%
18.4%
Net income
81.3
165
217
-50.7%
Net margin
4.9%
11.6%
13.1%
Diluted EPS
$0.37
$0.70
$0.94
-47.1%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
492
267
403
+84.1%
Capital expenditure
169
107
119
+58.3%
Free cash flow
323
161
284
+101.2%
Free cash flow margin
19.6%
11.2%
17.1%
Cash from investing
n/a
-282
-602
Cash from financing
n/a
17.3
-35.4
Depreciation and amortisation
153
151
146
+1.2%
Share-based compensation
40.3
36.6
39.9
+10.1%
Dividends paid
37.4
n/a
n/a
Dividend per share
$0.18
n/a
n/a
Diluted shares, weighted
223m
236m
230m
-5.5%
Shares outstanding at period end
217m
192m
188m
+13.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,079
1,985
1,778
+4.7%
Debt
0.0
187
173
Other liabilities
460
458
478
+0.3%
Total liabilities and equity
2,539
2,630
2,429
-3.5%
Fixed assets
329
275
266
+19.5%
Goodwill
273
362
349
-24.4%
Intangible assets
191
252
319
-24.5%
Investments
1,005
858
667
+17.1%
Cash and equivalents
294
342
339
-13.9%
Receivables
151
158
153
-4.2%
Inventory
105
138
139
-23.8%
Other assets
190
245
196
-22.4%
Total assets
2,539
2,630
2,429
-3.5%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.