Teradyne (TER) FY2018 results: revenue $2.1 billion, down 1.7% on the year
Teradyne, Inc. (TER) reported revenue of $2.1 billion for fiscal 2018, the year ended 31 December 2018, down 1.7% on the year before. Net income was $452 million, up 75.3%, and diluted earnings per share $2.35. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$2.1 billion
-1.7% on the year
FY2011FY2018
Operating margin
22.6%
24.6% a year earlier
FY2011FY2018
Net income
$452 million
+75.3% on the year
FY2011FY2018
Diluted EPS
$2.35
+83.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,101
2,137
1,753
-1.7%
Cost of revenue
880
913
794
-3.5%
Gross profit
1,220
1,224
960
-0.3%
Gross margin
58.1%
57.3%
54.7%
Research and development
302
307
292
-1.9%
Selling, general and administrative
391
348
317
+12.2%
Operating income
474
525
-63.0
-9.8%
Operating margin
22.6%
24.6%
-3.6%
Interest expense
21.8
21.7
3.6
+0.5%
Pre-tax income
468
524
-55.1
-10.8%
Income tax
16.0
267
-11.6
-94.0%
Effective tax rate
3.4%
50.9%
n/a
Net income
452
258
-43.4
+75.3%
Net margin
21.5%
12.1%
-2.5%
Diluted EPS
$2.35
$1.28
-$0.21
+83.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
477
626
455
-23.9%
Capital expenditure
114
105
85.3
+8.5%
Free cash flow
363
521
370
-30.4%
Free cash flow margin
17.3%
24.4%
21.1%
Cash from investing
923
-263
-640
Cash from financing
-903
-245
228
Depreciation and amortisation
113
108
120
+4.8%
Share-based compensation
33.6
34.1
30.8
-1.5%
Buybacks
823
200
146
+311.1%
Dividends paid
67.3
55.4
48.6
+21.4%
Dividend per share
$0.36
$0.28
$0.24
+28.6%
Diluted shares, weighted
193m
202m
203m
-4.5%
Shares outstanding at period end
176m
196m
199m
-10.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,522
1,954
1,829
-22.1%
Debt
380
366
353
+3.8%
Other liabilities
804
790
581
+1.8%
Total liabilities and equity
2,707
3,110
2,762
-13.0%
Fixed assets
280
268
254
+4.2%
Goodwill
382
252
223
+51.5%
Intangible assets
125
79.1
100
+58.7%
Investments
278
1,474
1,305
-81.2%
Cash and equivalents
927
430
308
+115.6%
Receivables
291
273
192
+6.8%
Inventory
154
108
136
+42.8%
Other assets
270
226
244
+19.5%
Total assets
2,707
3,110
2,762
-13.0%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.