Teradyne (TER) FY2019 results: revenue $2.3 billion, up 9.2% on the year
Teradyne, Inc. (TER) reported revenue of $2.3 billion for fiscal 2019, the year ended 31 December 2019, up 9.2% on the year before. Net income was $467 million, up 3.5%, and diluted earnings per share $2.60. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$2.3 billion
+9.2% on the year
FY2012FY2019
Operating margin
24.1%
22.6% a year earlier
FY2012FY2019
Net income
$467 million
+3.5% on the year
FY2012FY2019
Diluted EPS
$2.60
+10.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,295
2,101
2,137
+9.2%
Cost of revenue
955
880
913
+8.5%
Gross profit
1,340
1,220
1,224
+9.8%
Gross margin
58.4%
58.1%
57.3%
Research and development
323
302
307
+7.1%
Selling, general and administrative
437
391
348
+11.9%
Operating income
554
474
525
+16.9%
Operating margin
24.1%
22.6%
24.6%
Interest expense
22.2
21.8
21.7
+2.0%
Pre-tax income
526
468
524
+12.4%
Income tax
58.3
16.0
267
+263.9%
Effective tax rate
11.1%
3.4%
50.9%
Net income
467
452
258
+3.5%
Net margin
20.4%
21.5%
12.1%
Diluted EPS
$2.60
$2.35
$1.28
+10.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
579
477
626
+21.4%
Capital expenditure
135
114
105
+17.7%
Free cash flow
444
363
521
+22.5%
Free cash flow margin
19.4%
17.3%
24.4%
Cash from investing
-157
923
-263
Cash from financing
-574
-903
-245
Depreciation and amortisation
121
113
108
+6.6%
Share-based compensation
37.9
33.6
34.1
+12.9%
Buybacks
500
823
200
-39.3%
Dividends paid
61.3
67.3
55.4
-8.9%
Dividend per share
$0.36
$0.36
$0.28
0.0%
Diluted shares, weighted
179m
193m
202m
-6.8%
Shares outstanding at period end
166m
176m
196m
-5.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,480
1,522
1,954
-2.8%
Debt
395
380
366
+3.9%
Operating lease liabilities
45.8
n/a
n/a
Other liabilities
866
804
790
+7.7%
Total liabilities and equity
2,787
2,707
3,110
+3.0%
Fixed assets
320
280
268
+14.4%
Goodwill
416
382
252
+9.1%
Intangible assets
125
125
79.1
-0.0%
Investments
242
278
1,474
-13.0%
Cash and equivalents
774
927
430
-16.5%
Receivables
362
291
273
+24.4%
Inventory
197
154
108
+28.1%
Other assets
350
270
226
+29.6%
Total assets
2,787
2,707
3,110
+3.0%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.