The following is a summary of the Teradyne, Inc. (TER) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Teradyne reported Q1 2024 sales at $600 million, with non-GAAP earnings per share at $0.51. Its non-GAAP gross margins stood at 56.6%.

• The revenue breakdown includes $412 million from Semi Test revenue, $75 million from the System Test Group, and $88 million from robotics.

• Compared to 2023, full-year revenue growth is anticipated in the low single-digit range. Gross margins are anticipated to reach the range of 58% to 59% by year-end.

• Teradyne expects operating expenses to grow 5% to 7% in FY 2024, with their GAAP and non-GAAP tax rates expected to be 15% to 15.5% in 2024.

Business Progress:

• Strong performance seen in Memory and SoC, primarily driven by AI applications. Over 40% of Q1 memory shipments were driven by AI applications.

• Teradyne announced a strategic partnership with Technoprobe, including Technoprobe's purchase of Teradyne's DIS business, and the transactions are expected to conclude in Q2.

• Teradyne expects to achieve 10%-20% growth in robotics in 2024 with new offerings, expansion in OEM solutions, and an increase in recurring revenue through service and software offerings.

• The company plans to preserve its cash back to a minimum goal of $800 million by limiting share buybacks in 2024.

• Partnerships with NVIDIA on AI aim to reinforce robotic solutions, potentially driving further adoption.

More details: Teradyne IR

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