Name: Teradyne Inc. (NASDAQ:TER) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Download chart

Teradyne Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Mar 31, 2024	Dec 31, 2023	Oct 1, 2023	Jul 2, 2023	Apr 2, 2023	Dec 31, 2022	Oct 2, 2022	Jul 3, 2022	Apr 3, 2022	Dec 31, 2021	Oct 3, 2021	Jul 4, 2021	Apr 4, 2021	Dec 31, 2020	Sep 27, 2020	Jun 28, 2020	Mar 29, 2020	Dec 31, 2019	Sep 29, 2019	Jun 30, 2019	Mar 31, 2019
Products	458,433)	530,511)	551,982)	540,375)	473,418)	591,491)	676,252)	697,954)	625,875)	758,674)	825,448)	951,945)	660,508)	647,625)	697,745)	734,630)	610,906)	548,551)	488,170)	457,511)	393,442)
Services	141,386)	140,089)	151,750)	144,062)	144,111)	140,345)	150,821)	142,812)	129,495)	126,372)	125,053)	133,783)	121,098)	111,344)	121,739)	104,031)	93,449)	106,099)	93,868)	106,667)	100,657)
Revenues	599,819)	670,600)	703,732)	684,437)	617,529)	731,836)	827,073)	840,766)	755,370)	885,046)	950,501)	1,085,728)	781,606)	758,969)	819,484)	838,661)	704,355)	654,650)	582,038)	564,178)	494,099)
Cost of products	(200,763)	(227,389)	(239,827)	(217,011)	(198,665)	(247,326)	(277,539)	(274,674)	(243,016)	(310,248)	(333,229)	(388,845)	(267,784)	(274,574)	(300,174)	(322,732)	(259,996)	(226,184)	(197,196)	(193,299)	(165,368)
Cost of services	(59,774)	(63,666)	(65,614)	(64,934)	(62,444)	(64,060)	(64,155)	(59,703)	(57,421)	(47,750)	(46,271)	(49,894)	(52,204)	(34,605)	(60,382)	(44,456)	(38,809)	(45,228)	(39,804)	(46,961)	(41,096)
Cost of revenues, exclusive of acquired intangible assets amortization	(260,537)	(291,055)	(305,441)	(281,945)	(261,109)	(311,386)	(341,694)	(334,377)	(300,437)	(357,998)	(379,500)	(438,739)	(319,988)	(309,179)	(360,556)	(367,188)	(298,805)	(271,412)	(237,000)	(240,260)	(206,464)
Gross profit	339,282)	379,545)	398,291)	402,492)	356,420)	420,450)	485,379)	506,389)	454,933)	527,048)	571,001)	646,989)	461,618)	449,790)	458,928)	471,473)	405,550)	383,238)	345,038)	323,918)	287,635)
Selling and administrative	(149,188)	(142,335)	(138,330)	(145,695)	(150,955)	(142,753)	(135,632)	(139,533)	(140,185)	(142,746)	(134,829)	(140,187)	(129,797)	(124,282)	(115,840)	(113,259)	(111,388)	(117,094)	(109,166)	(108,811)	(102,013)
Engineering and development	(103,199)	(102,208)	(104,413)	(105,706)	(105,762)	(108,809)	(111,715)	(111,951)	(108,116)	(109,966)	(107,220)	(110,021)	(100,402)	(100,794)	(94,909)	(94,102)	(85,159)	(86,795)	(77,804)	(81,434)	(76,791)
Acquired intangible assets amortization	(4,697)	(4,652)	(4,720)	(4,825)	(4,802)	(4,670)	(4,729)	(4,871)	(5,063)	(5,163)	(5,355)	(5,402)	(5,536)	(5,752)	(6,219)	(8,941)	(9,891)	(9,783)	(9,647)	(10,083)	(10,634)
Restructuring and other	(4,427)	(6,026)	(6,856)	(6,358)	(2,037)	2,369)	(1,796)	(2,044)	(15,714)	(12,738)	(1,197)	(2,507)	7,130)	15,117)	27,701)	(37,222)	7,606)	2,088)	6,500)	10,404)	(5,112)
Operating expenses	(261,511)	(255,221)	(254,319)	(262,584)	(263,556)	(253,863)	(253,872)	(258,399)	(269,078)	(270,613)	(248,601)	(258,117)	(228,605)	(215,711)	(189,267)	(253,524)	(198,832)	(211,584)	(190,117)	(189,924)	(194,550)
Income from operations	77,771)	124,324)	143,972)	139,908)	92,864)	166,587)	231,507)	247,990)	185,855)	256,435)	322,400)	388,872)	233,013)	234,079)	269,661)	217,949)	206,718)	171,654)	154,921)	133,994)	93,085)
Interest income	7,867)	8,863)	6,873)	6,354)	5,258)	3,407)	1,318)	951)	703)	560)	626)	633)	808)	792)	1,071)	1,368)	2,751)	6,144)	5,159)	5,430)	8,052)
Interest expense	(661)	(811)	(963)	(1,045)	(987)	(1,015)	(779)	(913)	(1,012)	(2,465)	(3,785)	(5,566)	(6,004)	(6,351)	(6,237)	(6,043)	(5,551)	(5,950)	(5,682)	(5,800)	(5,713)
Other income (expense), net	(12,075)	7,430)	(5,602)	(815)	(51)	26,258)	(5,849)	(9,436)	(5,187)	651)	(21,486)	87)	(3,824)	(5,596)	(764)	4,017)	(6,849)	(22,965)	(2,665)	(2,447)	(1,445)
Non-operating income (expense)	(4,869)	15,482)	308)	4,494)	4,220)	28,650)	(5,310)	(9,398)	(5,496)	(1,254)	(24,645)	(4,846)	(9,020)	(11,155)	(5,930)	(658)	(9,649)	(22,771)	(3,188)	(2,817)	894)
Income before income taxes	72,902)	139,806)	144,280)	144,402)	97,084)	195,237)	226,197)	238,592)	180,359)	255,181)	297,755)	384,026)	223,993)	222,924)	263,731)	217,291)	197,069)	148,883)	151,733)	131,177)	93,979)
Income tax (provision) benefit	(8,705)	(22,751)	(16,164)	(24,352)	(13,553)	(22,936)	(42,712)	(40,805)	(18,431)	(31,141)	(41,037)	(55,707)	(18,481)	(26,594)	(41,013)	(28,383)	(20,878)	(23,810)	(15,873)	(33,780)	15,159)
Net income	64,197)	117,055)	128,116)	120,050)	83,531)	172,301)	183,485)	197,787)	161,928)	224,040)	256,718)	328,319)	205,512)	196,330)	222,718)	188,908)	176,191)	125,073)	135,860)	97,397)	109,138)

The financial performance over the analyzed period exhibits a cyclical trajectory, characterized by a significant growth phase peaking in mid-2021, followed by a sustained contraction in revenues and profitability through the first quarter of 2024.

Revenue Trends and Composition: Total revenues experienced a substantial ascent from 494.1 million USD in March 2019 to a peak of 1.086 billion USD in July 2021. This growth was driven primarily by product sales, which reached a maximum of 951.9 million USD in the same period. However, a downward trend followed, with total revenues declining to 599.8 million USD by March 2024.; In contrast to the volatility of product revenues, service revenues demonstrated consistent growth and stability. Services grew from 100.7 million USD in March 2019 to 141.4 million USD in March 2024, suggesting a strategic shift toward a more recurring and resilient revenue stream.
Gross Profit and Margin Dynamics: Gross profit followed the trajectory of total revenues, peaking at 647.0 million USD in July 2021 and receding to 339.3 million USD by March 2024. While the cost of products scaled relative to sales, the cost of services remained more stable, supporting the higher margin profile of the services segment.
Operating Expense Analysis: Operating expenses have shown a general upward trend despite the recent decline in revenues. Selling and administrative expenses increased from 102.0 million USD in March 2019 to 149.2 million USD in March 2024. Similarly, engineering and development costs rose from 76.8 million USD to 103.2 million USD over the same period.; The lack of proportional reduction in operating expenses during the revenue contraction phase since 2022 has led to significant compression of operating margins.
Profitability and Net Income: Income from operations peaked at 388.9 million USD in July 2021 but declined sharply to 77.8 million USD by March 2024. This decline reflects both the reduction in top-line revenue and the relative stickiness of the cost base.; Net income mirrors this trend, with a peak of 328.3 million USD in July 2021, falling to 64.2 million USD in March 2024. A notable improvement is observed in the interest profile, as interest expenses decreased from a high of 6.0 million USD in June 2020 to 0.7 million USD in March 2024, while interest income remained relatively stable or improved in recent quarters.

The overall financial trajectory indicates a period of rapid expansion followed by a market correction. While the services segment provides a stabilizing effect, the current trend is defined by declining product demand and an operating structure that has not yet fully adjusted to lower revenue levels.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?

Teradyne Inc. (NASDAQ:TER)

Income StatementQuarterly Data

Income Statement
Quarterly Data