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Teradyne, Inc. Q4 2009 Earnings Call Transcript Seeking Alpha (blog)|
Teradyne, Inc. Also, you may want to note that between now and our next conference call, Teradyne will be participating in the Oppenheimer Semiconductor Summit on February 18 in New York, the Goldman Sachs Technology and Internet Conference in San Francisco on February 24th and 25th and Morgan Stanley's Media Technology and Telecom Conference in San Francisco on March 3rd and 4th.
Now let's get on with the rest of the agenda.
First, our CEO, Mike Bradley, will review the state of the company and industry in the fourth quarter ended year-end 2009 and will review our outlook for the first quarter of 2010. The press release containing our most recent financial results was sent out via the business wire last evening. Blanchard, you may begin.
Thank you, Carrie. We encourage you to review the Safe Harbor statement contained in the earnings release as well as our most recent SEC filings for a complete description. In addition, replays of this call will be available via the investor's page of teradyne.com 24 hours after the call ends. For scheduling purposes you should note that we intend to end this call after one hour. Good morning everyone and welcome to our discussion of Teradyne's most recent financial results. At this time, I would like to welcome everyone to the Q4 2009 earnings conference call with Teradyne. To view them simply access the investor page of the site and click on live webcast. Then our CFO, Greg Beecher, will provide more details on our year-end and quarterly financial performance along with our guidance for the first quarter. (Operator Instructions)
I would now like to turn the call over to Mr. After the speakers' remarks there will be a question-and-answer session. The replays will be available along with the slides through February the 12th.
The matters that we discuss today will include forward-looking statements that involve risk factors that could cause Teradyne's results to differ materially from management's current expectations. ( TER )
Q4 2009 Earnings Call Transcript
January 28, 2010 10:00 am ET
Andrew Blanchard – VP, IR
Mike Bradley – President and CEO
Greg Beecher – CFO
C.J. All lines placed on mute to prevent any background noise. I'm joined this morning by our Chief Executive Officer, Mike Bradley and our Chief Financial Officer, Greg Beecher.
Following our opening remarks, we will provide details of our performance for the fourth quarter and year-end 2009, as well as our outlook for the first quarter of 2010. Andrew Blanchard, Vice President of Investor Relations. We will then answer your questions. To view them, go to the investor page and click on GAAP to non-GAAP reconciliation link. Predictions of an industry pause in bookings as we entered the fourth quarter did not materialize. Mike?
Good morning, everyone. This is on top of a nearly 70% uptick in the third quarter. Thanks for joining us today. We have posted additional information concerning these non-GAAP financial measures including reconciliation to the most directly comparable GAAP financial measure where available on our website. Copies are available on our website or by calling Teradyne's corporate relations office at 978-370-2221.
This call is being simultaneously webcast at teradyne.com. The lead story in the fourth quarter was a broadening of orders in our Semi Test business.
Bookings in that sector were up 13% to over 260 million, led by increases in wireless and microcontroller segments. Muse – Barclays Capital
Jim Covello – Goldman Sachs
Mehdi Hosseini – FBR
Gary Hsueh – Oppenheimer & Company
Krish Sankar – Bank of America–Merrill Lynch
Satya Kumar – Credit Suisse
Peter Karazeris – Citigroup
David Duley – Steelhead Securities
Atif Malik – Morgan Stanley
Patrick Ho – Stifel Nicolaus
Gus Richard – Piper Jaffray
Raj Seth – Cowen and Company
Good morning, my name is Carrie and I will be your conference operator today. I'm pleased to report that we continue to see a strengthening across many of our product lines and with the business rebounding, we are getting very good earnings leverage as we keep our fixed cost structure in check. Mr. Note that during this call, we are providing slides on the website that may be helpful to you in following the discussion. Additionally, those forward-looking statements are made as of today and we take no obligation to update them as a result of developments occurring after this call.
During today's call, we will make reference to non-GAAP financial measures. First, I'd like to address several administrative issues. On the contrary, we have seen continued strong buying from both our IDM and OSAT customers.