Teradyne Inc. (NYSE:TER) Q1 2018 Earnings Conference Call - Preliminary Transcript

Apr 25, 2018 • 08:00 am ET

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Teradyne Inc. (NYSE:TER) Q1 2018 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Good morning. My name is (ph) Zekenia , and I will be your conference operator today. At this time, I would like to welcome everyone to the Teradyne Q1 2018 earnings conference call. (Operator Instructions).

I would now like to turn the call over to your host, Mr. Andrew Blanchard. Sir, please go ahead.

Executive
Andrew Blanchard

Thank you, Zekenia. Good morning, everyone, and welcome to our discussion of Teradyne's most recent financial results and the details of our acquisition of MiR, the leader in autonomous mobile industrial robots. I'm joined by our CEO, Mark Jagiela, and our Chief Financial Officer, Greg Beecher. The press release containing our first quarter results was issued last evening, and the release describing the purchase of MiR was issued earlier this morning.

We're providing slides on the Investor page of the website that may be helpful to you in following the discussion. Replay of this call will be available via the same page after the call ends. 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. We encourage you to review the Safe Harbor statement contained in the earnings release as well as our most recent SEC filings.

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'll make reference to non-GAAP financial measures. We've posted additional information concerning these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP financial measure, are available on the Investor Page of our website.

Also, between now and our next earnings call, Teradyne will be participating in Investor Conferences hosted by Cowen, Bernstein, BofA, Baird, Stifel and Credit Suisse. We'll also be meeting with investors in Munich at the automatica trade show in June and at SEMICON West in early July.

Now let's get on with the rest of the agenda. First, Mark will comment on our recent results, market conditions and the acquisition of MiR. Greg will then offer more details on our quarterly financial results and the acquisition, followed by our guidance of the second quarter. We'll then answer your questions and this call is scheduled for one hour. Mark?

Executive
Mark Jagiela

Good morning, and thanks for joining us a bit earlier than usual this morning. In my remarks, I'll cover three main topics: our Q1 results, our latest view of this year's Semi Test market and our Industrial Automation investments, including the purchase of MiR, which was announced in a press release earlier this morning. Our first quarter financial results were at the high end of our guidance as conditions in most end markets, other than mobility, remained quite strong.

In Semi Test, our Memory Test shipments reached a level of $73 million, a new record. Flash demand continued to grow, driven by the increasing adoption and increasing densities of high-performance NAND devices for mobile and data storage applications. We also saw