NORTH READING, Mass. (AP) _ Teradyne Inc. (TER) on Tuesday reported second-quarter net income of $328.3 million.
On a per-share basis, the North Reading, Massachusetts-based company said it had profit of $1.76. Earnings, adjusted for one-time gains and costs, were $1.91 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.74 per share.
The maker of wireless products, data storage and equipment to test semiconductors posted revenue of $1.09 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $1.05 billion.
For the current quarter ending in October, Teradyne expects its per-share earnings to range from $1.29 to $1.55. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.38.
The company said it expects revenue in the range of $880 million to $960 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $931.1 million.
Teradyne shares have risen 3% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $123.46, a rise of 40% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TER at https://www.zacks.com/ap/TER
Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News