Teradyne Tops Street Expectations
By Cecily Fraser, CBS MarketWatch
Last Update: 4:35 PM ET Apr 19, 2000 NewsWatch
BOSTON (CBS.MW) -- Shares of chip-equipment maker Teradyne got a boost Wednesday as investors cheered its 500 percent increase in first-quarter profit, topping Wall Street's estimates.
Teradyne (TER: news, msgs), a maker of automated test equipment used to analyze the performance of semiconductors, generated net income of $109 million, or 60 cents a share, up from $18 million, or 10 cents, in the same period last year. Analysts expected a profit of 52 cents a share, according to First Call.
Sales totaled $648.1 million, jumping 88 percent from $344 million in the year-ago period as customers stepped up their purchases for Teradyne's chip-equipment tools. Orders increased to $1.02 billion, up from $444 million.
The brokerage house Bear Stearns upgraded the stock's rating to "buy" from "attractive" on the news.
Shares jumped as high as 102 in early dealings -- a new 52-week record. The stock closed up fractionally at 92 1/16, falling prey to weakness in the tech market. See Hardware Stocks. |
