"Our strong sales and earnings growth reflect both the short time to market requirements of chip makers and our operating model's ability to flex to meet customer demand," President and CEO
Excluding items, adjusted net income for the quarter was
On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of
Net revenue for the quarter increased 23 percent to
Operating margin for the quarter expanded 300 basis points to 23.0 percent from a year ago, despite a 90 basis points decline in gross profit margin, as operating expenses dropped.
Operating expenses for the quarter grew to
Bookings in the second quarter were
"Company and Semiconductor Test orders in the second quarter were the highest in over ten years. Semiconductor Test orders were driven by a combination of capacity expansion and new design wins with the strongest demand from applications processor, power management, microcontroller and memory test," Jagiela added.
The company noted that its third quarter outlook reflects the industry's normal seasonal patterns after the strongest first half of orders since 2004.
Looking ahead to the third quarter, the company expects adjusted earnings in a range of
Street is currently looking for earnings of
TER closed Wednesday's regular trading session at
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