Teradyne Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net revenues of $318,444,000 compared to $323,236,000 a year ago. Loss from operations was $9,748,000 compared to $126,171,000 a year ago. Loss before income taxes was $8,857,000 compared to $124,813,000 a year ago. Net loss was $641,000 or $0.00 per basic and diluted share compared to $103,811,000 or $0.48 per basic and diluted share a year ago. Net cash provided by operating activities was $40,728,000 compared to $174,957,000 a year ago. Purchases of property, plant and equipment were $23,151,000 compared to $22,630,000 a year ago. Non-GAAP income from operations was $33.2 million compared to $36.5 million a year ago. On a non-GAAP basis, net income in the fourth quarter was $26.1 million, or $0.13 per diluted share, which excluded acquired intangible asset amortization, pension actuarial losses, restructuring and other charges, and discrete income tax adjustments.

For the year, the company reported net revenues of $1,639,578,000 compared to $1,647,824,000 a year ago. Income from operations was $242,969,000 compared to $96,423,000 a year ago. Income before income taxes was $253,124,000 compared to $95,376,000 a year ago. Net income was $206,477,000 or $0.97 per diluted share compared to $81,272,000 or $0.37 per diluted share a year ago. Net cash provided by operating activities was $413,334,000 compared to $492,062,000 a year ago. Purchases of property, plant and equipment were $89,878,000 compared to $168,982,000 a year ago. On a non-GAAP basis, net income for 2015 was $271.2 million, or $1.27 per diluted share, which excluded acquired intangible asset amortization, pension actuarial losses, and discrete income tax adjustments. Free cash flow was $323 million.


The company provided earnings guidance for the first quarter of 2016. For the first quarter of 2016, the company expects revenue of $410 million to $440 million, with non-GAAP net income of $0.23 to $0.29 per diluted share and GAAP net income of $0.15 to $0.21 per diluted share. Non-GAAP guidance excludes acquired intangible asset amortization. Gross margins are expected at 53%. The operating profit rate at the midpoint of first quarter guidance is about 16%. The 2016 tax rate is expected to be about 20%, down from prior guidance, due to a higher mix of offshore profits and the reinstatement of the R&D credit. In 2016, the company earmarked $80 million to $100 million for CapEx, above flat at the midpoint with 2015 levels of $90 million.