Research
Research Alert: Ter Beats Expectations, But Q2 Guidance Only In Line, Disappointing The Bulls
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TER's results again beat consensus in Q1, with sales of $1.28B (+87% Y/Y) outpacing the Street's $1.22B by 5.5% and non-GAAP EPS of $2.56 (+241%) beating expectations for $2.11 by 21%. While still impressive, these results may disappoint more bullish investors, following Q4's blowout beats of 11%/30% for sales/EPS, respectively. Guidance was similarly underwhelming given high expectations, with midpoints of $1.20B in revenue and $2.01 in EPS coming in only just above the Street's views of $1.19B/$1.96, whereas last quarter's guidance beat by an eye-popping 27%/66% for sales/EPS. AI comprised approximately 70% of demand during the quarter, as expected. Semiconductor Test (87% of sales) accelerated +105%, System Test grew +78%, and Robotics rebounded +32% after declines throughout 2025, reflecting broad-based demand. We think 2H will start to reverse 1H's strength given order lumpiness and management's warnings of demand pull-in, with ongoing memory/cleanroom constraints potentially adding pressure.
$TER