Q1 2023 Teradyne Inc Earnings Call
Speaker 1: gearily from management's current expectations.
Speaker 1: We encourage you to review the safe harbor statement contained in the earnings release as well as our most recent FCC filings. Additionally those forward-looking statements are made as of today and we take no obligation to update them as a result of developments occurring after this call.
Speaker 1: During today's call we'll make reference to non-GAAP financial measures. We posted additional information concerning these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP financial measure, where applicable, on the investor page of our website.
Speaker 1: Looking ahead between now and our next earnings call, Tera9 expects to participate in technology or industrial focused investor conferences hosted by JP Morgan, KeyBank, Cowen, Stiefel, and Bank of America.
Speaker 1: Now let's get on with the rest of the agenda. First, Greg will comment on our results and the market conditions as we enter the...
Speaker 1: second quarter. Sanjay will then offer more details on our quarterly results along with our guidance for the second quarter. We'll then answer your questions and this call is scheduled for one hour. Great?
Speaker 1: Thanks Andy, and good morning everyone. Today I will summarize our Q1 results, comment on the current environment and outline how we see the market developing.
Speaker 1: Sanjay will then provide the financial details on Q1, our outlook for Q2, and some thoughts on full year planning.
Speaker 1: From a financial perspective, we delivered first quarter sales above the midpoint of our guidance range with earnings above the high guide on improved gross margins.
Speaker 1: In Q1, our flexible business model enabled us to convert improving component availability and semiconductor tests into additional revenue and profit, and our robotics businesses delivered on plan for the quarter.
Speaker 1: Stepping back from the Q1 results, I would like to outline our view of the current market conditions and how we expect the next few quarters to unfold.
Speaker 2: In semi-calculators, and our measures of tester utilization in Q1 of 2023 are at their lowest level in over 10 years.