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Teradyne Increases Capital Return Program; Raises Dividend By 29%

Teradyne, Inc. (TER) announced its Board approved the share repurchase program authorizing the company to repurchase up to $1.5 billion of its common stock through open market purchases or private transactions. The $1.5 billion authorization replaces the company's existing $500 million repurchase authorization announced in December 2016.

Teradyne's Board declared a quarterly cash dividend of $0.09 per share, payable on March 23, 2018 to shareholders of record as of the close of business on February 23, 2018.

The company said its guidance for the first quarter of 2018 is revenue of $460 million to $490 million, with GAAP net income of $0.32 to $0.39 per share and non-GAAP net income of $0.38 to $0.45 per share.

"At the mid-point of the Q1 revenue guidance, we see 4% growth over Q1 of 2017. Our view of the 2018 SemiTest market outlook has also strengthened slightly since our October estimate. On the capital allocation front, the combination of a strong business outlook and U.S. tax reform support our plan to raise our quarterly dividend by 29% to $0.09 cents per share and initiate a $1.5 billion share repurchase program with expected repurchases of $750 million in 2018," said CEO and President Mark Jagiela.

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