Shares of Teradyne Inc. rose more than 4% in the extended session Tuesday after the semiconductor test maker reported first-quarter results above Wall Street expectations and said a recovery for industrial automation is in "full swing." Teradyne said it earned $782 million, or $1.09 a share, in the quarter, compared with $704 million, or 97 cents a share, in the year-ago period. Adjusted for one-time items, Teradyne earned $1.11 a share. Revenue rose 11% to $782 million. Analysts polled by FactSet had expected the company to report adjusted EPS of $1.05 on sales of $760 million. "Test demand for automotive, industrial, memory, and mobility remain strong and growing," Chief Executive Mark Jagiela said in a statement. "The industrial automation recovery is in full swing with 33% growth compared to (first quarter 2020)," he said.
President Joe Biden on Tuesday named Celeste Drake, a former AFL-CIO official, as the first "Director of Made in America" at the Office of Management and Budget. The White House said in a statement that Drake would shape federal procurement policy, to help carry out Biden's vision for a future "made in all of America by all of America's workers." One of Biden's early executive orders as president tightened "Buy American" rules in government procurement. Drake joins the administration from the Directors Guild of America and was the trade and globalization policy specialist for the AFL-CIO.