Teledyne Technologies Reports First Quarter Results

A live webcast of Teledyne’s first quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Thursday, April 30, 2015. To access the call, go to www.teledyne.com approximately ten minutes before the scheduled start time. A replay will also be available for one month starting at 12:00 p.m. (Eastern) on Thursday, April 30, 2015.

   

TELEDYNE TECHNOLOGIES INCORPORATED

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED

MARCH 29, 2015 AND MARCH 30, 2014

(Unaudited - in millions, except per share amounts)

 
First Quarter First Quarter
2015 2014
Net sales $ 565.0 $ 573.5
Costs and expenses:
Costs of sales 345.9 351.7
Selling, general and administrative expenses 151.8   155.8  
Total costs and expenses 497.7   507.5  
Operating income 67.3 66.0
Interest and debt expense, net (5.9 ) (4.7 )
Other income, net 0.8   0.6  
Income before income taxes 62.2 61.9
Provision for income taxes 18.5   15.9  
Net income 43.7 46.0
Noncontrolling interest   (0.2 )
Net income attributable to Teledyne $ 43.7   $ 45.8  
Diluted earnings per common share $ 1.20   $ 1.20  
Weighted average diluted common shares outstanding 36.5   38.3  
     

TELEDYNE TECHNOLOGIES INCORPORATED

SUMMARY OF SEGMENT NET SALES AND OPERATING PROFIT

FOR THE THREE MONTHS ENDED

MARCH 29, 2015 AND MARCH 30, 2014

(Unaudited - in millions)

 
First Quarter First Quarter

%
Change

 
2015 2014  
Net sales:
Instrumentation $ 270.3 $ 258.9

4.4

%

Digital Imaging 90.4 101.9 (11.3

)

%

Aerospace and Defense Electronics 141.2 153.3 (7.9

)

%

Engineered Systems 63.1   59.4  

6.2

%

Total net sales $ 565.0   $ 573.5   (1.5

)

%

Segment operating profit:
Instrumentation $ 42.1 $ 37.5

12.3

%

Digital Imaging 9.3 9.7 (4.1

)

%

Aerospace and Defense Electronics 19.4 23.8 (18.5

)

%

Engineered Systems 6.7   6.1  

9.8

%

Total segment operating profit 77.5 77.1

0.5

%

Corporate expense (10.2 ) (11.1 ) (8.1

)

%

Operating income 67.3 66.0

2.0

%

Interest and debt expense, net (5.9 ) (4.7 )

25.5

%

Other income, net 0.8   0.6  

33.3

%

Income before income taxes 62.2 61.9

0.5

%

Provision for income taxes 18.5   15.9  

16.4

%

Net income 43.7 46.0 (5.0

)

%

Noncontrolling interest   (0.2 ) *
Net income attributable to Teledyne $ 43.7   $ 45.8   (4.6

)

%


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