Teledyne Technologies Reports Second Quarter Results
THOUSAND OAKS, Calif. - July 26, 2007 - Teledyne Technologies Incorporated (NYSE:TDY)
- Revenue increased 15.0% to $400.3 million compared with last year
- Earnings per diluted share increased 13.6% to $0.67 compared with last year
- Raising 2007 earnings per share outlook
Teledyne Technologies today reported second quarter 2007 sales of $400.3 million, compared with sales of $348.1 million for the same period of 2006. Net income for the second quarter of 2007 was $24.3 million ($0.67 per diluted share), compared with net income of $20.9 million ($0.59 per diluted share) in the second quarter of 2006.
"In the second quarter of 2007, Teledyne set record quarterly revenue and earnings, as earnings per share increased 13.6% from last year. This marked our thirteenth consecutive quarter of double digit percentage increases in earnings per share," said Robert Mehrabian, chairman, president and chief executive officer. "During the second quarter, overall operating margin increased 127 basis points. Our Electronics and Communications segment had record operating margin of 14.0% for the quarter. In addition, total orders during the quarter exceeded sales by over 15%."