TELEDYNE TECHNOLOGIES REPORTS FOURTH QUARTER RESULTS
THOUSAND OAKS, Calif. January 22, 2009 Teledyne Technologies Incorporated (NYSE:TDY)
- Revenue increased 9.3% to $467.1 million compared with last year
- Earnings per diluted share increased 15.1% to $0.84 compared with last year
- Full year revenues increased 16.8% to $1.895 billion
- Full year earnings per diluted share increased 23.2% to $3.35
- Acquired Cormon Limited, Odom Hydrographic Systems, Inc. and assets of Demo Systems LLC
Teledyne Technologies today reported fourth quarter 2008 sales of $467.1 million, compared with sales of $427.5 million for the same period of 2007. Net income for the fourth quarter of 2008 was $30.8 million ($0.84 per diluted share), compared with net income of $26.6 million ($0.73 per diluted share) in the fourth quarter of 2007.
"We were pleased to end 2008 with another strong quarter. During the fourth quarter, sales increased 9.3% and earnings per share increased 15.1%. In addition, we reported record operating margin in our Electronics and Communications Segment and for the total company, said Robert Mehrabian, chairman, president and chief executive officer. Our positive results for the quarter were achieved despite significant weakness in some of our commercial businesses for which orders slowed dramatically during the quarter. We expect 2009 to be a challenging year given the continuing global economic downturn, increased pension expense and volatile commodity prices. Nonetheless, we believe we can successfully navigate the current environment given our balanced mix of businesses in defensible markets, sufficient liquidity, and continued commitment to operational excellence."
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540