Teledyne Technologies Reports Fourth Quarter Results
THOUSAND OAKS, Calif. – January 29, 2015 – Teledyne Technologies Incorporated (NYSE:TDY)
- All-time record quarterly sales of $622.3 million increased 4.3% compared to last year
- All-time record quarterly earnings per share of $1.62 increased 12.5%
- Full-year earnings per share of $5.75 increased 18.1%
- Full-year free cash flow of $240.2 million
- Acquired Bolt Technology Corporation and assets of The Oceanscience Group Ltd.
- Newly authorized stock repurchase program to repurchase up to an additional 2,500,000
Teledyne today reported fourth quarter 2014 sales of $622.3 million, compared with sales of $596.6 million for the fourth quarter of 2013, an increase of 4.3%. Net income attributable to Teledyne was $60.2 million ($1.62 per diluted share) for the fourth quarter of 2014, compared with $54.9 million ($1.44 per diluted share) for the fourth quarter of 2013, an increase of 9.7%. The fourth quarters of 2014 and 2013 reflected pretax charges of $1.8 million and $5.3 million for severance and facility consolidation expenses, respectively. The fourth quarters of 2014 and 2013 also reflected net discrete tax benefits totaling $0.7 million and $6.1 million, respectively. The fourth quarter of 2014 included $5.6 million in research and development tax credits.
“Given the strength and diversity of Teledyne’s businesses and our consistent focus on operational excellence, we were able to achieve our thirteenth consecutive year of GAAP earnings growth,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “Furthermore, we ended 2014 with a very strong quarter, with sales, operating margin and earnings per share all at record levels. Total operating margin increased 220 basis points and resulted from greater profit and margin in all business segments. Finally, robust cash flow in 2014 allowed us to complete acquisitions as well as stock repurchases, while maintaining a healthy balance sheet.”
Investor Contact: Jason VanWees (805) 373-4542