TELEDYNE TECHNOLOGIES REPORTS FIRST QUARTER RESULTS
THOUSAND OAKS, Calif. April 24, 2013 Teledyne Technologies Incorporated (NYSE:TDY)
- All-time record quarterly sales of $569.4 million, an increase of 15.3% over 2012
- Record first quarter earnings per share of $1.07, an increase of 11.5% over 2012
- Acquired RESON to complement marine instrumentation
- Raising full year 2013 earnings outlook to $4.47 to $4.51 per share from $4.42 to $4.46
Teledyne today reported first quarter 2013 sales of $569.4 million, compared with sales of $494.0 million for the first quarter of 2012, an increase of 15.3%. Net income attributable to Teledyne was $40.4 million ($1.07 per diluted share) for the first quarter of 2013, compared with $35.7 million ($0.96 per diluted share) for the first quarter of 2012, an increase of 13.2%.
We began 2013 with a strong quarter. Quarterly sales were an all-time record and earnings per share increased 11.5% compared to last year, said Robert Mehrabian, chairman, president and chief executive officer. In addition, orders exceeded sales by 10%, and quarter-end backlog was also a record at over $1.0 billion. Our commercial and international business continues to grow. For example, instrumentation sales increased approximately 38% over last year and contributed more than half of our profit in the first quarter. Our government businesses, assisted by new programs and recent contract wins, were also relatively stable in the quarter. With the acquisition of RESON, a leading provider of multibeam sonar systems, as well as BlueView and Optech last year, Teledyne offers 3D marine imaging systems for use from aircraft, fixed platforms, surface vessels and AUVs over a wide range of distances and water depths. We now provide our customers one of the most comprehensive portfolios of marine technologies, ranging from connectors and communication devices to sensors, imaging systems and complete underwater vehicles.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540