TELEDYNE TECHNOLOGIES REPORTS SECOND QUARTER RESULTS
THOUSAND OAKS, Calif. – July 23, 2009 – Teledyne Technologies Incorporated (NYSE:TDY)
- Second quarter 2009 sales and earnings per share were $441.1 million and $0.69, respectively
- Both were below second quarter 2008 due to a challenging environment in selected commercial businesses
- Second quarter 2009 earnings per share improved $0.12 from first quarter 2009, on essentially flat sales, due to effective cost management
- Affirming previous full year 2009 outlook
Teledyne Technologies today reported second quarter 2009 sales of $441.1 million, compared with sales of $478.8 million for the same period of 2008. Net income for the second quarter of 2009 was $25.2 million ($0.69 per diluted share), compared with net income of $32.6 million ($0.89 per diluted share) in the second quarter of 2008.
"Considering the continued softening of the economy, I am pleased with our financial performance this quarter. We have sized our commercial businesses in line with current market demand, and we are managing the company appropriately," said Robert Mehrabian, chairman, president and chief executive officer. "Year over year comparisons were certainly difficult. However, while total sales increased only modestly in the second quarter compared to the first quarter of 2009, operating profit increased in each business segment, and free cash flow was $31.4 million, which was 25% greater than second quarter 2009 net income. Despite our improved performance relative to the first quarter, and even though second quarter 2009 orders exceeded sales by 7.6%, we continue to expect 2009 to be a challenging year. However, we believe the mix of our businesses, including expected stability in our defense and government operations, coupled with our aggressive cost controls, should allow Teledyne to outperform in such an environment."
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540