TELEDYNE TECHNOLOGIES REPORTS SECOND QUARTER RESULTS
THOUSAND OAKS, Calif. July 29, 2010 Teledyne Technologies Incorporated (NYSE:TDY)
- Earnings per diluted share increased 13.0% to $0.78 per share
- Acquired Optimum Optical Systems, Inc.
- Recently completed the acquisition of Intelek plc
- Raising full year 2010 outlook
Teledyne Technologies today reported second quarter 2010 sales of $442.5 million, compared with sales of $441.1 million for the same period of 2009. Net income for the second quarter of 2010 was $28.6 million ($0.78 per diluted share), compared with net income of $25.2 million ($0.69 per diluted share) for the second quarter of 2009.
Our commercial businesses continued to recover nicely in the quarter, said Robert Mehrabian, chairman, president and chief executive officer. "Our Electronics and Communications segment performed well as a result of double-digit sales growth and margin improvement in our commercial electronic instrumentation businesses. Our commercial aerospace businesses also performed strongly with increased sales and improved margins. In June 2010 we acquired Optimum Optical Systems, our second investment in tactical military imaging and optics businesses this year. In addition, in July 2010 we completed the acquisition of Intelek plc, expanding our capabilities in microwave systems. Specifically, Intelek's Paradise Datacom division manufactures high power solid state amplifiers and modems for commercial customers which complement Teledyne's strong position in broadband high power traveling wave tube and lower power solid state subsystems, primarily for military customers."
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540