Teledyne Technologies Reports Second Quarter Results
THOUSAND OAKS, Calif. August 4, 2016 Teledyne Technologies Incorporated (NYSE:TDY)
- Second quarter sales from continuing operations of $534.9 million
- Second quarter GAAP earnings per diluted share from continuing operations of $1.32
- Results include pretax charges of $10.8 million ($0.22 per share) for severance, facility consolidations and asset impairments, offset by a pretax gain of $17.9 million ($0.32 per share) on the sale of real estate no longer needed as a result of prior facility consolidations
- Raising full year 2016 GAAP earnings outlook from continuing operations to $5.10 to $5.20, an increase from the prior outlook of $5.05 to $5.15
- Completed three previously announced acquisitions
- Divested the Teledyne Printed Circuit Technology business
Teledyne today reported second quarter 2016 sales from continuing operations of $534.9 million, compared with sales from continuing operations of $573.6 million for the second quarter of 2015, a decrease of 6.7%. Net income from continuing operations was $46.1 million ($1.32 per diluted share) for the second quarter of 2016, compared with $48.4 million ($1.34 per diluted share) for the second quarter of 2015, a decrease of 4.8%. Net income attributable to Teledyne was $45.7 million ($1.31 per diluted share) for the second quarter of 2016, compared with $48.3 million ($1.34 per diluted share) for the second quarter of 2015, a decrease of 5.4%.
In the second quarter, we achieved strong organic growth in our imaging and aerospace and defense electronics segments. Sales of electronic test and measurement and environmental instrumentation also increased, said Robert Mehrabian, Chairman, President and Chief Executive Officer. As a result of prior cost reduction actions, operating margin for our aerospace and defense electronics segment improved significantly and was a record. Similar aggressive cost reduction efforts in the second quarter were primarily focused within our marine instrumentation businesses and should result in improved margins in the future. Finally, we continued to improve our business portfolio, acquiring two electronics and one software company, while divesting a lower margin contract manufacturing business.