THOUSAND OAKS, Calif. - January 27, 2021 - Teledyne Technologies Incorporated (NYSE:TDY)
- Fourth quarter sales of $809.3 million
- All-time record GAAP diluted earnings per share of $3.48, an increase of 13.7% compared with last year
- All-time record GAAP operating margin of 17.8%, an increase of 173 bps from last year
- Record quarterly and full year cash from operations of $236.4 million and $618.9 million, respectively
- Announced pending acquisition of FLIR Systems, Inc. for approximately $8.0 billion
- Issuing full year 2021 diluted earnings per share outlook of $11.25 to $11.45, which does not reflect the pending acquisition of FLIR and related acquisition and financing costs
Teledyne today reported fourth quarter 2020 net sales of $809.3 million, compared with net sales of $834.2 million for the fourth quarter of 2019, a decrease of 3.0%. Net income was $132.1 million ($3.48 diluted earnings per share) for the fourth quarter of 2020, compared with $115.7 million ($3.06 diluted earnings per share) for the fourth quarter of 2019, an increase of 14.2%. The fourth quarter of 2020 included $10.4 million in severance, facility consolidation, acquisition and other costs compared with $3.1 million in severance, facility consolidation, acquisition and other costs for the fourth quarter of 2019. The fourth quarter of 2020 reflected net discrete income tax benefits of $18.8 million compared with net discrete income tax benefits of $8.3 million for the fourth quarter of 2019.
"We concluded 2020 with the best earnings, operating margin and cash flow in the company's history," said Robert Mehrabian, Executive Chairman. "Given record quarterly and full year free cash flow of $217.0 million and $547.5 million, respectively, we ended the year with only $105.4 million of net debt. For over two decades, we have consistently and predictably compounded earnings and cash flow. Nevertheless, I have never been more excited about Teledyne's future. On the first day of fiscal 2021, we announced the pending acquisition of FLIR for $8.0 billion. Across digital imaging and unmanned systems, FLIR will add uniquely complementary technologies, products, customers and applications to Teledyne's proven business model."
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