Teledyne Technologies Reports First Quarter Results

THOUSAND OAKS, Calif. — (BUSINESS WIRE) — May 4, 2017 — Teledyne Technologies Incorporated (NYSE: TDY):

  • First quarter sales of $566.1 million
  • Completed the acquisition of e2v technologies plc
  • First quarter GAAP earnings per diluted share of $0.84
  • First quarter adjusted earnings per diluted share of $1.26, excluding pretax charges of $21.2 million ($0.42 per share) related to the e2v acquisition, compared to prior outlook of $1.15 to $1.17, which excluded e2v
  • Issuing full year 2017 GAAP earnings outlook of $5.20 to $5.30
  • Issuing full year 2017 adjusted earnings outlook of $5.76 to $5.86 per diluted share, which excludes estimated charges of $0.56 related to the e2v acquisition, compared to prior outlook of $5.40 to $5.50, which excluded e2v
  • Recently completed e2v-related financing with an average borrowing rate under 1.5%

Teledyne today reported first quarter 2017 sales of $566.1 million, compared with sales of $530.5 million for the first quarter of 2016, an increase of 6.7%. Net income was $30.5 million ($0.84 per diluted share) for the first quarter of 2017, compared with $39.0 million ($1.11 per diluted share) for the first quarter of 2016, a decrease of 21.8%. The first quarter of 2017 includes $21.2 million in costs related to the e2v technologies plc (“e2v”) acquisition.

“Teledyne began 2017 with a great quarter. We achieved strong organic growth in our imaging and aerospace businesses. Sales of environmental and electronic test and measurement instrumentation also increased nicely from last year,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “In addition, total orders exceeded sales by over 15% driven by strong bookings in nearly all commercial businesses, as well as our government imaging business. Excluding acquisition-related charges, adjusted operating margin increased over 100 basis points and was a record for any first quarter. We were delighted to close the acquisition of Teledyne e2v, and are proud to continue the company’s 70-year legacy of innovation in specialized high technology products. Finally, following acquisition-related charges in the first half of 2017, we expect Teledyne e2v to contribute meaningfully to GAAP earnings per share.”

Review of Operations (Comparisons are with the first quarter of 2016, unless noted otherwise.) On March 28, 2017, Teledyne completed the acquisition of e2v for $770.7 million, including stock options and assumed net debt. Most of e2v’s operations will be included in the Digital Imaging and Aerospace and Defense Electronics segments. However, the Instrumentation segment will also include a small portion of e2v’s operations.

Instrumentation

The Instrumentation segment’s first quarter 2017 sales were $232.8 million, compared with $223.7 million, an increase of 4.1%. First quarter 2017 operating income was $30.4 million, compared with $31.4 million, a decrease of 3.2%. The first quarter 2017 sales increase primarily resulted from higher sales of environmental instrumentation and test and measurement instrumentation, partially offset by lower sales of marine instrumentation. Sales of environmental instrumentation increased $6.8 million and included $4.6 million in sales from the acquisition of Hanson Research. Sales of test and measurement instrumentation increased $5.7 million and included $4.0 million in incremental sales from recent acquisitions. Sales for marine instrumentation decreased $3.4 million and primarily reflected lower sales of interconnect systems for energy production. The decrease in operating income was due to the impact of lower sales and lower margins for marine instrumentation, partially offset by greater sales and margins for environmental and test and measurement instrumentation.

Digital Imaging

The Digital Imaging segment’s first quarter 2017 sales were $113.8 million, compared with $89.9 million, an increase of 26.6%. Operating income was $15.3 million for the first quarter of 2017, compared with $8.2 million, an increase of 86.6%.

The first quarter 2017 sales primarily reflected higher sales of machine vision cameras for industrial applications, micro electro-mechanical systems (“MEMS”), laser-based mapping systems and geospatial software. The first quarter 2017 sales included $10.5 million in incremental sales from recent acquisitions, including $7.2 million from e2v. The increase in operating income in the first quarter of 2017 primarily reflected the impact of higher sales, favorable product mix, compared with the first quarter of 2016. Included in operating income in 2017 was an operating loss of $1.2 million from e2v, which included $2.5 million in acquisition-related costs.

Aerospace and Defense Electronics

The Aerospace and Defense Electronics segment’s first quarter 2017 sales were $151.9 million, compared with $152.6 million, a decrease of 0.5%. Operating income was $26.2 million for the first quarter of 2017, compared with $24.1 million, an increase of 8.7%.

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