Teledyne Technologies Reports Third Quarter Results

THOUSAND OAKS, Calif. — (BUSINESS WIRE) — November 2, 2017 — Teledyne Technologies Incorporated (NYSE: TDY):

  • Sales of $662.2 million an increase of 25.7% compared to last year
  • Record GAAP earnings per diluted share of $1.90
  • Raising full year 2017 GAAP earnings outlook to $6.10 to $6.15, an increase from the prior outlook of $5.60 to $5.70
  • Raising full year 2017 adjusted earnings outlook to $6.66 to $6.71, an increase from the prior outlook of $6.15 to $6.25 per diluted share. Adjusted earnings, a non-GAAP measure, exclude estimated non-recurring charges of $0.56 per diluted share related to the e2v acquisition
  • Acquired assets of Scientific Systems, Inc. (SSI)

Teledyne today reported third quarter 2017 sales of $662.2 million, compared with sales of $526.8 million for the third quarter of 2016, an increase of 25.7%. Net income was $69.0 million ($1.90 per diluted share) for the third quarter of 2017, compared with $52.0 million ($1.46 per diluted share) for the third quarter of 2016, an increase of 32.7%. The third quarter of 2017 included pretax charges of $2.9 million related to the acquisition of e2v technologies plc (“e2v”) and net discrete income tax benefits of $9.9 million. The third quarter of 2016 included net discrete income tax benefits of $6.6 million.

“We achieved all-time record GAAP earnings per share and operating margin in the third quarter. Furthermore, sales growth continued to accelerate, as we reported a record increase in year-over-year revenue,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “While our Digital Imaging segment performed exceptionally well, we also achieved strong organic revenue growth in each Instrumentation product group and the majority of our government and defense businesses. In addition, orders exceeded sales and free cash flow was a record for any third quarter. Finally, given our strong cash flow, e2v integration progress and stability in our end markets, we are pursuing a number of acquisitions across our business portfolio.”

Review of Operations (Comparisons are with the third quarter of 2016, unless noted otherwise.)

Instrumentation

The Instrumentation segment’s third quarter 2017 sales were $232.5 million, compared with $208.3 million, an increase of 11.6%. Third quarter 2017 operating income was $34.8 million, compared with $28.1 million, an increase of 23.8%.

The third quarter 2017 sales increase resulted from higher sales of environmental instrumentation, marine instrumentation and test and measurement instrumentation, as well as the contribution from recent acquisitions. Sales of environmental instrumentation increased $13.9 million and primarily reflected higher sales of air monitoring instruments and $6.9 million in incremental sales from recent acquisitions, including SSI. Sales of marine instrumentation increased $4.2 million and primarily reflected higher sales of interconnect systems. Sales of test and measurement instrumentation increased $6.1 million and included $1.4 million in incremental sales from recent acquisitions. The increase in operating income reflected the impact of greater sales and the collection of a previously reserved receivable.

Digital Imaging

The Digital Imaging segment’s third quarter 2017 sales were $191.5 million, compared with $98.5 million, an increase of 94.4%. Operating income was $31.9 million for the third quarter of 2017, compared with $11.7 million, an increase of 172.6%.

The third quarter 2017 sales included $70.1 million in incremental sales from recent acquisitions, primarily from e2v. The third quarter 2017 sales also reflected higher sales of machine vision cameras for industrial applications and X-ray detectors for life sciences applications. The increase in operating income in the third quarter of 2017 reflected the impact of higher sales, favorable product mix and incremental operating profit from e2v, partially offset by acquisition-related charges of $2.9 million.

Aerospace and Defense Electronics

The Aerospace and Defense Electronics segment’s third quarter 2017 sales were $165.1 million, compared with $153.5 million, an increase of 7.6%. Operating income was $29.4 million for the third quarter of 2017, compared with $31.5 million, a decrease of 6.7%.

The third quarter 2017 sales reflected $11.5 million of higher sales of microwave and interconnect systems and higher sales of $1.9 million of electronic manufacturing services products, partially offset by $1.8 million of lower sales of avionics products and electronic relays. The higher sales of microwave and interconnect systems included $11.7 million in sales from e2v. Operating income in the third quarter of 2017 reflected the impact of higher sales, more than offset by unfavorable product mix.

Engineered Systems

The Engineered Systems segment’s third quarter 2017 sales were $73.1 million, compared with $66.5 million, an increase of 9.9%. Operating income was $10.0 million for the third quarter of 2017, compared with $8.6 million, an increase of 16.3%.

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