Teledyne Technologies Reports Third Quarter Results

The third quarter 2017 sales reflected higher sales of $5.3 million of engineered products and services and $4.7 million of turbine engines, partially offset by lower sales of $3.4 million of energy systems products. The higher sales of engineered products and services primarily reflected greater marine manufacturing and missile defense programs. The higher sales of turbine engines reflected greater sales for the Joint Air-to-Surface Standoff Missile (“JASSM”) and Harpoon missile programs. Operating income in the third quarter of 2017 reflected the impact of higher sales and a greater proportion of higher margin manufacturing programs.

Additional Financial Information

Cash Flow

Cash provided by operating activities was $107.9 million for the third quarter of 2017, compared with $98.0 million. The higher cash provided by operating activities in the third quarter of 2017 reflected cash flow from e2v and the impact of higher operating income, partially offset by higher income tax payments. At October 1, 2017, cash totaled $82.5 million and total debt, including capital lease obligations, was $1,195.7 million. At October 1, 2017, $285.0 million was outstanding under the $750.0 million credit facility. The company received $7.0 million from the exercise of stock options in the third quarter of 2017, compared with $17.1 million. Capital expenditures for the third quarter of 2017 were $15.6 million, compared with $14.4 million. Depreciation and amortization expense for the third quarter of 2017 was $31.4 million, compared with $22.8 million. On July 20, 2017, Teledyne acquired assets of SSI for $31.0 million in cash.

Free Cash Flow (a)               Third Quarter

(in millions, brackets indicate use of funds)

2017           2016
Cash provided by operating activities $ 107.9 $ 98.0
Capital expenditures for property, plant and equipment (15.6 ) (14.4 )
Free cash flow $ 92.3   $ 83.6  

 

(a)     The company defines free cash flow as cash provided by operating activities (a measure prescribed by generally accepted accounting principles) less capital expenditures for property, plant and equipment. The company believes that this supplemental non-GAAP information is useful to assist management and the investment community in analyzing the company’s ability to generate cash flow.
 

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