THOUSAND OAKS, Calif. - April 22, 2020 - Teledyne Technologies Incorporated (NYSE:TDY)
Teledyne today reported first quarter 2020 net sales of $784.6 million, compared with net sales of $745.2 million for the first quarter of 2020, an increase of 5.3%. Net income was $82.2 million ($2.17 diluted earnings per share) for the first quarter of 2020, compared with $75.3 million ($2.02 diluted earnings per share) for the first quarter of 2019, an increase of 9.2%. The first quarter of 2020 included $10.4 million in severance, facility consolidation, acquisition and certain contract adjustment costs compared with $2.4 million in severance, facility consolidation, and acquisition costs for the first quarter of 2019. The first quarter of 2020 reflected net discrete income tax benefits of $4.2 million compared with net discrete income tax benefits of $3.1 million for the first quarter of 2019.
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