THOUSAND OAKS, Calif. – May 3, 2018 – Teledyne Technologies Incorporated (NYSE:TDY)
• Record first quarter sales of $695.6 million, an increase of 22.9% compared to last year
• Record first quarter GAAP earnings per diluted share of $1.81
• Record first quarter operating margin
• Raising full year 2018 GAAP earnings outlook to $7.67 to $7.77, an increase from the prior outlook of $7.51 to $7.61
Teledyne today reported first quarter 2018 net sales of $695.6 million, compared with net sales of $566.1 million for the first quarter of 2017, an increase of 22.9%. Net income was $66.5 million ($1.81 per diluted share) for the first quarter of 2018, compared with $30.5 million ($0.84 per diluted share) for the first quarter of 2017, an increase of 118.0%. The first quarter of 2017 includes $21.2 million ($0.42 per share) in acquisition costs related to the e2v technologies plc (“e2v”) acquisition.
“We began 2018 with an outstanding quarter. Total sales increased 22.9% including organic growth of 7.9%. In addition, orders exceeded sales in every segment, generating an overall book to bill greater than 1.2 times,” said Robert Mehrabian, Chairman and Chief Executive Officer. “Our Digital Imaging segment performed exceptionally well again, with sales increasing 21.7% organically from last year. Sales of defense and space electronics were also strong with one large space program contributing to our all-time record orders. Finally, while operating margin was a record for any first quarter, we believe there remains room for long-term improvement.”
Investor Contact: Jason VanWees (805) 373-4542