THOUSAND OAKS, Calif. - October 23, 2019 Teledyne Technologies Incorporated (NYSE:TDY)
- Record quarterly sales of $802.2 million, an increase of 10.6% compared to last year
- Record quarterly GAAP earnings per diluted share of $2.84, an increase of 16.9% compared to last year
- Record cash flow
- Record third quarter operating margin
- Raising full year 2019 GAAP earnings outlook to $10.37 to $10.42 per diluted share, an increase from the prior outlook of $9.86 to $9.96
- Completed acquisition of the Gas and Flame Detection business of 3M
- Acquired Micralyne Inc.
Teledyne today reported third quarter 2019 net sales of $802.2 million, compared with net sales of $725.3 million for the third quarter of 2018, an increase of 10.6%. Net income was $106.7 million ($2.84 per diluted share) for the third quarter of 2019, compared with $90.3 million ($2.43 per diluted share) for the third quarter of 2018 , an increase of 18.2%. The third quarter of 2019 reflected net discrete income tax benefits of $10.4 million compared with net discrete income tax benefits of $11.4 million for the third quarter of 2018. The third quarter of 2019 included $0.3 million in severance and facility consolidation costs compared with $4.1 million in severance and facility consolidation costs for the third quarter of 2018.
"Once again, we achieved all time record sales, earnings per share and cash flow for any quarterly period," said Robert Mehrabian, Executive Chairman. "Due to our greater emphasis on margin improvement, operating margin increased 150 basis points over last year. We also closed two acquisitions in the quarter, including the quick completion of the Gas and Flame Detection business of 3M. In fact, each of our two 2019 corporate carve out acquisitions were closed within two months of announcement." Al Pichelli, President and Chief Executive Officer, added, "Teledyne continued to benefit from our balanced business portfolio. Strong sales of defense electronics and advanced detectors for medical imaging, as well as a recovery in marine instrumentation, helped generate total company organic growth of approximately five percent. In addition, given recent acquisitions, every segment reported double digit sales growth."
Investor Contact: Jason VanWees (805) 373-4542