Teledyne Technologies Reports Fourth Quarter Results
LOS ANGELES - January 26, 2006 - Teledyne Technologies Incorporated (NYSE:TDY)
Teledyne Technologies today reported fourth quarter 2005 sales of $310.4 million, compared with sales of $288.1 million for the same period of 2004. Net income for the fourth quarter of 2005 was $16.6 million ($0.48 per diluted share), compared with net income of $13.4 million ($0.39 per diluted share) in the fourth quarter of 2004.
- Revenues of $310.4 million increased 7.7% compared to last year
- Earnings per share of $0.48 increased 23.1% compared to last year
- Full year revenues increased 18.7% to over $1.2 billion
- Full year earnings per share increased 49.2% to $1.85
- Announced agreement to acquire Benthos, Inc
"Our record revenue and net income marked the completion of an outstanding year for Teledyne. In the fourth quarter, as a result of continued margin improvement and focused acquisitions, earnings per share grew at three times the rate of revenue," said Robert Mehrabian, chairman, president and chief executive officer. "For the full year 2005, earnings per share increased 49.2 percent, the fourth consecutive year of double-digit earnings growth. Furthermore, full year free cash flow was $72.5 million and exceeded net income for the fourth consecutive year. In November 2005, we also announced the acquisition of Benthos, Inc. This acquisition, expected to close in January 2006, would further increase our capabilities and product offerings in both military and commercial marine instrumentation markets."
Read the report now