Teledyne Technologies Reports Third Quarter Results
LOS ANGELES - October 27, 2005 - Teledyne Technologies Incorporated (NYSE:TDY)
- Revenues of $295.3 million increased 9.4% compared to last year
- Earnings per share of $0.45 increased 21.6% compared to last year
- Acquired RD Instruments, Inc.
- Raising 2005 earnings per share outlook
Teledyne Technologies today reported third quarter 2005 sales of $295.3 million, compared with sales of $270.0 million for the same period of 2004. Net income for the third quarter of 2005 was $15.7 million ($0.45 per diluted share), compared with net income of $12.5 million ($0.37 per diluted share) in the third quarter of 2004.
"We achieved another strong quarter by building upon our balanced growth strategy," said Robert Mehrabian, chairman, president and chief executive officer. "Through a combination of organic growth, focused acquisitions and overall margin improvement, earnings per share increased substantially compared to last year. Our acquisition strategy continues to focus on pursuing businesses within or adjacent to our core markets. During the third quarter, we acquired RD Instruments, Inc., a manufacturer of acoustic instrumentation for analyzing the flow of water and the movement of objects in water. RD Instruments adds unique capabilities to both our environmental instrumentation and aerospace and defense electronics businesses."
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