TELEDYNE TECHNOLOGIES REPORTS FOURTH QUARTER RESULTS
THOUSAND OAKS, Calif. January 26, 2012 Teledyne Technologies Incorporated (NYSE:TDY)
- Fourth quarter sales increased 12.6% to $474.5 million
- Fourth quarter earnings per share from continuing operations of $0.99 vs. $1.00 in 2010
- Fourth quarter 2010 earnings per share included $0.24 of tax credits offset by $0.08 of acquisition and disposition expenses
- Record full-year revenues and earnings per share from continuing operations of $1,941.9 million and $3.81, respectively
- Full-year earnings per share of $6.84 including discontinued operations
- Repurchased 658,562 shares of our stock in the fourth quarter
Teledyne today reported fourth quarter 2011 sales from continuing operations of $474.5 million, compared with sales of $421.5 million for the fourth quarter of 2010, an increase of 12.6%. Net income from continuing operations including noncontrolling interest was $36.8 million ($0.99 per diluted share) for the fourth quarter of 2011, compared with $37.0 million ($1.00 per diluted share) for the fourth quarter of 2010. The fourth quarter of 2010 included net tax credits of $9.0 million and certain pretax charges totaling $4.8 million for acquisition and disposition related expenses.
2011 was a decisive year in the history of Teledyne, both financially and strategically, said Robert Mehrabian, chairman, president and chief executive officer. Full year sales, earnings per share, GAAP operating margin, and free cash flow all were at record levels. In addition to the financial performance, the divestiture of our aircraft piston engine business, along with its liabilities, significantly reduced our risk profile, while the acquisition of DALSA was a major commitment to digital imaging. Teledyne is a different company today. Following a decade of progressive change and continuous improvement in operations, we enter 2012 as a company primarily serving industrial growth markets. We now possess higher technology businesses, a greater research and development capability, and provide proprietary highly engineered products to markets such as offshore energy, global infrastructure, factory automation, transportation and communications.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540