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News

TELEDYNE TECHNOLOGIES REPORTS FIRST QUARTER RESULTS

THOUSAND OAKS, Calif. – April 29, 2010 – Teledyne Technologies Incorporated (NYSE:TDY)

  • Earnings per diluted share increased 19.3% to $0.68 per share
  • Operating margin increased 107 basis points
  • Raising full year 2010 outlook

Teledyne Technologies today reported first quarter 2010 sales of $439.2 million, compared with sales of $440.3 million for the same period of 2009. Net income for the first quarter of 2010 was $25.0 million ($0.68 per diluted share), compared with net income of $20.8 million ($0.57 per diluted share) in the first quarter of 2009.

“The commercial businesses, which had been most impacted by the 2009 recession, recovered strongly in the first quarter,” said Robert Mehrabian, chairman, president and chief executive officer. “Sales of environmental and industrial instrumentation, as well as aviation engines and parts, increased significantly. Given growth in these markets and a leaner cost structure, Teledyne’s operating margin increased 107 basis points, and earnings per share grew 19.3% compared with last year. In addition, greater sales in our defense electronics businesses offset expected declines of government engineering services. Due to encouraging signs in our commercial markets, and the stability of our defense business, we are increasing our 2010 earnings outlook. In the defense electronics domain, we increased our involvement in tactical infrared imaging systems through the acquisition of a minority stake in Optical Alchemy, Inc. Optical Alchemy's ultra-light electro-optical systems are especially well suited for UAV applications which require light weight, persistent surveillance and precise targeting. With our strong balance sheet, our track record of operating discipline, and a history of successfully integrating strategic acquisitions, we are optimistic about the balance of 2010.”

Investor Contact: Jason VanWees (805) 373-4542

Press Contact: Robyn McGowan (805) 373-4540




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