TELEDYNE TECHNOLOGIES REPORTS SECOND QUARTER RESULTS
THOUSAND OAKS, Calif. - July 24, 2008 - Teledyne Technologies Incorporated (NYSE:TDY)
- Revenue increased 19.6% to $478.8 million compared with last year
- Earnings per diluted share increased 32.8% to $0.89 compared with last year
- Raising 2008 earnings per share outlook
- Recently acquired assets of Webb Research Corp.
Teledyne Technologies today reported second quarter 2008 sales of $478.8 million, compared with sales of $400.3 million for the same period of 2007. Net income for the second quarter of 2008 was $32.6 million ($0.89 per diluted share), compared with net income of $24.3 million ($0.67 per diluted share) in the second quarter of 2007.
"In the second quarter, we achieved record sales and earnings per share, and operating margin increased 76 basis points. As we have previously mentioned, we believe that our mix of government and commercial businesses, many of which are leveraged to offshore energy, environmental and government markets, should position us favorably in uncertain economic and financial markets,” said Robert Mehrabian, chairman, president and chief executive officer. “The offshore energy, hydrographic survey and other industries served by our marine electronics businesses now represent Teledyne’s second largest end market, second only to the defense market. Under the Teledyne Marine umbrella, Teledyne currently provides a number of market leading marine electronic subsystems, including acoustic modems, acoustic and inertial navigation systems, acoustic Doppler current profilers and subsea electrical and optical interconnect solutions. The recently completed acquisition of assets of Webb Research Corp. adds autonomous underwater vehicle systems to our existing capabilities."
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540