TELEDYNE TECHNOLOGIES REPORTS SECOND QUARTER RESULTS
THOUSAND OAKS, Calif. – July 28, 2011 – Teledyne Technologies Incorporated (NYSE:TDY)
- All-time record quarterly sales, earnings per share and operating margin from continuing operations
- Second quarter sales from continuing operations of $502.9 million, an increase of 23.3%
- Earnings per share from continuing operations of $1.04, an increase of 36.8%
- Second quarter total earnings per share were $4.08, including $3.04 per share from discontinued operations
- Raising full year 2011 earnings outlook from continuing operations to $3.57 to $3.63 per share from $3.25 to $3.32
Teledyne Technologies today reported second quarter 2011 sales from continuing operations of $502.9 million, compared with sales of $408.0 million for the second quarter of 2010, an increase of 23.3%. Net income from continuing operations was $38.7 million ($1.04 per diluted share) for the second quarter of 2011, compared with $28.0 million ($0.76 per diluted share) for the second quarter of 2010, an increase of 38.2%. Net income including discontinued operations was $152.3 million ($4.08 per diluted share) for the second quarter of 2011, compared with $28.6 million ($0.78 per diluted share) for the second quarter of 2010. The second quarter of 2011 includes income from discontinued operations of $113.6 million.
"Quarterly sales, gross margin, operating margin and earnings per share were all at record levels," said Robert Mehrabian, chairman, president and chief executive officer. "Teledyne is a different company today and our results reflect this fact. The second quarter marked our first full period that included Teledyne DALSA, and excluded our piston engine business which was divested in April. In addition, our balance sheet now reflects the proceeds from the divestiture. Teledyne is now primarily a producer of highly-engineered products which are enabling technologies for a number of industrial growth markets. These markets include offshore energy, global infrastructure, machine vision and factory automation, military C4ISR and commercial aircraft information management. Today our addressable markets are larger, our businesses are integrated and working together, as evidenced by the recent contract wins for manned and unmanned underwater vehicles, and we have built a foundation for continued profitable growth. We expect that internally funded research and development will be approximately $100 million in 2011, and we have a number of new technologies and products currently in development."
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540