TELEDYNE TECHNOLOGIES REPORTS THIRD QUARTER RESULTS
THOUSAND OAKS, Calif. – October 22, 2009 – Teledyne Technologies Incorporated (NYSE:TDY)
- Record earnings per share of $0.96
- Net income of $35.1 million included research and development tax credits of $8.2 million
- Raising full year 2009 outlook
Teledyne Technologies today reported third quarter 2009 sales of $429.4 million, compared with sales of $497.6 million for the same period of 2008. Net income for the third quarter of 2009 was $35.1 million ($0.96 per diluted share), compared with net income of $30.9 million ($0.84 per diluted share) in the third quarter of 2008. The third quarter of 2009 includes research and development tax credits of $8.2 million.
"Despite a challenging economic environment, we reported record earnings of $0.96 per share. In addition, third quarter 2009 free cash flow, excluding a voluntary pension contribution, was $60.1 million, another record for Teledyne," said Robert Mehrabian, chairman, president and chief executive officer. "As a result of our cost reduction actions, we also reported the highest operating margin thus far in 2009. While our revenue declined from last year and last quarter, we believe that demand in the majority of our commercial markets was at a trough in the third quarter. We believe we are well positioned, given our reduced cost structure, to benefit when demand in our commercial markets improves."
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540