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News

TELEDYNE TECHNOLOGIES REPORTS THIRD QUARTER RESULTS

THOUSAND OAKS, Calif. – October 23, 2008 – Teledyne Technologies Incorporated (NYSE:TDY)

  • Revenue increased 21.7% to $497.6 million compared with last year
  • Income before taxes increased 32.7% to $49.1 million
  • Earnings per diluted share increased 12.0% to $0.84
  • Net income included tax benefits of $0.8 million compared with $4.5 million last year
  • Raising 2008 earnings per share outlook
  • Acquired Webb Research Corp. and Filtronic PLC’s Defense Electronics business
  • Recently acquired Cormon Limited

Teledyne Technologies today reported third quarter 2008 sales of $497.6 million, compared with sales of $408.9 million for the same period of 2007. Net income for the third quarter of 2008 was $30.9 million ($0.84 per diluted share), compared with net income of $27.1 million ($0.75 per diluted share) in the third quarter of 2007. The third quarter of 2008 includes income tax benefits of $0.8 million compared with income tax benefits of $4.5 million for the third quarter of 2007.

“In the third quarter of 2008, we achieved our sixth consecutive quarter of record sales, and income before taxes increased 32.7% compared with last year. In addition, we recently completed three acquisitions, each of which added specialized technology and more highly integrated products to existing Teledyne businesses,” said Robert Mehrabian, chairman, president and chief executive officer. “Teledyne performed well during the quarter despite a challenging economic environment. We continue to hold strong positions in defensible niche markets, have good visibility in many of our government businesses and possess sufficient liquidity. Nonetheless, given the potential impact of credit tightening on end customer demand, volatile commodity prices, customers’ labor strikes and anticipated pressures on government spending, we intend to manage the company cautiously. This being said, we believe we remain well positioned to continue pursuing our strategy of operational excellence combined with focused acquisitions that further enhance our capabilities in our core markets. In fact, weakness in certain markets may increase the availability of opportunistic acquisitions to strengthen our businesses.”

Investor Contact: Jason VanWees (805) 373-4542

Press Contact: Robyn McGowan (805) 373-4540




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