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News

TELEDYNE TECHNOLOGIES REPORTS THIRD QUARTER RESULTS

THOUSAND OAKS, Calif. – October 28, 2010 – Teledyne Technologies Incorporated (NYSE:TDY)

  • Sales increased 3.4%, with 10.2% sales growth in the Electronics and Communications Segment
  • Earnings per share of $0.82 in Q3 2010 included $0.08 of tax credits offset by $0.05 of acquisition-related costs. Earnings per share of $0.96 in Q3 2009 included $0.25 of tax credits
  • Acquired Intelek plc, expanding presence in commercial satellite communications and commercial aerospace markets
  • Acquired maker of autonomous underwater vehicles (AUVs)
  • Raising full year 2010 outlook

Teledyne Technologies today reported third quarter 2010 sales of $443.9 million, compared with sales of $429.4 million for the same period of 2009. Net income for the third quarter of 2010 was $30.3 million ($0.82 per diluted share), compared with net income of $35.1 million ($0.96 per diluted share) for the third quarter of 2009. The third quarters of 2010 and 2009 include tax credits of $2.9 million and $9.3 million, respectively. The third quarter of 2010 also includes after-tax charges of $1.8 million for acquisition-related costs.

"Sales growth in the majority of our commercial businesses accelerated during the third quarter,” said Robert Mehrabian, chairman, president and chief executive officer. “Furthermore, quarterly orders exceeded sales and total funded backlog was just shy of record levels prior to the global financial crisis. Despite $1.8 million in after-tax acquisition-related charges, operating margin increased 39 basis points from last year and was the highest thus far in 2010. In July, we completed the acquisition of Intelek plc, expanding our capabilities in microwave systems, especially for commercial customers. We also recently completed the acquisition of Hafmynd ehf, the designer and manufacturer of the Gavia™ autonomous underwater vehicle. From sophisticated marine sensors through complete autonomous subsea vehicles, Teledyne now possesses one of the most comprehensive product portfolios for numerous subsea energy exploration and production, scientific research and defense applications.”

Investor Contact: Jason VanWees (805) 373-4542

Press Contact: Robyn McGowan (805) 373-4540




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