THOUSAND OAKS, Calif. – May 4, 2017 – Teledyne Technologies Incorporated (NYSE:TDY)
- First quarter sales of $566.1 million
- Completed the acquisition of e2v technologies plc
- First quarter GAAP earnings per diluted share of $0.84
- First quarter adjusted earnings per diluted share of $1.26, excluding pretax charges of $21.2 million ($0.42 per share) related to the e2v acquisition, compared to prior outlook of $1.15 to $1.17, which excluded e2v
- Issuing full year 2017 GAAP earnings outlook of $5.20 to $5.30
- Issuing full year 2017 adjusted earnings outlook of $5.76 to $5.86 per diluted share, which excludes estimated charges of $0.56 related to the e2v acquisition, compared to prior outlook of $5.40 to $5.50, which excluded e2v
- Recently completed e2v-related financing with an average borrowing rate under 1.5%
Teledyne today reported first quarter 2017 sales of $566.1 million, compared with sales of $530.5 million for the first quarter of 2016, an increase of 6.7%. Net income was $30.5 million ($0.84 per diluted share) for the first quarter of 2017, compared with $39.0 million ($1.11 per diluted share) for the first quarter of 2016, a decrease of 21.8%. The first quarter of 2017 includes $21.2 million in costs related to the e2v technologies plc (“e2v”) acquisition.
“Teledyne began 2017 with a great quarter. We achieved strong organic growth in our imaging and aerospace businesses. Sales of environmental and electronic test and measurement instrumentation also increased nicely from last year,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “In addition, total orders exceeded sales by over 15% driven by strong bookings in nearly all commercial businesses, as well as our government imaging business. Excluding acquisition-related charges, adjusted operating margin increased over 100 basis points and was a record for any first quarter. We were delighted to close the acquisition of Teledyne e2v, and are proud to continue the company’s 70-year legacy of innovation in specialized high technology products. Finally, following acquisition-related charges in the first half of 2017, we expect Teledyne e2v to contribute meaningfully to GAAP earnings per share.”
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