THOUSAND OAKS, Calif. – April 25, 2012 – Teledyne Technologies Incorporated (NYSE:TDY)
- Record first quarter sales and earnings per share
- First quarter sales increased 5.5% to $494.0 million
- Earnings per share from continuing operations increased to $0.96 per share from $0.87 per share
- Raising full year 2012 earnings outlook to $3.98 to $4.04 per share from $3.90 to $3.96
- Acquired VariSystems Inc. on February 25, 2012
- Acquired a majority interest in Optech on April 2, 2012
Teledyne today reported first quarter 2012 sales from continuing operations of $494.0 million, compared with sales of $468.1 million for the first quarter of 2011, an increase of 5.5%. Net income from continuing operations was $35.7 million ($0.96 per diluted share) for the first quarter of 2012, compared with $32.5 million ($0.87 per diluted share) for the first quarter of 2011, an increase of 9.8%. Net income attributable to Teledyne was $35.7 million ($0.96 per diluted share) for the first quarter of 2012, compared with $32.0 million ($0.86 per diluted share) for the first quarter of 2011, an increase of 11.6%.
“Teledyne began 2012 with a strong quarter. Sales increased 5.5%, and earnings per share from continuing operations grew 10.3%, despite record research and development spending," said Robert Mehrabian, chairman, president and chief executive officer. “We continued our emphasis on higher margin industrial growth markets, and also increased our global presence. International sales contributed more than 40% of total revenue in the first quarter. In addition, our recent acquisitions build upon our current capabilities, adding new products and further expanding our markets. For example, over the last several years, Teledyne has built a robust portfolio of rugged interconnect solutions used in offshore energy exploration and production. The acquisition of VariSystems provides greater access to land-based energy markets, specifically hydraulic fracturing and oil sands applications. Optech, whose LIDAR systems produce detailed three dimensional images, adds a new level of capability to our portfolio of visible, infrared, X-ray and ultraviolet sensors, cameras and software, as well as marine survey sensors and systems."
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn E. McGowan (805) 373-4540