THOUSAND OAKS, Calif. – April 23, 2014 – Teledyne Technologies Incorporated (NYSE:TDY)
Record first quarter sales of $573.5 million
Record first quarter earnings per share of $1.20, an increase of 12.1% over 2013
Raising full year 2014 GAAP earnings outlook to $5.10 to $5.14, an increase from the prior outlook of $5.06 to $5.12
Teledyne today reported first quarter 2014 sales of $573.5 million, compared with sales of $569.4 million for the first quarter of 2013, an increase of 0.7%. Net income attributable to Teledyne was $45.8 million ($1.20 per diluted share) for the first quarter of 2014, compared with $40.4 million ($1.07 per diluted share) for the first quarter of 2013, an increase of 13.4%.
“Teledyne started 2014 with record first quarter sales and earnings per share. With the significant cost reduction actions taken in 2013, a higher margin commercial sales mix and a well-funded pension, we were also able to generate meaningful margin improvement,” said Robert Mehrabian, chairman, president and chief executive officer. “Operating margin increased 116 basis points and earnings per share increased 12.1% compared to last year. Furthermore, orders exceeded sales by approximately 7% in the quarter, largely due to robust orders across our marine oil and gas instrumentation businesses. Despite the anticipated year-over-year reduction in sales within our aerospace and defense electronics segment, greater sales of commercial avionics and communication equipment improved margins and helped offset the decline in sales. Finally, cash flow was strong, especially for a first quarter, providing continued flexibility for acquisitions.”
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn E. McGowan (805) 373-4540