THOUSAND OAKS, Calif. – April 30, 2015 – Teledyne Technologies Incorporated (NYSE:TDY)
- Quarterly sales of $565.0 million
- Quarterly earnings per diluted share of $1.20
- Acquired Bowtech Products Limited
- Authorized 2.5 million share repurchase program and entered into an accelerated share repurchase agreement for 1.5 million shares
- Announced the acquisition of the remaining interest in Optech Incorporated
Teledyne today reported first quarter 2015 sales of $565.0 million, compared with sales of $573.5 million for the first quarter of 2014, a decrease of 1.5%. Net income attributable to Teledyne was $43.7 million ($1.20 per diluted share) for the first quarter of 2015, compared with $45.8 million ($1.20 per diluted share) for the first quarter of 2014, a decrease of 4.6%. The first quarter of 2015 reflected net discrete tax expense of $0.2 million compared with net discrete tax benefits of $2.3 million ($0.06 per diluted share) for the first quarter of 2014.
“Excluding the impact of foreign currency, sales were largely flat with last year. However, operating margin increased 40 basis points and gross margin was an all-time record. Due to continued operating discipline and cost reductions, GAAP earnings per share were flat despite lower revenue and last year's tax benefits of $0.06 per share," said Robert Mehrabian, Chairman, President and Chief Executive Officer. “A strong U.S. dollar and an expected decline in certain energy markets affected revenue. However, in the fraction of our business related to offshore energy production, we reported record sales in the first quarter, and backlog was resilient given healthy orders and market share gains. Sales of environmental instrumentation and commercial avionics also grew nicely from last year, offsetting some timing-related declines in our government businesses. While we are confident we will achieve sequential improvements in earnings this year, we have modestly adjusted our prior full-year outlook by $0.11 per share. Finally, our acquisition pipeline remains healthy, which should allow us to generate additional growth in our core businesses."
Investor Contact: Jason VanWees (805) 373-4542