THOUSAND OAKS, Calif. – April 24, 2019 – Teledyne Technologies Incorporated (NYSE:TDY)
- Record first quarter sales of $745.2 million, an increase of 7.1% compared to last year
- Record first quarter GAAP earnings per diluted share of $2.02, an increase of 11.6% compared to last year
- Record first quarter operating margin and cash flow
- Raising full year 2019 GAAP earnings outlook to $9.45 to $9.55 per diluted share, an increase from the prior outlook of $9.25 to $9.35
- Acquired the Scientific Imaging businesses of Roper Technologies for $225.0 million in cash
Teledyne today reported first quarter 2019 net sales of $745.2 million, compared with net sales of $695.6 million for the first quarter of 2018, an increase of 7.1%. Net income was $75.3 million ($2.02 per diluted share) for the first quarter of 2019, compared with $66.5 million ($1.81 per diluted share) for the first quarter of 2018, an increase of 13.2%. The first quarter of 2019 reflected net discrete income tax benefits of $3.1 million compared with net discrete income tax benefits of $2.1 million for the first quarter of 2018. The first quarter of 2019 also included $1.4 million in severance and facility consolidation costs and $1.0 million in acquisition-related expense. The first quarter of 2018 included $0.8 million in severance and facility consolidation cost and $2.0 million in asset impairment costs.
“We began 2019 with the strongest first quarter in the company’s history,” said Robert Mehrabian, Executive Chairman. “I am very pleased with the breadth of our performance across both our shorter-cycle and longer-cycle businesses. Our strong results and continuing margin improvement efforts add confidence to our increased 2019 outlook.” Al Pichelli, President and Chief Executive Officer, added, “Sales, earnings, operating margin and cash flow were all records for any first quarter. Sales also increased in every business segment and major product category. Backlog continued to grow, as orders exceeded sales for the fifth consecutive quarter. Finally, we closed the Scientific Imaging acquisition in February, and these businesses contributed nicely in their first two months with Teledyne.”
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Investor Contact: Jason VanWees (805) 373-4542