THOUSAND OAKS, Calif. - April 22, 2020 - Teledyne Technologies Incorporated (NYSE:TDY)
Record first quarter sales of $784.6 million, an increase of 5.3% compared to last year
Record first quarter GAAP diluted earnings per share of $2.17, an increase of 7.4% compared to last year
Record first quarter GAAP operating margin
Adjusting full year 2020 GAAP diluted earnings per share outlook to $9.30 to $10.00, a decrease from the prior outlook of $11.20 to $11.30
Acquired OakGate Technology, Inc.
Teledyne today reported first quarter 2020 net sales of $784.6 million, compared with net sales of $745.2 million for the first quarter of 2020, an increase of 5.3%. Net income was $82.2 million ($2.17 diluted earnings per share) for the first quarter of 2020, compared with $75.3 million ($2.02 diluted earnings per share) for the first quarter of 2019, an increase of 9.2%. The first quarter of 2020 included $10.4 million in severance, facility consolidation, acquisition and certain contract adjustment costs compared with $2.4 million in severance, facility consolidation, and acquisition costs for the first quarter of 2019. The first quarter of 2020 reflected net discrete income tax benefits of $4.2 million compared with net discrete income tax benefits of $3.1 million for the first quarter of 2019.
"Our first priority remains the health and safety of our employees and their families. Up to 40% of our total personnel continue to work from home, and within our manufacturing operations, we are maintaining social distancing and other necessary protocols. Given the challenging operating environment, we are especially pleased to report that Teledyne achieved both record first quarter sales and GAAP diluted earnings per share," said Robert Mehrabian, Executive Chairman. "Sales of $784.6 million increased 5.3% and included positive organic growth. Likewise, GAAP earnings per share and GAAP operating margin increased despite substantial charges taken in the first quarter. Teledyne's business portfolio remains exceptionally well-balanced across end markets and geographies. In addition, approximately one half of our businesses are longer-cycle, more predictable and supported by record quarter-end backlog. Nevertheless, our current lower and wider earnings outlook range is a result of the highly uncertain environment. Teledyne's balance sheet is exceptionally strong, with over $230 million of cash and cash equivalents and more than $600 million available under our credit facility maturing in 2024. Given our ample liquidity and the resilience of our business portfolio, we continue to review and pursue acquisition opportunities."
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Investor Contact: Jason VanWees (805) 373-4542