THOUSAND OAKS, Calif. – January 23, 2014 – Teledyne Technologies Incorporated (NYSE:TDY)
Record fourth quarter sales of $596.6 million increased 5.1% compared to last year
All-time record quarterly GAAP earnings per share from continuing operations of $1.44
Record full-year sales and GAAP earnings per share from continuing operations of $2,338.6 million and $4.87, respectively
Fourth quarter 2013 includes pretax charges of $5.3 million for severance and facility consolidations, offset by net discrete tax benefits of $6.1 million
Acquired C.D. Limited (“CDL”), a supplier of subsea inertial navigation systems and motion sensors
Teledyne today reported fourth quarter 2013 sales of $596.6 million, compared with sales of $567.4 million for the fourth quarter of 2012, an increase of 5.1%. Net income from continuing operations was $54.9 million ($1.44 per diluted share) for the fourth quarter of 2013, compared with net income from continuing operations of $43.9 million ($1.17 per diluted share) for the fourth quarter of 2012, an increase of 25.1%. Net income attributable to Teledyne, including discontinued operations, was $54.9 million ($1.44 per diluted share) for the fourth quarter of 2013, compared with $46.2 million ($1.23 per diluted share) for the fourth quarter of 2012, an increase of 18.8%.
“We ended 2013 with record quarterly GAAP earnings and achieved our twelfth consecutive year of earnings growth,” said Robert Mehrabian, chairman, president and chief executive officer. “The strength of our high technology industrial businesses continued to propel our growth. In the fourth quarter, our instrumentation segment had record quarterly sales, with organic growth in each product category, and for the full year, instrumentation sales exceeded $1.0 billion. In the marine instrumentation domain, we acquired CDL, further enhancing our product portfolio in the offshore oil & gas market. Our commercial aerospace business also performed extremely well all year, developing new products and gaining share in this growing market. For example, during the quarter we announced a landmark single source contract under which we will supply unique aircraft information management solutions for the majority of future Boeing commercial aircraft. Throughout 2013, we also undertook aggressive actions to consolidate our businesses and lower our cost structure. We enter 2014 with a demonstrated record of performance, a more efficient and more attractive business portfolio, and a strong balance sheet.”
The fourth quarter of 2013, reflected pretax charges totaling $5.3 million for severance and facility consolidation expenses. The charges were comprised of $3.2 million in severance related costs and $2.1 million in facility closure and relocation costs. The fourth quarter of 2012, reflected pretax charges totaling $1.7 million for severance and facility consolidation costs. The fourth quarter of 2013 also reflected net discrete tax benefits totaling $6.1 million. The tax benefits for the fourth quarter of 2013 are primarily due to research and development credits, the remeasurement of uncertain tax positions and statute of limitation expirations. The fourth quarter of 2012 also reflected net discrete tax benefits totaling $1.1 million. The tax benefits for the fourth quarter of 2012 are primarily due to expirations of the statute of limitations.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540