THOUSAND OAKS, Calif. – February 1, 2018 – Teledyne Technologies Incorporated (NYSE:TDY)
- Record sales of $704.4 million, an increase of 27.4% compared to last year
- Fourth quarter GAAP earnings per diluted share of $1.84
- Fourth quarter adjusted earnings per diluted share of $1.95, excluding estimated aftertax charges of $4.7 million ($0.13 per share) related to U.S. tax reform and a $1.1 million ($0.02 per share) favorable adjustment related to the e2v acquisition
- Record full year sales of $2.604 billion
- Record full year GAAP earnings per diluted share of $6.26
- Record full year adjusted earnings per diluted share of $6.93, excluding pretax charges of $27.0 million ($0.54 per share) related to the e2v acquisition and estimated after-tax charges of $4.7 million ($0.13 per share) related to U.S. tax reform
- Record full year GAAP operating margin
- Record full year free cash flow
- Issuing full year 2018 GAAP earnings outlook of $7.51 to $7.61
Teledyne today reported fourth quarter 2017 sales of $704.4 million, compared with sales of $552.9 million for the fourth quarter of 2016, an increase of 27.4%. Net income was $67.6 million ($1.84 per diluted share) for the fourth quarter of 2017, compared with $53.0 million ($1.48 per diluted share) for the fourth quarter of 2016, an increase of 27.5%. The fourth quarter of 2017 included net discrete income tax benefits of $6.0 million, and also includes provisional charges of $4.7 million as a result of the Tax Cuts and Jobs Act of 2017 (“Tax Act"). The fourth quarter of 2016 includes $7.9 million in acquisition related costs for the acquisition of e2v technologies plc (“e2v"). The fourth quarter of 2016 also included net discrete income tax benefits of $9.4 million.
“Sales growth accelerated throughout 2017, and we concluded the year with record revenue of $704.4 million. In addition, each segment and major product category reported strong growth with overall organic growth exceeding nine percent in the quarter," said Robert Mehrabian, Chairman, President and Chief Executive Officer. “Full year 2017 was, by any measure, a record year. Record sales, record earnings, record operating margin, record cash flow, and the successful acquisition and integration of Teledyne e2v, our largest acquisition to date. Furthermore, we achieved record GAAP earnings despite significant non-recurring charges associated with the acquisition of e2v and U.S. tax reform."
Investor Contact: Jason VanWees (805) 373-4542