THOUSAND OAKS, Calif. – January 22, 2020 – Teledyne Technologies Incorporated (NYSE:TDY)
- Record quarterly sales of $834.2 million, an increase of 11.5% compared to last year
- Record quarterly GAAP earnings per diluted share of $3.06, an increase of 24.9% compared to last year
- Record full year sales of $3,163.6 million and GAAP earnings per diluted share of $10.73
- Record quarterly and full year cash flow
- Record fourth quarter and full year GAAP operating margin
- Issuing full year 2020 GAAP earnings outlook of $11.20 to $11.30 per diluted share
- Recently acquired OakGate Technology, Inc.
Teledyne today reported fourth quarter 2019 net sales of $834.2 million, compared with net sales of $748.4 million for the fourth quarter of 2018, an increase of 11.5%. Net income was $115.7 million ($3.06 per diluted share) for the fourth quarter of 2019, compared with $91.1 million ($2.45 per diluted share) for the fourth quarter of 2018, an increase of 27.0%. The fourth quarter of 2019 reflected net discrete income tax benefits of $8.3 million compared with net discrete income tax benefits of $6.9 million for the fourth quarter of 2018. The fourth quarter of 2019 included $2.1 million in severance and facility consolidation costs compared with $2.5 million in severance and facility consolidation costs for the fourth quarter of 2018.
"For the second consecutive quarter, we achieved all-time record sales, earnings per share and cash flow," said Robert Mehrabian, Executive Chairman. "Our full year results were also record breaking, with significant increases in sales, earnings per share and cash flow. In addition, full year GAAP operating margin increased 119 basis points given our continued emphasis on margin improvement. Finally, we deployed $484 million on complementary acquisitions in 2019, but nevertheless, ended 2019 with our lowest leverage in over five years." Al Pichelli, President and Chief Executive Officer, added, "Growth across Teledyne was once again driven by our balanced business portfolio. Instrumentation performance was led by a recovery in the marine market. The Digital Imaging segment reflected growth in healthcare and space markets. Our U.S. defense businesses also performed well across the entire company. Lastly, fourth quarter orders exceeded sales and we concluded 2019 with record backlog."