THOUSAND OAKS, Calif. – July 25, 2013 – Teledyne Technologies Incorporated (NYSE:TDY)
- All-time record quarterly sales of $601.0 million
- Record second quarter earnings per share of $1.13
- Instrumentation segment operating profit increased 33.9%
- Raising full year 2013 GAAP earnings outlook to $4.50 to $4.55 per share from $4.47 to $4.51
Teledyne today reported second quarter 2013 sales of $601.0 million, compared with sales of $518.5 million for the second quarter of 2012, an increase of 15.9%. Net income attributable to Teledyne was $42.9 million ($1.13 per diluted share) for the second quarter of 2013, compared with $39.5 million ($1.06 per diluted share) for the second quarter of 2012, an increase of 8.6%.
“Quarterly sales were an all-time record and increased 15.9% compared to last year. Due to record sales to commercial and international customers, we also achieved reasonable organic growth of 2.9% in the quarter," said Robert Mehrabian, chairman, president and chief executive officer. “Largely due to recent acquisitions and charges associated with cost reduction efforts, margins declined compared to last year. However, overall operating margin increased 45 basis points sequentially from the first quarter of 2013. Quarter-end backlog remained over $1.0 billion, and free cash flow of $92.8 million was very strong. Given the challenging global economy, we remain very focused on keeping our cost structure low. Year to date, we have incurred $4.2 million in pretax charges related to severance and facility consolidations, but have been able to cover such costs with increased earnings. Finally, integration of our recent acquisitions is progressing very well. Yesterday, we announced that Teledyne LeCroy demonstrated the world's first 100 GHz oscilloscope. The ability to capture real-time electronic signals at a bandwidth of over 100 GHz is truly an industry milestone, one of many for Teledyne LeCroy over the years."
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn E. McGowan (805) 373-4540