THOUSAND OAKS, Calif. – July 24, 2014 – Teledyne Technologies Incorporated (NYSE:TDY)
Second quarter sales of $597.1 million
All-time record quarterly earnings per share from continuing operations of $1.47
Raising full year 2014 GAAP earnings outlook to $5.31 to $5.35, an increase from the prior outlook of $5.10 to $5.14
Teledyne today reported second quarter 2014 sales of $597.1 million, compared with sales of $601.0 million for the second quarter of 2013, a decrease of 0.6%. Net income attributable to Teledyne was $56.1 million ($1.47 per diluted share) for the second quarter of 2014, compared with $42.9 million ($1.13 per diluted share) for the second quarter of 2013, an increase of 30.8%.
“Our results demonstrate the successful transformation of Teledyne into a higher-margin, industrial technology company,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “With record sales to the marine and offshore energy markets, instrumentation segment sales increased 7.3% in the quarter. In addition, greater sales of higher-margin commercial avionics and machine vision cameras helped offset expected declines in government sales in our digital imaging and defense electronics businesses. Given the continued mix shift across Teledyne, as well as ongoing cost reduction efforts, operating margin increased 164 basis points and was a record for any quarter. Free cash flow was almost $100 million during the first six months, enabling continued capital deployment for acquisitions and share repurchases.”
Investor Contact: Jason VanWees (805) 373-4542