THOUSAND OAKS, Calif. – July 30, 2015 – Teledyne Technologies Incorporated (NYSE:TDY)
- Second quarter sales of $577.7 million
- Second quarter earnings per diluted share of $1.34
- Acquired the remaining interest in Optech Incorporated
- Acquired Industrial Control Machines SA (ICM X-ray)
- Affirming full year 2015 GAAP earnings outlook of $5.60 to $5.65
Teledyne today reported second quarter 2015 sales of $577.7 million, compared with sales of $597.1 million for the second quarter of 2014, a decrease of 3.2%. Net income attributable to Teledyne was $48.3 million ($1.34 per diluted share) for the second quarter of 2015, compared with $56.1 million ($1.47 per diluted share) for the second quarter of 2014, a decrease of 13.9%.
“In the second quarter, sales increased sequentially in all four business segments," said Robert Mehrabian, Chairman, President and Chief Executive Officer. “Year over year revenue comparisons were affected by the strong US dollar and negative currency translation, as well as expected declines in certain energy-related markets. While these impacts were most concentrated in our instrumentation segment, the segment's operating profit increased and segment operating margin increased 101 basis points compared to last year due to strong operating discipline. We continue to benefit from our balanced business portfolio and the strength and diversity of Teledyne's highly engineered products. Increased sales in the commercial aerospace and offshore energy production markets helped offset declines in offshore exploration and international sales of test and measurement instrumentation and digital imaging sensors and cameras. In addition, total U.S. Government sales increased, and our aerospace and defense electronics segment had the strongest level of orders in two years. We remain nimble, aggressively managing our cost structure, while generating cash to deploy within our businesses and on acquisitions."
Investor Contact: Jason VanWees (805) 373-4542