THOUSAND OAKS, Calif. - August 3, 2017 - Teledyne Technologies Incorporated (NYSE:TDY)
Record sales of $671.1 million
Record GAAP earnings per diluted share of $1.66
Results include pretax charges of $4.0 million ($0.08 per share) related to the e2v
acquisition, offset by net discrete tax benefits of $4.6 million ($0.13 per share)
Raising full year 2017 GAAP earnings outlook to $5.60 to $5.70, an increase from the
prior outlook of $5.20 to $5.30
Raising full year 2017 adjusted earnings outlook to $6.15 to $6.25, an increase from the
prior outlook of $5.76 to $5.86 per diluted share. Adjusted earnings, a non-GAAP measure, exclude estimated non-recurring charges of $0.55 per diluted share related to the e2v acquisition
Recently acquired assets of Scientific Systems, Inc. ("SSI")
Teledyne today reported second quarter 2017 sales of $671.1 million, compared with sales of $539.7 million for the second quarter of 2016, an increase of 24.3%. Net income was $60.1 million ($1.66 per diluted share) for the second quarter of 2017, compared with $46.9 million ($1.33 per diluted share) for the second quarter of 2016, an increase of 28.1%. The second quarter of 2017 included pretax charges of $4.0 million related to the acquisition of e2v technologies plc ("e2v") and net discrete income tax benefits of $4.6 million. The second quarter of 2016 included pretax charges totaling $11.7 million for severance, facility consolidation and asset impairment expense. In addition, the second quarter of 2016 included a pretax gain of $17.9 million related to the sale of a former operating facility.
"Sales growth accelerated in the second quarter, as revenue increased organically in each segment and across all major product lines. In addition, Teledyne e2v performed very well in its first full quarter, and the acquisition integration is progressing as planned," said Robert Mehrabian, Chairman, President and Chief Executive Officer. "Our strong results largely reflected exceptional growth in our digital imaging segment, coupled with strong execution and margin improvement across all of Teledyne. Over the last four years, Teledyne endured significant declines first in our defense markets and then in our offshore energy businesses. In the absence of major market headwinds, our second quarter results demonstrated Teledyne's strong, and consistent, underlying business performance. We also continued our record of prudent capital deployment, recently acquiring Scientific Systems. SSI is a great fit, both strategically and culturally, with one of Teledyne's strongest performing environmental instrumentation businesses."
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