THOUSAND OAKS, Calif. – August 2, 2018 – Teledyne Technologies Incorporated (NYSE:TDY)
• Record sales of $732.5 million, an increase of 9.1% compared to last year
• Record GAAP earnings per diluted share of $2.32
• Record operating margin
• Raising full year 2018 GAAP earnings outlook to $8.18 to $8.28, an increase from the prior outlook of $7.67 to $7.77
Teledyne today reported second quarter 2018 net sales of $732.5 million, compared with net sales of $671.1 million for the second quarter of 2017, an increase of 9.1%. Net income was $85.9 million ($2.32 per diluted share) for the second quarter of 2018, compared with $60.1 million ($1.66 per diluted share) for the second quarter of 2017, an increase of 42.9%. The second quarter of 2017 includes $4.0 million ($0.08 per diluted share) in acquisition costs related to the e2v technologies plc (“e2v") acquisition.
“Teledyne's second quarter results were the best in our history. We achieved all-time record sales, earnings, and operating margin," said Robert Mehrabian, Chairman and Chief Executive Officer. “Organic growth of 8.3% was driven by broad-based growth across our imaging and instrumentation businesses. Orders also remained healthy with an overall book to bill greater than 1.1 times due in part to strong defense and space-related contract awards. Finally, margins increased in every segment as a result of greater sales, favorable product mix and cost control, as well as stronger business integration and simplification efforts across the company."
Investor Contact: Jason VanWees (805) 373-4542