THOUSAND OAKS, Calif. – July 24, 2019 – Teledyne Technologies Incorporated (NYSE:TDY)
• Record quarterly sales of $782.0 million, an increase of 6.8% compared to last year
• Record quarterly GAAP earnings per diluted share of $2.80, an increase of 20.7% compared to last year
• Record operating margin
• Raising full year 2019 GAAP earnings outlook to $9.86 to $9.96 per diluted share, an increase from the prior outlook of $9.45 to $9.55
• Announced pending acquisition of the Gas and Flame Detection business of 3M for $230.0 million in cash
Teledyne today reported second quarter 2019 net sales of $782.0 million, compared with net sales of $732.5 million for the second quarter of 2018, an increase of 6.8%. Net income was $104.6 million ($2.80 per diluted share) for the second quarter of 2019, compared with $85.9 million ($2.32 per diluted share) for the second quarter of 2018, an increase of 21.8%. The second quarter of 2019 reflected net discrete income tax benefits of $4.3 million compared with net discrete income tax benefits of $3.4 million for the second quarter of 2018.
“We achieved all-time record sales and earnings per share for any quarterly period," said Robert Mehrabian, Executive Chairman. “Operating margin was also a record, increasing 165 basis points over last year. We have increased our emphasis on margin improvement, while at the same time continuing our proven strategy of disciplined capital deployment for compound growth in earnings. As an example, we were pleased to announce the Gas and Flame Detection acquisition, which will expand our portfolio of environmental instrumentation businesses." Al Pichelli, President and Chief Executive Officer, added, “Each business segment reported organic sales growth as Teledyne continues to benefit from our balanced portfolio of common technologies serving different, complementary markets. Strong sales of advanced detectors for medical imaging and defense electronics generated growth for our digital imaging and aerospace and defense segments. Instrumentation sales were led by continued growth of electronic test and measurement systems. Finally, marine instrumentation received outstanding orders and ended the quarter with its largest backlog in nearly four years."
