THOUSAND OAKS, Calif. – October 23, 2014 – Teledyne Technologies Incorporated (NYSE:TDY)
Record quarterly sales of $601.1 million increased 5.2% compared to last year
Record third quarter earnings per share of $1.47 increased 19.5% compared to last year
Announced agreement to acquire Bolt Technology Corporation
Announced $101.6 million accelerated share repurchase and pricing of $125.0 million senior unsecured notes with an average fixed rate under 3.0%
Raising full year 2014 GAAP earnings outlook to $5.49 to $5.53, an increase from the prior outlook of $5.31 to $5.35
Teledyne today reported third quarter 2014 sales of $601.1 million, compared with sales of $571.6 million for the third quarter of 2013, an increase of 5.2%. Net income attributable to Teledyne was $55.6 million ($1.47 per diluted share) for the third quarter of 2014, compared with $46.8 million ($1.23 per diluted share) for the third quarter of 2013, an increase of 18.8%. The third quarter of 2014 includes pretax charges of $2.3 million related to asset write downs and legal matters, offset by net discrete tax benefits of $6.1 million. Third quarter 2013 includes pretax charges of $14.3 million primarily related to severance and facility consolidations, offset by net discrete tax benefits of $11.6 million.
“Quarterly sales were an all-time record, largely resulting from reasonable organic growth of 3.4% in the quarter,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “Our sales and earnings were driven by continued growth within our instrumentation and other commercial industrial businesses. In the third quarter, we were also pleased to have modest growth in our U.S. government business. Operating margin increased considerably from last year and was nearly a record. Given our strong cash flow, we were able to repurchase shares and maintain a healthy balance sheet. Finally, the pending acquisition of Bolt will broaden our rich portfolio of marine instrumentation, adding a number of highly complementary products.”
Investor Contact: Jason VanWees (805) 373-4542
