THOUSAND OAKS, Calif. – October 29, 2015 – Teledyne Technologies Incorporated (NYSE:TDY)
- Third quarter sales of $555.4 million
- Third quarter earnings per diluted share of $1.34
- Announced pricing of $125.0 million senior unsecured notes with an average fixed rate under 3.2%
- Raising full year 2015 GAAP earnings outlook to $5.13 to $5.18, an increase from the prior outlook of $5.10 to $5.17
- Announcing planned share repurchase of approximately $100.0 million under the company's current share repurchase authorization
Teledyne today reported third quarter 2015 sales of $555.4 million, compared with sales of $601.1 million for the third quarter of 2014, a decrease of 7.6%. Net income attributable to Teledyne was $48.3 million ($1.34 per diluted share) for the third quarter of 2015, compared with $55.6 million ($1.47 per diluted share) for the third quarter of 2014, a decrease of 13.1%. The third quarter of 2015 included pretax severance charges of $3.1 million, as well as net discrete tax benefits of $7.4 million, partially offset by increased tax expense of $3.3 million due to a higher tax rate, excluding discrete items. The third quarter of 2014 included pretax severance charges of $1.7 million, offset by net discrete tax benefits of $6.1 million.
“Teledyne continues to benefit from our balanced business portfolio and ongoing emphasis on cost control and strong operating discipline. While sales declined from last year, GAAP operating margin improved and was at the highest level so far in 2015," said Robert Mehrabian, Chairman, President and Chief Executive Officer. “Weakness in energy markets and the challenging capital spending environment, especially overseas, impacted sales of marine and electronic test and measurement instrumentation. However, this was partially offset by increased sales of environmental instrumentation and commercial digital imaging systems. Furthermore, sales of aerospace and defense electronics increased sequentially as expected. Finally, given our strong cash flow and balance sheet, we will not only continue to pursue acquisitions, but also repurchase shares opportunistically."
Investor Contact: Jason VanWees (805) 373-4542