THOUSAND OAKS, Calif. – April 27, 2011 – Teledyne Technologies Incorporated (NYSE:TDY)
Record first quarter sales, earnings per share and operating margin
First quarter sales increased 15.6% to $468.1 million
Earnings from continuing operations increased 27.9% to $0.87 per share
Issuing full year 2011 earnings outlook of $3.25 to $3.32 per share
Completed the acquisition of DALSA Corporation
Completed the sale of our piston engines businesses in April 2011
Teledyne Technologies today reported first quarter 2011 sales of $468.1 million, compared with sales of $404.9 million for the first quarter of 2010. Net income attributable to Teledyne Technologies was $32.0 million ($0.86 per diluted share) for the first quarter of 2011, compared with $25.0 million ($0.68 per diluted share) for the first quarter of 2010, an increase of 28.0%. Net income attributable to Teledyne Technologies, excluding discontinued operations, was $32.5 million ($0.87 per diluted share) for the first quarter of 2011, compared with $25.0 million ($0.68 per diluted share) for the first quarter of 2010, an increase of 30.0%.
"We were pleased with our results, as both revenue and earnings increased substantially compared to last year," said Robert Mehrabian, chairman, president and chief executive officer. "Beyond our strong financial performance, the strategic changes over the last several months are even more significant. Teledyne has steadily evolved over the last decade, but having divested our piston engine businesses and with the acquisition of DALSA, Teledyne is now truly an electronics, instrumentation and engineering company. The proportion of earnings generated from commercial markets and international customers continues to grow. For example, our instrumentation and imaging businesses provide proprietary products for global energy, water quality and industrial manufacturing applications. In addition, given our exposure to subsea oil exploration and production, Teledyne is positively leveraged to rising commodity costs."
Investor Contact: Jason VanWees (805) 373-4542
Media Contact: Robyn E. McGowan (805) 373-4540