THOUSAND OAKS, Calif. – October 27, 2011 – Teledyne Technologies Incorporated (NYSE:TDY)
- Earnings per share from continuing operations of $0.91, an increase of 12.3%
- Raising full year 2011 earnings outlook from continuing operations to $3.66 to $3.68 per share from $3.57 to $3.63
- Third quarter 2011 includes a $2.8 million after-tax write off of an investment
- Third quarter 2011 includes net income tax credits of $2.4 million compared with $2.9 million in the third quarter of 2010
- Announcing stock buyback program of up to 2.5 million shares
Teledyne Technologies today reported third quarter 2011 sales from continuing operations of $496.4 million, compared with sales of $409.8 million for the third quarter of 2010, an increase of 21.1%. Net income from continuing operations including noncontrolling interest was $34.1 million ($0.91 per diluted share) for the third quarter of 2011, compared with $29.9 million ($0.81 per diluted share) for the third quarter of 2010, an increase of 14.0%. Net income including discontinued operations was $34.1 million ($0.91 per diluted share) for the third quarter of 2011, compared with $30.3 million ($0.82 per diluted share) for the third quarter of 2010. Net income for the third quarter of 2011 included a $2.8 million after-tax charge to write off the company’s minority investment in a private company. The third quarter of 2011 also included net tax credits of $2.4 million while the third quarter of 2010 included net tax credits of $2.9 million.
“We were pleased with our performance this quarter; sales increased 21.1% and earnings from continuing operations grew 12.3%,” said Robert Mehrabian, chairman, president and chief executive officer. “We continued our emphasis on higher margin commercial and international markets, as well as new product development. Gross margin increased 278 basis points compared to last year, but was partially offset by greater internal research and development spending as we develop new technologies and secure a healthy new product pipeline. During the third quarter we also received two customer-funded development contracts: one for our low-dosage digital CMOS medical x-ray sensors and another for new high-power subsea interconnects for offshore oil and gas production. Furthermore, organic growth in our instrumentation, imaging and electronics businesses was collectively 9.1%, and our Engineered Systems segment was awarded multi-year contracts with ceilings totaling almost $1.0 billion, providing a stabilized outlook in this business. With our diversified mix of industrial and growing international businesses, we believe we are positioned well to navigate an environment of volatile capital markets and economic uncertainty. Finally, given our strong cash flow and balance sheet, we have the flexibility not only to continue pursuing acquisitions, but also to repurchase shares.”
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Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn E. McGowan (805) 373-4540
