THOUSAND OAKS, Calif. – February 2, 2017 – Teledyne Technologies Incorporated (NYSE:TDY)
Fourth quarter sales from continuing operations of $552.9 million
Fourth quarter GAAP earnings per diluted share from continuing operations of $1.49
Announced pending acquisition of e2v technologies plc
Excluding pretax charges of $7.9 million ($0.16 per share) related to the e2v transaction, fourth quarter earnings per share of $1.65, a non-GAAP measure
Acquired Hanson Research and assets of IN USA
Teledyne today reported fourth quarter 2016 sales from continuing operations of $552.9 million, compared with sales from continuing operations of $594.7 million for the fourth quarter of 2015, a decrease of 7.0%. Net income from continuing operations was $53.4 million ($1.49 per diluted share) for the fourth quarter of 2016, compared with $56.2 million ($1.59 per diluted share) for the fourth quarter of 2015, a decrease of 5.0%. The fourth quarter of 2016 includes $7.9 million in acquisition related costs for the pending acquisition of e2v technologies plc (“e2v”). The fourth quarter earnings outlook issued by the company’s management on November 3, 2016, did not include charges related to the e2v transaction announced on December 12, 2016. Net income attributable to Teledyne was $53.0 million ($1.48 per diluted share) for the fourth quarter of 2016, compared with $55.5 million ($1.57 per diluted share) for the fourth quarter of 2015, a decrease of 4.5%. The fourth quarter of 2016 contained 13 weeks and the fourth quarter of 2015 contained 14 weeks.
“We concluded 2016 with our strongest quarter of the year. Furthermore, we generated record full year cash from operations,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “Most of our commercial businesses are now growing, marine instrumentation comparisons will ease significantly in 2017, and our government businesses have begun to recover. Our year-end backlog was approximately $120 million greater than last year. We closed two bolt-on acquisitions in the fourth quarter, and we were pleased to announce the pending acquisition of e2v, our largest transaction to date. I am personally very excited about the pending acquisition of e2v, as every business in its portfolio is complementary to Teledyne. From industrial machine vision to space-based imaging, microwave devices spanning radar to radiotherapy, and specialty semiconductors through micro electro-mechanical systems, our respective capabilities and engineering-centric cultures are truly a great fit.”
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