THOUSAND OAKS, Calif. – November 2, 2017 – Teledyne Technologies Incorporated (NYSE:TDY)
Sales of $662.2 million an increase of 25.7% compared to last year
Record GAAP earnings per diluted share of $1.90
Raising full year 2017 GAAP earnings outlook to $6.10 to $6.15, an increase from the prior outlook of $5.60 to $5.70
Raising full year 2017 adjusted earnings outlook to $6.66 to $6.71, an increase from the prior outlook of $6.15 to $6.25 per diluted share. Adjusted earnings, a non-GAAP measure, exclude estimated non-recurring charges of $0.56 per diluted share related to the e2v acquisition
Acquired assets of Scientific Systems, Inc. (“SSI”)
Teledyne today reported third quarter 2017 sales of $662.2 million, compared with sales of $526.8 million for the third quarter of 2016, an increase of 25.7%. Net income was $69.0 million ($1.90 per diluted share) for the third quarter of 2017, compared with $52.0 million ($1.46 per diluted share) for the third quarter of 2016, an increase of 32.7%. The third quarter of 2017 included pretax charges of $2.9 million related to the acquisition of e2v technologies plc (“e2v”) and net discrete income tax benefits of $9.9 million. The third quarter of 2016 included net discrete income tax benefits of $6.6 million.
“We achieved all-time record GAAP earnings per share and operating margin in the third quarter. Furthermore, sales growth continued to accelerate, as we reported a record increase in year-over-year revenue,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “While our Digital Imaging segment performed exceptionally well, we also achieved strong organic revenue growth in each Instrumentation product group and the majority of our government and defense businesses. In addition, orders exceeded sales and free cash flow was a record for any third quarter. Finally, given our strong cash flow, e2v integration progress and stability in our end markets, we are pursuing a number of acquisitions across our business portfolio.”
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