Teledyne Technologies Reports First Quarter Results

THOUSAND OAKS, Calif. — (BUSINESS WIRE) — April 30, 2015 — Teledyne Technologies Incorporated (NYSE: TDY)

  • Quarterly sales of $565.0 million
  • Quarterly earnings per diluted share of $1.20
  • Acquired Bowtech Products Limited
  • Authorized 2.5 million share repurchase program and entered into an accelerated share repurchase agreement for 1.5 million shares
  • Announced the acquisition of the remaining interest in Optech Incorporated

Teledyne today reported first quarter 2015 sales of $565.0 million, compared with sales of $573.5 million for the first quarter of 2014, a decrease of 1.5%. Net income attributable to Teledyne was $43.7 million ($1.20 per diluted share) for the first quarter of 2015, compared with $45.8 million ($1.20 per diluted share) for the first quarter of 2014, a decrease of 4.6%. The first quarter of 2015 reflected net discrete tax expense of $0.2 million compared with net discrete tax benefits of $2.3 million ($0.06 per diluted share) for the first quarter of 2014.

“Excluding the impact of foreign currency, sales were largely flat with last year. However, operating margin increased 40 basis points and gross margin was an all-time record. Due to continued operating discipline and cost reductions, GAAP earnings per share were flat despite lower revenue and last year’s tax benefits of $0.06 per share,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “A strong U.S. dollar and an expected decline in certain energy markets affected revenue. However, in the fraction of our business related to offshore energy production, we reported record sales in the first quarter, and backlog was resilient given healthy orders and market share gains. Sales of environmental instrumentation and commercial avionics also grew nicely from last year, offsetting some timing-related declines in our government businesses. While we are confident we will achieve sequential improvements in earnings this year, we have modestly adjusted our prior full-year outlook by $0.11 per share. Finally, our acquisition pipeline remains healthy, which should allow us to generate additional growth in our core businesses.”

Review of Operations (Comparisons are with the first quarter of 2014, unless noted otherwise.)

Instrumentation

The Instrumentation segment’s first quarter 2015 sales were $270.3 million, compared with $258.9 million, an increase of 4.4%. First quarter 2015 operating profit was $42.1 million, compared with $37.5 million, an increase of 12.3%.

The first quarter 2015 sales increase resulted from higher sales in the marine instrumentation and environmental instrumentation product lines, partially offset by lower sales of electronic test and measurement instrumentation. The higher sales of $8.9 million for marine instrumentation included $12.1 million in incremental sales from recent acquisitions, including Bolt Technology Corporation and Bowtech Products Limited. Marine instrumentation reflected reduced sales of geophysical sensors for oil and gas exploration and lower international sales of sonar systems. Sales for environmental instrumentation increased $6.4 million and reflected higher sales of laboratory and field instrumentation. Sales for electronic test and measurement instrumentation decreased by $3.9 million primarily as a result of lower international sales due in part to the impact of foreign exchange rates. The increase in operating profit primarily reflected the impact of higher sales. The first quarter of 2015 reflected $0.8 million in higher acquired intangible amortization expense.

Digital Imaging

The Digital Imaging segment’s first quarter 2015 sales were $90.4 million, compared with $101.9 million, a decrease of 11.3%. Operating profit was $9.3 million for the first quarter of 2015, compared with $9.7 million, a decrease of 4.1%.

First quarter 2015 sales primarily reflected lower sales from U.S. Government research and development contracts and reduced sales of imagers for remote sensing, as well as machine vision cameras for semiconductor inspection. The decrease in operating profit in 2015 primarily reflected the impact of lower sales.

Aerospace and Defense Electronics

The Aerospace and Defense Electronics segment’s first quarter 2015 sales were $141.2 million, compared with $153.3 million, a decrease of 7.9%. Operating profit was $19.4 million for the first quarter of 2015, compared with $23.8 million, a decrease of 18.5%.

The first quarter 2015 sales decrease reflected lower sales of $9.6 million from microwave and interconnect systems and $6.0 million from electronic manufacturing services products, partially offset by higher sales of $3.5 million from avionics products and electronic relays. Operating profit in the first quarter of 2015 reflected the impact of lower sales, as well as lower margins for most defense electronics products.

Engineered Systems

The Engineered Systems segment’s first quarter 2015 sales were $63.1 million compared with $59.4 million, an increase of 6.2%. Operating profit was $6.7 million for the first quarter of 2015, compared with $6.1 million, an increase of 9.8%.

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