Teledyne Technologies Reports Second Quarter Results

A live webcast of Teledyne’s second quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Thursday, July 30, 2015. To access the call, go to www.teledyne.com approximately ten minutes before the scheduled start time. A replay will also be available for one month starting at 12:00 p.m. (Eastern) on Thursday, July 30, 2015.

                       

TELEDYNE TECHNOLOGIES INCORPORATED

CONSOLIDATED STATEMENTS OF INCOME

FOR THE SECOND QUARTER AND SIX MONTHS ENDED

JUNE 28, 2015 AND JUNE 29, 2014

(Unaudited - in millions, except per share amounts)

 

Second

Quarter

Second

Quarter

Six

Months

Six

Months

2015 2014 2015 2014
Net sales $ 577.7 $ 597.1 $ 1,142.7 $ 1,170.6
Costs and expenses:
Costs of sales 357.7 368.4 703.6 720.1
Selling, general and administrative expenses 151.1   154.4   302.9   310.2  
Total costs and expenses 508.8   522.8   1,006.5   1,030.3  
Operating income 68.9 74.3 136.2 140.3
Interest expense, net (6.0 ) (4.6 ) (11.9 ) (9.3 )
Other income, net 3.4   8.2   4.2   8.8  
Income before income taxes 66.3 77.9 128.5 139.8
Provision for income taxes 18.3   22.1   36.8   38.0  
Net income 48.0 55.8 91.7 101.8
Noncontrolling interest 0.3   0.3   0.3   0.1  
Net income attributable to Teledyne $ 48.3   $ 56.1   $ 92.0   $ 101.9  
Diluted earnings per common share $ 1.34   $ 1.47   $ 2.53   $ 2.67  
Weighted average diluted common shares outstanding 36.1   38.1   36.3   38.2  
 
 
                                   

TELEDYNE TECHNOLOGIES INCORPORATED

SUMMARY OF SEGMENT NET SALES AND OPERATING PROFIT

FOR THE SECOND QUARTER AND SIX MONTHS ENDED

JUNE 28, 2015 AND JUNE 29, 2014

(Unaudited - in millions)

 

Second

Quarter

Second

Quarter

%

Change

Six

Months

Six

Months

%

Change

2015 2014 2015 2014
Net sales:
Instrumentation $ 271.3 $ 276.6 (1.9 )% $ 541.6 $ 535.5 1.1 %
Digital Imaging 90.8 103.7 (12.4 )% 181.2 205.6 (11.9 )%
Aerospace and Defense Electronics 147.0 152.2 (3.4 )% 288.2 305.5 (5.7 )%
Engineered Systems 68.6   64.6   6.2 % 131.7   124.0   6.2 %
Total net sales $ 577.7   $ 597.1   (3.2 )% $ 1,142.7   $ 1,170.6   (2.4 )%
Segment operating profit:
Instrumentation $ 45.7 $ 43.8 4.3 % $ 87.8 $ 81.3 8.0 %
Digital Imaging 8.8 11.7 (24.8 )% 18.1 21.4 (15.4 )%
Aerospace and Defense Electronics 20.6 22.9 (10.0 )% 40.0 46.7 (14.3 )%
Engineered Systems 4.8   6.8   (29.4 )% 11.5   12.9   (10.9 )%
Total segment operating profit 79.9 85.2 (6.2 )% 157.4 162.3 (3.0 )%
Corporate expense (11.0 ) (10.9 ) 0.9 % (21.2 ) (22.0 ) (3.6 )%
Operating income 68.9 74.3 (7.3 )% 136.2 140.3 (2.9 )%
Interest expense, net (6.0 ) (4.6 ) 30.4 % (11.9 ) (9.3 ) 28.0 %
Other income, net 3.4   8.2   (58.5 )% 4.2   8.8   (52.3 )%
Income before income taxes 66.3 77.9 (14.9 )% 128.5 139.8 (8.1 )%
Provision for income taxes 18.3   22.1   (17.2 )% 36.8   38.0   (3.2 )%
Net income 48.0 55.8 (14.0 )% 91.7 101.8 (9.9 )%
Noncontrolling interest 0.3   0.3   % 0.3   0.1   200.0 %
Net income attributable to Teledyne $ 48.3   $ 56.1   (13.9 )% $ 92.0   $ 101.9   (9.7 )%
 
 
                     

TELEDYNE TECHNOLOGIES INCORPORATED

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited – in millions)

 
June 28, 2015 December 28, 2014
ASSETS
Cash $ 61.3 $ 141.4
Accounts receivable, net 395.6 400.7
Inventories, net 330.2 311.8
Prepaid expenses and other current assets 86.9   87.8
Total current assets 874.0 941.7
Property, plant and equipment, net 331.3 336.5
Goodwill and acquired intangible assets, net 1,432.2 1,428.2
Prepaid pension asset 101.3 86.3
Other assets, net 68.3   69.5
Total assets $ 2,807.1   $ 2,862.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable $ 145.5 $ 162.5
Accrued liabilities 252.9 290.3
Current portion of long-term debt and capital lease obligations 87.2   86.2
Total current liabilities 485.6 539.0
Long-term debt and capital lease obligations 678.1 618.9
Other long-term liabilities 246.8   235.8
Total liabilities 1,410.5 1,393.7
Total stockholders’ equity 1,396.6   1,468.5
Total liabilities and stockholders’ equity $ 2,807.1   $ 2,862.2
 

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