Teledyne Technologies Reports Second Quarter Results

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

  • Second quarter sales of $577.7 million
  • Second quarter earnings per diluted share of $1.34
  • Acquired the remaining interest in Optech Incorporated
  • Acquired Industrial Control Machines SA (ICM X-ray)
  • Affirming full year 2015 GAAP earnings outlook of $5.60 to $5.65

Teledyne today reported second quarter 2015 sales of $577.7 million, compared with sales of $597.1 million for the second quarter of 2014, a decrease of 3.2%. Net income attributable to Teledyne was $48.3 million ($1.34 per diluted share) for the second quarter of 2015, compared with $56.1 million ($1.47 per diluted share) for the second quarter of 2014, a decrease of 13.9%.

“In the second quarter, sales increased sequentially in all four business segments,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “Year over year revenue comparisons were affected by the strong U.S. dollar and negative currency translation, as well as expected declines in certain energy-related markets. While these impacts were most concentrated in our instrumentation segment, the segment’s operating profit increased and segment operating margin increased 101 basis points compared to last year due to strong operating discipline. We continue to benefit from our balanced business portfolio and the strength and diversity of Teledyne’s highly engineered products. Increased sales in the commercial aerospace and offshore energy production markets helped offset declines in offshore exploration and international sales of test and measurement instrumentation and digital imaging sensors and cameras. In addition, total U.S. Government sales increased, and our aerospace and defense electronics segment had the strongest level of orders in two years. We remain nimble, aggressively managing our cost structure, while generating cash to deploy within our businesses and on acquisitions.”

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

Instrumentation

The Instrumentation segment’s second quarter 2015 sales were $271.3 million, compared with $276.6 million, a decrease of 1.9%. Second quarter 2015 operating profit was $45.7 million, compared with $43.8 million, an increase of 4.3%.

The second quarter 2015 sales decrease resulted from lower sales of electronic test and measurement and environmental instrumentation, partially offset by higher sales of marine instrumentation. Sales for electronic test and measurement instrumentation decreased by $5.3 million primarily as a result of lower international sales due in part to the impact of foreign exchange rates. Sales for environmental instrumentation decreased by $1.7 million and reflected lower sales of laboratory and field instrumentation. Sales for marine instrumentation were higher by $1.7 million and included $9.5 million in incremental sales from recent acquisitions, including Bolt Technology Corporation and Bowtech Products Limited. The higher marine instrumentation sales included increased sales of sensors and interconnects for offshore energy production and were partially offset by lower sales of geophysical sensors for offshore oil exploration and interconnect systems for land-based energy applications. The increase in operating profit primarily reflected higher margins for electronic test and measurement instrumentation products. The second quarter of 2015 reflected $0.6 million in higher acquired intangible amortization expense primarily due to recent acquisitions and $1.2 million in higher severance costs compared with 2014.

Digital Imaging

The Digital Imaging segment’s second quarter 2015 sales were $90.8 million, compared with $103.7 million, a decrease of 12.4%. Operating profit was $8.8 million for the second quarter of 2015, compared with $11.7 million, a decrease of 24.8%.

The second quarter 2015 sales primarily reflected lower sales from U.S. Government research and development contracts and reduced sales of machine vision cameras for semiconductor and electronics inspection, partially offset by increased sales of sensors and cameras for general industrial and life sciences applications. The decrease in operating profit in 2015 primarily reflected the impact of lower sales in U. S. Government-related businesses.

Aerospace and Defense Electronics

The Aerospace and Defense Electronics segment’s second quarter 2015 sales were $147.0 million, compared with $152.2 million, a decrease of 3.4%. Operating profit was $20.6 million for the second quarter of 2015, compared with $22.9 million, a decrease of 10.0%.

The second quarter 2015 sales reflected lower sales of $8.6 million from microwave and interconnect systems and $2.4 million from electronic manufacturing services products, partially offset by higher sales of $5.8 million from avionics products and electronic relays. Operating profit in the second quarter of 2015 reflected the impact of lower sales, as well as lower margins for most defense electronics products. The 2015 second quarter reflected higher pension expense of $0.8 million, severance costs of $0.5 million and the reversal of facility and consolidation reserves of $1.7 million that were no longer needed.

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