Teledyne Technologies Reports First Quarter Results
THOUSAND OAKS, Calif. May 5, 2016 Teledyne Technologies Incorporated (NYSE:TDY)
- First quarter sales of $530.5 million
- First quarter earnings per diluted share of $1.10
- Strong first quarter orders with book to bill over 1.2x
- Record first quarter free cash flow of $54.9 million
- Affirming full year 2016 earnings outlook of $5.05 to $5.15
- Recently acquired CARIS, a leading developer of marine geospatial software
- Recently acquired Frontline Test Equipment and Quantum Data, two providers of electronic protocol test and measurement instrumentation
- Announced today an agreement to divest Teledyne Printed Circuit Technology
Teledyne today reported first quarter 2016 sales of $530.5 million, compared with sales of $565.0 million for the first quarter of 2015, a decrease of 6.1%. Net income attributable to Teledyne was $38.4 million ($1.10 per diluted share) for the first quarter of 2016, compared with $43.7 million ($1.20 per diluted share) for the first quarter of 2015, a decrease of 12.1%.
We started 2016 with record orders driven by strong bookings across the majority of our aerospace and defense businesses, said Robert Mehrabian, Chairman, President and Chief Executive Officer. We also generated the greatest level of cash flow for any first quarter, allowing us to complete three recent acquisitions with a minimal increase in net debt. Some industrial sectors, especially energy, remain weak, but those markets appear to be stabilizing. Nevertheless, we are maintaining our emphasis on cost control and strong operating discipline. So while we continue to invest in research and development and focus on execution and delivery of orders, we are also implementing significant additional cost reduction actions, especially within marine instrumentation. Finally, our acquisition pipeline remains healthy, which should allow us to generate additional growth in our core businesses.
Investor Contact: Jason VanWees (805) 373-4542