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Teledyne Technologies Reports Second Quarter Results

Teledyne Technologies Incorporated (NYSE:TDY):

  • All-time record quarterly sales of $518.5 million
  • All-time record earnings per share of $1.06
  • Acquired a majority interest in Optech on April 2, 2012
  • Acquired BlueView Technologies, Inc. on July 2, 2012
  • Announced agreement to acquire LeCroy
  • Affirming full year 2012 GAAP earnings outlook of $3.98 to $4.04 per share, despite estimated non-recurring charges of $8.3 million for acquisitions, including the pending acquisition of LeCroy

Teledyne today reported second quarter 2012 sales from continuing operations of $518.5 million, compared with sales of $502.9 million for the second quarter of 2011, an increase of 3.1%. Net income from continuing operations was $39.5 million ($1.06 per diluted share) for the second quarter of 2012, compared with $38.7 million ($1.04 per diluted share) for the second quarter of 2011, an increase of 2.1%. Net income attributable to Teledyne was $39.5 million ($1.06 per diluted share) for the second quarter of 2012, compared with $152.3 million ($4.08 per diluted share) for the second quarter of 2011. The second quarter of 2011 included income from discontinued operations of $113.6 million, which included a gain on the sale of discontinued operations of $113.8 million.

“We performed well this quarter, achieving record sales and earnings per share. Despite some challenges in the global economy, orders exceeded sales and quarter-end backlog was a record at over $1.0 billion,” said Robert Mehrabian, chairman, president and chief executive officer. “We also closed the acquisitions of BlueView Technologies and a majority interest in Optech. The combination of BlueView’s scanning sonar along with Optech’s light detection and ranging, or LIDAR, systems allow Teledyne to generate detailed three dimensional images ranging from space-based applications to viewing structures on the ocean floor. Finally, we remain excited about the pending acquisition of LeCroy Corporation. LeCroy will add a leader in electronic test and measurement solutions to our analytical instrumentation businesses. In addition, LeCroy provides market access and design capabilities to leverage our unique technology in analog and mixed signal design devices developed at Teledyne Scientific Company, our R&D laboratories.”

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