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Teledyne Technologies Reports Third Quarter Results

Teledyne Technologies Incorporated (NYSE:TDY):
  • All-time record quarterly sales of $547.4 million, an increase of 10.3% over 2011
  • All-time record quarterly earnings per share of $1.14, an increase of 25.3% over 2011
  • Raising full year 2012 GAAP earnings outlook to $4.22 to $4.26 per share from $3.98 to $4.04 per share
  • Third quarter 2012 includes pretax charges of $3.8 million related primarily to the acquisition of LeCroy Corporation compared with a pretax $4.5 million investment write-off in 2011
  • Third quarter net income includes net tax benefits of $3.1 million compared with $2.4 million in the third quarter of 2011
  • Acquired LeCroy Corporation, PDM Neptec Limited and BlueView Technologies Inc.

Teledyne today reported third quarter 2012 sales of $547.4 million, compared with sales of $496.4 million for the third quarter of 2011, an increase of 10.3%. Net income attributable to Teledyne was $42.7 million ($1.14 per diluted share) for the third quarter of 2012, compared with $34.1 million ($0.91 per diluted share) for the third quarter of 2011, an increase of 25.2%.

“Achieving record sales and earnings in the current economic environment is a testament to our successful strategy and operating discipline. We continue to shift our portfolio through acquisitions and internal investments toward high-technology industrial markets such as offshore energy, high-end digital imaging and analytical and electronic test and measurement instrumentation. While we are not immune to the world-wide economic conditions and global austerity, our balanced sources of revenue have moderated the effects of regional economic contractions,” said Robert Mehrabian, chairman, president and chief executive officer. “Year-to-date, we have made four acquisitions in such strategic areas as marine and electronic test and measurement instrumentation, as well as a majority investment in Optech Incorporated, which is part of our Digital Imaging segment. Finally, earlier this week, we successfully executed $200 million of term loans to provide us availability on our revolving credit facility and additional financial flexibility.”

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