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Teledyne Technologies Reports Fourth Quarter Results

Stocks in this article: TDY

Teledyne Technologies Incorporated (NYSE:TDY):

  • All-time record quarterly sales of $567.4 million, an increase of 19.6% over 2011
  • All-time record quarterly earnings per share of $1.17, an increase of 18.2% over 2011
  • Fourth quarter organic sales growth of 5.1%
  • Record quarterly free cash flow of $99.6 million
  • Record full-year sales and earnings per share from continuing operations of $2,127.3 million and $4.33, respectively

Teledyne today reported fourth quarter 2012 sales of $567.4 million, compared with sales of $474.5 million for the fourth quarter of 2011, an increase of 19.6%. Net income from continuing operations was $43.9 million ($1.17 per diluted share) for fourth quarter of 2012, compared with net income from continuing operations of $36.8 million ($0.99 per diluted share) for the fourth quarter of 2011, an increase of 19.3%. Net income attributable to Teledyne, including discontinued operations, was $46.2 million ($1.23 per diluted share) for the fourth quarter of 2012, compared with $36.8 million ($0.99 per diluted share) for the fourth quarter of 2011.

“We ended 2012 with a very strong quarter. Quarterly and full year sales and earnings per share were all at record levels,” said Robert Mehrabian, chairman, president and chief executive officer. “Furthermore, organic revenue growth in the quarter was 5.1%, driven by a 21.9% increase in organic sales in our instrumentation segment. Finally, fourth quarter free cash flow of nearly $100 million was also an all-time record. Throughout 2012, we accelerated our ongoing transformation into a higher technology company serving industrial growth markets. Despite continued economic and government funding uncertainty, we enter 2013 with the strength of our balanced business portfolio, which now has the greatest proportion of commercial and international sales in our history.”

Full Year 2012

Sales for 2012 were $2,127.3 million, compared with $1,941.9 million for 2011, an increase of 9.5%. Net income from continuing operations was $161.8 million ($4.33 per diluted share) for 2012, compared with net income from continuing operations of $142.1 million ($3.81 per diluted share) for 2011, an increase of 13.9%. Net income for 2012 and 2011 also included net tax credits of $5.4 million and $2.4 million, respectively. Net income attributable to Teledyne, including discontinued operations, was $164.1 million ($4.39 per diluted share) for 2012 compared with $255.2 million ($6.84 per diluted share) for 2011. On April 19, 2011, Teledyne completed the sale of its piston engines businesses and recorded a gain on the sale of $113.8 million.

Review of Operations (Comparisons are with the fourth quarter of 2011, unless noted otherwise.)

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