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Teledyne Technologies Reports Fourth Quarter Results

Stocks in this article: TDY


The Instrumentation segment’s fourth quarter 2012 sales were $232.6 million, compared with $148.9 million, an increase of 56.2%. Fourth quarter 2012 operating profit was $46.7 million, compared with operating profit of $28.2 million, an increase of 65.6%.

The fourth quarter 2012 sales increase primarily resulted from higher sales of marine and electronic test and measurement instrumentation. The higher sales of $35.3 million for marine instrumentation products reflected increased sales of geophysical sensors and interconnect systems used in offshore energy exploration and production, as well as marine survey systems and autonomous underwater vehicles. Sales of marine instrumentation included a total of $4.6 million in revenue from the August 2012 acquisition of the parent company of PDM Neptec Limited (“PDM Neptec”) and the July 2012 acquisition of BlueView Technologies Inc. (“BlueView”). Increased sales of $46.5 million for electronic test and measurement instrumentation resulted from the acquisition of LeCroy Corporation (“LeCroy”) in August 2012. Sales of environmental instrumentation increased $1.9 million. The increase in operating profit reflected the impact of higher sales and substantially greater operating margins for marine and environmental instrumentation.

Digital Imaging

The Digital Imaging segment’s fourth quarter 2012 sales were $102.7 million, compared with $92.5 million, an increase of 11.0%. Fourth quarter operating profit was $5.4 million, compared with operating profit of $2.3 million, an increase of 134.8%.

The 2012 sales increase primarily reflected $12.8 million in revenue from the April 2012 acquisition of a majority interest in the parent company of Optech Incorporated (“Optech”), greater sales of medical imaging sensors, partially offset by lower sales of industrial machine vision cameras and government funded research activities. The increase in operating profit resulted from improved operating margins throughout the segment and also included operating profit of $0.8 million from the Optech acquisition.

Aerospace and Defense Electronics

The Aerospace and Defense Electronics segment’s fourth quarter 2012 sales were $162.8 million, compared with $163.1 million, a decrease of 0.2%. Operating profit was $18.8 million for the fourth quarter of 2012, compared with operating profit of $23.1 million, a decrease of 18.6%.

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