Teledyne Technologies Reports First Quarter Results

THOUSAND OAKS, Calif. — (BUSINESS WIRE) — 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.”

Review of Operations (Comparisons are with the first quarter of 2015, unless noted otherwise.)

Instrumentation
The Instrumentation segment’s first quarter 2016 sales were $223.7 million, compared with $270.3 million, a decrease of 17.2%. First quarter 2016 operating income was $31.4 million, compared with $42.1 million, a decrease of 25.4%.

The first quarter 2016 sales decrease primarily resulted from lower sales of marine instrumentation. Sales for marine instrumentation decreased by $46.6 million and primarily reflected lower sales of interconnect systems and other marine sensors for energy exploration and production, partially offset by higher sales of interconnects and marine systems for U.S. Government applications. Sales of electronic test and measurement instrumentation decreased $1.0 million and sales of environmental instrumentation increased $1.0 million. The decrease in operating income reflected the impact of lower sales and lower margins for marine instrumentation. The first quarter of 2016 also reflected $0.7 million in higher severance and facility consolidation costs compared with 2015.

Digital Imaging
The Digital Imaging segment’s first quarter 2016 sales were $89.9 million, compared with $90.4 million, a decrease of 0.6%. Operating income was $8.2 million for the first quarter of 2016, compared with $9.3 million, a decrease of 11.8%.

The first quarter 2016 sales reflected lower sales of laser-based mapping systems and infrared imaging sensors for the U.S. Government, partially offset by higher sales of commercial digital imaging systems, including sensors and systems for life sciences and industrial X-ray applications. The first quarter 2016 sales included $2.3 million in incremental sales from a recent acquisition. The decrease in operating income in 2016 reflected slightly lower sales and product mix differences.

Aerospace and Defense Electronics
The Aerospace and Defense Electronics segment’s first quarter 2016 sales were $152.6 million, compared with $141.2 million, an increase of 8.1%. Operating income was $24.1 million for the first quarter of 2016, compared with $19.4 million, an increase of 24.2%.

The first quarter 2016 sales reflected higher net sales of $6.9 million from avionics products and electronic relays, higher sales of $2.4 million from electronic manufacturing services products and $2.1 million of microwave and interconnect systems. Operating income in the first quarter of 2016 reflected the impact of higher sales and improved margins for both avionics products and electronic relays and electronic manufacturing services products.

Engineered Systems
The Engineered Systems segment’s first quarter 2016 sales were $64.3 million compared with $63.1 million, an increase of 1.9%. Operating income was $8.0 million for the first quarter of 2016, compared with $6.7 million, an increase of 19.4%.

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