Teledyne Technologies Reports First Quarter Results

 

TELEDYNE TECHNOLOGIES INCORPORATED

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED

APRIL 3, 2016 AND MARCH 29, 2015

(Unaudited - in millions, except per share amounts)

 
 

First
Quarter

   

First
Quarter

2016

2015

Net sales $

530.5

$ 565.0
Costs and expenses:
Costs of sales 324.8 345.9
Selling, general and administrative expenses 144.7   151.8  
Total costs and expenses 469.5   497.7  
Operating income 61.0 67.3
Interest expense, net (5.7 ) (5.9 )
Other income (expense), net (1.3 ) 0.8  
Income before income taxes 54.0 62.2
Provision for income taxes 15.6   18.5  
Net income attributable to Teledyne $ 38.4   $ 43.7  
Diluted earnings per common share $ 1.10   $ 1.20  

Weighted average diluted common shares outstanding

34.9   36.5  
 
 
TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF SEGMENT NET SALES AND OPERATING INCOME
FOR THE THREE MONTHS ENDED
APRIL 3, 2016 AND MARCH 29, 2015

(Unaudited - in millions)

 

 

First
Quarter

   

First
Quarter

   

%
Change

2016 2015
Net sales:
Instrumentation $ 223.7 $ 270.3 (17.2 )%
Digital Imaging 89.9 90.4 (0.6 )%
Aerospace and Defense Electronics 152.6 141.2 8.1 %
Engineered Systems 64.3   63.1   1.9 %
Total net sales $ 530.5   $ 565.0   (6.1 )%
Operating income:
Instrumentation $ 31.4 $ 42.1 (25.4 )%
Digital Imaging 8.2 9.3 (11.8 )%
Aerospace and Defense Electronics 24.1 19.4 24.2 %
Engineered Systems 8.0 6.7 19.4 %
Corporate expense (10.7 ) (10.2 ) 4.9 %
Operating income 61.0 67.3 (9.4 )%
Interest expense, net (5.7 ) (5.9 ) (3.4 )%
Other income (expense), net (1.3 ) 0.8   *
Income before income taxes 54.0 62.2 (13.2 )%
Provision for income taxes 15.6   18.5   (15.7 )%
Net income attributable to Teledyne $ 38.4   $ 43.7   (12.1 )%
 

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