A live webcast of Teledyne’s first quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Thursday, April 30, 2015. To access the call, go to www.teledyne.com approximately ten minutes before the scheduled start time. A replay will also be available for one month starting at 12:00 p.m. (Eastern) on Thursday, April 30, 2015.
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TELEDYNE TECHNOLOGIES INCORPORATED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 29, 2015 AND MARCH 30, 2014 (Unaudited - in millions, except per share amounts) |
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| First Quarter | First Quarter | |||||||
| 2015 | 2014 | |||||||
| Net sales | $ | 565.0 | $ | 573.5 | ||||
| Costs and expenses: | ||||||||
| Costs of sales | 345.9 | 351.7 | ||||||
| Selling, general and administrative expenses | 151.8 | 155.8 | ||||||
| Total costs and expenses | 497.7 | 507.5 | ||||||
| Operating income | 67.3 | 66.0 | ||||||
| Interest and debt expense, net | (5.9 | ) | (4.7 | ) | ||||
| Other income, net | 0.8 | 0.6 | ||||||
| Income before income taxes | 62.2 | 61.9 | ||||||
| Provision for income taxes | 18.5 | 15.9 | ||||||
| Net income | 43.7 | 46.0 | ||||||
| Noncontrolling interest | — | (0.2 | ) | |||||
| Net income attributable to Teledyne | $ | 43.7 | $ | 45.8 | ||||
| Diluted earnings per common share | $ | 1.20 | $ | 1.20 | ||||
| Weighted average diluted common shares outstanding | 36.5 | 38.3 | ||||||
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TELEDYNE TECHNOLOGIES INCORPORATED SUMMARY OF SEGMENT NET SALES AND OPERATING PROFIT FOR THE THREE MONTHS ENDED MARCH 29, 2015 AND MARCH 30, 2014 (Unaudited - in millions) |
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| First Quarter | First Quarter |
%
|
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| 2015 | 2014 | |||||||||||
| Net sales: | ||||||||||||
| Instrumentation | $ | 270.3 | $ | 258.9 |
4.4 |
% |
||||||
| Digital Imaging | 90.4 | 101.9 | (11.3 |
) |
% |
|||||||
| Aerospace and Defense Electronics | 141.2 | 153.3 | (7.9 |
) |
% |
|||||||
| Engineered Systems | 63.1 | 59.4 |
6.2 |
% |
||||||||
| Total net sales | $ | 565.0 | $ | 573.5 | (1.5 |
) |
% |
|||||
| Segment operating profit: | ||||||||||||
| Instrumentation | $ | 42.1 | $ | 37.5 |
12.3 |
% |
||||||
| Digital Imaging | 9.3 | 9.7 | (4.1 |
) |
% |
|||||||
| Aerospace and Defense Electronics | 19.4 | 23.8 | (18.5 |
) |
% |
|||||||
| Engineered Systems | 6.7 | 6.1 |
9.8 |
% |
||||||||
| Total segment operating profit | 77.5 | 77.1 |
0.5 |
% |
||||||||
| Corporate expense | (10.2 | ) | (11.1 | ) | (8.1 |
) |
% |
|||||
| Operating income | 67.3 | 66.0 |
2.0 |
% |
||||||||
| Interest and debt expense, net | (5.9 | ) | (4.7 | ) |
25.5 |
% |
||||||
| Other income, net | 0.8 | 0.6 |
33.3 |
% |
||||||||
| Income before income taxes | 62.2 | 61.9 |
0.5 |
% |
||||||||
| Provision for income taxes | 18.5 | 15.9 |
16.4 |
% |
||||||||
| Net income | 43.7 | 46.0 | (5.0 |
) |
% |
|||||||
| Noncontrolling interest | — | (0.2 | ) | * | ||||||||
| Net income attributable to Teledyne | $ | 43.7 | $ | 45.8 | (4.6 |
) |
% |
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