A live webcast of Teledyne’s second quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Thursday, July 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, July 30, 2015.
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TELEDYNE TECHNOLOGIES INCORPORATED CONSOLIDATED STATEMENTS OF INCOME FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 28, 2015 AND JUNE 29, 2014 (Unaudited - in millions, except per share amounts) |
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Second Quarter |
Second Quarter |
Six Months |
Six Months |
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| 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
| Net sales | $ | 577.7 | $ | 597.1 | $ | 1,142.7 | $ | 1,170.6 | ||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||
| Costs of sales | 357.7 | 368.4 | 703.6 | 720.1 | ||||||||||||||||||||
| Selling, general and administrative expenses | 151.1 | 154.4 | 302.9 | 310.2 | ||||||||||||||||||||
| Total costs and expenses | 508.8 | 522.8 | 1,006.5 | 1,030.3 | ||||||||||||||||||||
| Operating income | 68.9 | 74.3 | 136.2 | 140.3 | ||||||||||||||||||||
| Interest expense, net | (6.0 | ) | (4.6 | ) | (11.9 | ) | (9.3 | ) | ||||||||||||||||
| Other income, net | 3.4 | 8.2 | 4.2 | 8.8 | ||||||||||||||||||||
| Income before income taxes | 66.3 | 77.9 | 128.5 | 139.8 | ||||||||||||||||||||
| Provision for income taxes | 18.3 | 22.1 | 36.8 | 38.0 | ||||||||||||||||||||
| Net income | 48.0 | 55.8 | 91.7 | 101.8 | ||||||||||||||||||||
| Noncontrolling interest | 0.3 | 0.3 | 0.3 | 0.1 | ||||||||||||||||||||
| Net income attributable to Teledyne | $ | 48.3 | $ | 56.1 | $ | 92.0 | $ | 101.9 | ||||||||||||||||
| Diluted earnings per common share | $ | 1.34 | $ | 1.47 | $ | 2.53 | $ | 2.67 | ||||||||||||||||
| Weighted average diluted common shares outstanding | 36.1 | 38.1 | 36.3 | 38.2 | ||||||||||||||||||||
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TELEDYNE TECHNOLOGIES INCORPORATED SUMMARY OF SEGMENT NET SALES AND OPERATING PROFIT FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 28, 2015 AND JUNE 29, 2014 (Unaudited - in millions) |
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Second Quarter |
Second Quarter |
% Change |
Six Months |
Six Months |
% Change |
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| 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||||
| Net sales: | ||||||||||||||||||||||||||||||||||
| Instrumentation | $ | 271.3 | $ | 276.6 | (1.9 | )% | $ | 541.6 | $ | 535.5 | 1.1 | % | ||||||||||||||||||||||
| Digital Imaging | 90.8 | 103.7 | (12.4 | )% | 181.2 | 205.6 | (11.9 | )% | ||||||||||||||||||||||||||
| Aerospace and Defense Electronics | 147.0 | 152.2 | (3.4 | )% | 288.2 | 305.5 | (5.7 | )% | ||||||||||||||||||||||||||
| Engineered Systems | 68.6 | 64.6 | 6.2 | % | 131.7 | 124.0 | 6.2 | % | ||||||||||||||||||||||||||
| Total net sales | $ | 577.7 | $ | 597.1 | (3.2 | )% | $ | 1,142.7 | $ | 1,170.6 | (2.4 | )% | ||||||||||||||||||||||
| Segment operating profit: | ||||||||||||||||||||||||||||||||||
| Instrumentation | $ | 45.7 | $ | 43.8 | 4.3 | % | $ | 87.8 | $ | 81.3 | 8.0 | % | ||||||||||||||||||||||
| Digital Imaging | 8.8 | 11.7 | (24.8 | )% | 18.1 | 21.4 | (15.4 | )% | ||||||||||||||||||||||||||
| Aerospace and Defense Electronics | 20.6 | 22.9 | (10.0 | )% | 40.0 | 46.7 | (14.3 | )% | ||||||||||||||||||||||||||
| Engineered Systems | 4.8 | 6.8 | (29.4 | )% | 11.5 | 12.9 | (10.9 | )% | ||||||||||||||||||||||||||
| Total segment operating profit | 79.9 | 85.2 | (6.2 | )% | 157.4 | 162.3 | (3.0 | )% | ||||||||||||||||||||||||||
| Corporate expense | (11.0 | ) | (10.9 | ) | 0.9 | % | (21.2 | ) | (22.0 | ) | (3.6 | )% | ||||||||||||||||||||||
| Operating income | 68.9 | 74.3 | (7.3 | )% | 136.2 | 140.3 | (2.9 | )% | ||||||||||||||||||||||||||
| Interest expense, net | (6.0 | ) | (4.6 | ) | 30.4 | % | (11.9 | ) | (9.3 | ) | 28.0 | % | ||||||||||||||||||||||
| Other income, net | 3.4 | 8.2 | (58.5 | )% | 4.2 | 8.8 | (52.3 | )% | ||||||||||||||||||||||||||
| Income before income taxes | 66.3 | 77.9 | (14.9 | )% | 128.5 | 139.8 | (8.1 | )% | ||||||||||||||||||||||||||
| Provision for income taxes | 18.3 | 22.1 | (17.2 | )% | 36.8 | 38.0 | (3.2 | )% | ||||||||||||||||||||||||||
| Net income | 48.0 | 55.8 | (14.0 | )% | 91.7 | 101.8 | (9.9 | )% | ||||||||||||||||||||||||||
| Noncontrolling interest | 0.3 | 0.3 | — | % | 0.3 | 0.1 | 200.0 | % | ||||||||||||||||||||||||||
| Net income attributable to Teledyne | $ | 48.3 | $ | 56.1 | (13.9 | )% | $ | 92.0 | $ | 101.9 | (9.7 | )% | ||||||||||||||||||||||
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TELEDYNE TECHNOLOGIES INCORPORATED CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited – in millions) |
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| June 28, 2015 | December 28, 2014 | |||||||||||||||
| ASSETS | ||||||||||||||||
| Cash | $ | 61.3 | $ | 141.4 | ||||||||||||
| Accounts receivable, net | 395.6 | 400.7 | ||||||||||||||
| Inventories, net | 330.2 | 311.8 | ||||||||||||||
| Prepaid expenses and other current assets | 86.9 | 87.8 | ||||||||||||||
| Total current assets | 874.0 | 941.7 | ||||||||||||||
| Property, plant and equipment, net | 331.3 | 336.5 | ||||||||||||||
| Goodwill and acquired intangible assets, net | 1,432.2 | 1,428.2 | ||||||||||||||
| Prepaid pension asset | 101.3 | 86.3 | ||||||||||||||
| Other assets, net | 68.3 | 69.5 | ||||||||||||||
| Total assets | $ | 2,807.1 | $ | 2,862.2 | ||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
| Accounts payable | $ | 145.5 | $ | 162.5 | ||||||||||||
| Accrued liabilities | 252.9 | 290.3 | ||||||||||||||
| Current portion of long-term debt and capital lease obligations | 87.2 | 86.2 | ||||||||||||||
| Total current liabilities | 485.6 | 539.0 | ||||||||||||||
| Long-term debt and capital lease obligations | 678.1 | 618.9 | ||||||||||||||
| Other long-term liabilities | 246.8 | 235.8 | ||||||||||||||
| Total liabilities | 1,410.5 | 1,393.7 | ||||||||||||||
| Total stockholders’ equity | 1,396.6 | 1,468.5 | ||||||||||||||
| Total liabilities and stockholders’ equity | $ | 2,807.1 | $ | 2,862.2 | ||||||||||||
