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TDY · Teledyne Technologies

50 filings

10-Q

TDY 10-Q Quarterly Reports

Teledyne Technologies - 50 quarterly reports

Filing record · 2016–202610-K1210-Q338-K120

TDY filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 120 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jun ’17Jun ’17
  2. Material agreement8-K · Nov ’19Nov ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Leadership change8-K · Jan ’26Jan ’26
  1. 2026-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Sep 27, 2026

    Teledyne Technologies Incorporated (TDY) reported third-quarter 2026 net sales of $1,684.9 million, up 9.4% from $1,539.5 million a year earlier, and net income attributable to Teledyne of $272.8 million, up 23.6%. Diluted earnings per share were $5.82 versus $4.65. For the first nine months of 2026, net sales were $4,907.5 million (up 9.0%), operating income was $974.6 million (up 18.8%), and diluted EPS was $16.02 versus $13.06. Digital Imaging drove much of the growth, with third-quarter segment operating income up 48.1%, and the company noted tariff refunds recorded in the second quarter of 2026 that benefited that segment's results. The balance sheet strengthened over the period. Cash and cash equivalents rose to $562.4 million from $352.4 million at December 28, 2025, and total debt, net fell to $2,027.8 million from $2,475.4 million after the company repaid $450.0 million of 1.60% senior notes due April 2026. Operating cash flow for the nine months was $901.7 million, and the company repurchased shares for $94.8 million in the third quarter, with $1.5 billion remaining under its $2.0 billion authorization. Subsequent to quarter end, it repurchased additional shares for $139.0 million. The key pending event is the agreement announced August 10, 2026 to acquire Varex Imaging Corporation in a cash transaction valued at approximately $1.1 billion, expected to close in early 2027 subject to regulatory and Varex stockholder approvals. The company plans to fund it from cash on hand and its credit facility, and Varex will be included in the Digital Imaging segment. The filing also discloses a February 2026 settlement with the Bureau of Industry and Security involving a $1.0 million civil penalty related to export control matters.

    Oct 23, 2026
  2. 2026-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Jun 28, 2026

    Teledyne Technologies Incorporated (TDY) reported second-quarter 2026 net sales of $1,662.5 million, up 9.8% from $1,513.7 million a year earlier, and net income attributable to Teledyne of $251.7 million, up 19.9% from $209.9 million. Diluted earnings per share were $5.37 versus $4.43. Operating income rose 19.8% to $333.2 million, with the filing citing higher sales and an increase in overall operating margin. Digital Imaging was the main driver, with operating income up 42.3% to $170.2 million, helped by favorable product mix and tariff refunds, while Instrumentation operating income was roughly flat at $101.4 million. For the first six months, net sales were $3,222.6 million (up 8.7%) and net income attributable to Teledyne was $478.5 million (up 20.1%), with diluted EPS of $10.20 versus $8.41. Cash flow from operations for the first six months was $549.2 million, compared with $469.2 million. The company repaid $450.0 million of its 1.60% Fixed Rate Senior Notes due April 2026, reducing total debt, net, to $2,027.0 million from $2,475.4 million at year-end 2025. Cash and cash equivalents were $340.1 million, and $1,160.7 million was available under the $1.2 billion credit facility. Remaining stock repurchase authorization was $1.6 billion, and no repurchases were made in the quarter or the first six months. The filing also highlights ongoing risks: tariffs and trade restrictions with China, rare earth supply constraints, and the Middle East conflict, which the company says has not yet materially affected it. The company received refunds of IEEPA tariffs after a February 2026 Supreme Court ruling. A settlement with the Bureau of Industry and Security involved a $1.0 million civil penalty. Goodwill stood at $8,661.9 million and acquired intangibles at $1,984.2 million, and the company is evaluating the new expense disaggregation standard, ASU 2024-03.

    Jul 24, 2026
  3. 2026-Q1

    Teledyne Technologies Quarterly Report for Q1 Ended Mar 29, 2026

    Teledyne Technologies Incorporated (TDY) reported first-quarter 2026 net sales of $1.56 billion, up 7.6% from $1.45 billion in the first quarter of 2025. Operating income rose 13.5% to $294.2 million, and net income attributable to Teledyne increased 20.3% to $226.8 million, or $4.85 per diluted share versus $3.99 a year earlier. Growth was led by Digital Imaging (sales up 7.9%) and Aerospace and Defense Electronics (up 14.4%), partly offset by lower Engineered Systems sales. Instrumentation operating income declined 4.6% on unfavorable product mix. The filing notes $33.3 million of incremental sales from recent acquisitions. Cash and cash equivalents increased to $521.4 million from $352.4 million at December 28, 2025, driven by $234.0 million of operating cash flow, partly offset by $53.4 million for the DD-Scientific acquisition and $29.7 million of capital expenditures. Total debt, net was $2,476.3 million. Subsequent to quarter-end, the company repaid $450.0 million of 1.60% senior notes due April 2026, primarily from cash on hand. No share repurchases were made in the quarter, and $1.6 billion remained under the $2.0 billion authorization. The filing also discloses a February 2026 settlement in which Teledyne FLIR LLC paid a $1.0 million civil penalty to the Bureau of Industry and Security over export control matters, and management reports that the Middle East conflict and tariff developments are being monitored. Remaining performance obligations totaled $4,867.4 million, with approximately 71% expected to be recognized within 12 months.

    Apr 24, 2026
  4. 2025-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Sep 28, 2025

    Teledyne Technologies Incorporated (TDY) reported third-quarter 2025 net sales of $1,539.5 million, up 6.7% from $1,443.5 million a year earlier, and nine-month net sales of $4,503.1 million, up 8.0%. Third-quarter net income attributable to Teledyne decreased 15.8% to $220.7 million, mainly because the prior-year quarter benefited from the favorable resolution of an uncertain tax position tied to FLIR subsidiaries. Diluted EPS was $4.65 versus $5.54. Nine-month diluted EPS was $13.06 versus $13.01, and operating income rose 9.1% to $820.3 million. Growth was driven largely by the Aerospace and Defense Electronics segment, where net sales rose 37.6% in the quarter to $275.5 million, including $69.0 million of incremental sales from recent acquisitions. The company's balance sheet reflects significant 2025 acquisition activity. Purchases of businesses totaled $764.2 million in the nine months, including the Qioptiq (Excelitas aerospace and defense electronics) acquisition for $702.8 million net of cash acquired. Goodwill rose to $8,651.7 million from $7,990.5 million at December 29, 2024. Cash and cash equivalents declined to $528.6 million, and total debt, net, fell to $2,533.4 million from $2,649.0 million after the company repurchased $118.2 million of senior notes principal. Operating cash flow was $812.3 million for the nine months, compared with $859.5 million a year earlier, mainly due to higher income tax payments. Management cited tariffs, U.S. Government shutdown effects, and foreign currency movements as ongoing risks. In July 2025 the Board authorized a $2.0 billion share repurchase program, but no repurchases were made in the third quarter or first nine months of 2025. The filing also discloses ongoing trade compliance voluntary disclosures and a civil investigation by the U.S. Department of Justice, with management not believing the outcome is likely to be materially adverse. A pending acquisition of the TransponderTech business from Saab AB is expected to close in the fourth quarter of 2025.

    Oct 24, 2025
  5. 2025-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Jun 29, 2025

    Teledyne Technologies Incorporated (TDY) reported second-quarter 2025 net sales of $1,513.7 million, up 10.2% from $1,374.1 million, and net income attributable to Teledyne of $209.9 million, up 16.5% from $180.2 million. Diluted earnings per share were $4.43 versus $3.77. For the first six months, net sales were $2,963.6 million, up 8.8%, and diluted EPS was $8.41 versus $7.49. Operating income rose 12.6% in the quarter to $278.2 million. Growth was led by Aerospace and Defense Electronics, where sales rose 36.2% in the quarter, and the company cited $70.1 million of incremental quarterly sales from recent acquisitions, primarily in that segment. Cash flow and balance sheet activity were shaped by acquisitions. Net cash from operating activities was $469.2 million for the first six months of 2025, down from $609.7 million, which the company attributed mainly to higher income tax payments and the timing of receivable collections. Purchases of businesses totaled $757.6 million, including the Qioptiq (OS and AES businesses) acquisition for $706.4 million net of cash acquired. Cash and cash equivalents fell to $310.9 million from $649.8 million at year-end 2024, while total debt, net, was $2,617.4 million, with $450.2 million classified as current. The company disclosed a new $2.0 billion stock repurchase authorization approved in July 2025, which superseded prior programs. No repurchases were made in the second quarter or first six months of 2025. The filing also flags ongoing trade and tariff pressures, a Department of Justice civil investigation related to an ejection seat sequencer program, and voluntary export-control disclosures involving Teledyne FLIR shipments. Management stated that no material adverse effect on financial condition is expected from pending matters.

    Jul 28, 2025
  6. 2025-Q1

    Teledyne Technologies Quarterly Report for Q1 Ended Mar 30, 2025

    Teledyne Technologies Incorporated (TDY) reported first-quarter 2025 net sales of $1,449.9 million, up 7.4% from $1,350.1 million a year earlier. Operating income rose 10.7% to $259.3 million, and net income attributable to Teledyne increased 5.7% to $188.6 million, or $3.99 per diluted share versus $3.72. The filing attributes the sales growth to higher sales in every segment, including $55.6 million of incremental sales from recent acquisitions. Aerospace and Defense Electronics was the fastest-growing segment, with net sales up 30.6% to $242.5 million, driven by defense electronics and the 2025 acquisitions. The balance sheet and cash flow changed materially because of acquisitions. Teledyne spent $757.6 million on businesses in the quarter, mainly the Optical Systems and Advanced Electronic Systems businesses of Excelitas Technologies Corp. for $706.4 million, funded partly by $315.0 million of borrowings under its $1.20 billion credit facility. Total debt rose to $2,964.8 million from $2,649.0 million, and cash and cash equivalents fell to $461.5 million from $649.8 million. Goodwill increased to $8,534.0 million from $7,990.5 million. Operating cash flow was $242.6 million, compared with $291.0 million a year earlier. The filing flags ongoing risks. Management cites new U.S. tariffs and retaliatory measures, including tariffs and trade sanctions between the United States and China, as a potential source of revenue reductions and cost increases. Teledyne has made voluntary disclosures to U.S. and non-U.S. export authorities regarding Teledyne FLIR shipments, and the company cannot estimate the potential penalties. The company also disclosed a civil investigation by the U.S. Department of Justice relating to an ejection seat sequencer program. Management believes these matters are not likely to have a material adverse effect on financial condition, though the export matters could be material if resolved unfavorably.

    Apr 28, 2025
  7. 2024-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Sep 29, 2024

    Teledyne Technologies Incorporated (TDY) reported third-quarter 2024 net sales of $1,443.5 million, up 2.9% from $1,402.5 million a year earlier, and nine-month net sales of $4,167.7 million, down 1.0% from $4,210.5 million. Third-quarter net income attributable to Teledyne rose 31.9% to $262.0 million, and diluted EPS was $5.54 versus $4.15. The filing states that the increase was driven primarily by the favorable resolution of an uncertain tax position with foreign tax authorities around transfer pricing between certain FLIR subsidiaries, which produced net discrete income tax benefits of $62.3 million in the quarter. Nine-month net income attributable to Teledyne rose 10.3% to $620.7 million, with diluted EPS of $13.01 versus $11.75. Operating income was $270.7 million in the third quarter, up 2.4%, and $752.0 million for the nine months, down 1.4%. Digital Imaging, the largest segment at $768.4 million of third-quarter sales, saw operating income fall 9.1%, while Instrumentation, Aerospace and Defense Electronics, and Engineered Systems (in the quarter) improved. The company stated that Test and Measurement and industrial automation markets weakened more than planned in the first half but are believed to have stabilized or are beginning to recover. Cash flow from operations was $859.5 million for the first nine months, up from $671.7 million, and the company repurchased $332.6 million of stock during the period under a $1.25 billion authorization. Balance-sheet items included cash and equivalents of $561.0 million, total debt of $2,798.0 million after a $450 million senior note repayment in April 2024, and $1,171.1 million available under the $1.20 billion credit facility. The company disclosed voluntary export-control disclosures to U.S. and foreign authorities related to Teledyne FLIR shipments, whose outcome it cannot reasonably estimate, and a Department of Justice civil investigation concerning an ejection seat sequencer program.

    Oct 28, 2024
  8. 2024-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Jun 30, 2024

    Teledyne Technologies Incorporated (TDY) reported second-quarter 2024 net sales of $1,374.1 million, down 3.6% from $1,424.7 million in the second quarter of 2023. Net income attributable to Teledyne was $180.2 million, down 2.8%, and diluted earnings per share were $3.77 versus $3.87. For the first six months, net sales were $2,724.2 million (down 3.0%), operating income was $481.3 million (down 3.5%), and diluted EPS was $7.49 versus $7.60. Management stated that industrial automation and electronic test and measurement markets weakened more than planned in the first half of the year. Digital Imaging, the largest segment, saw net sales fall 6.8% in the quarter, while Aerospace and Defense Electronics grew 4.5% and Instrumentation grew 1.6%. Cash flow and balance sheet activity were significant in the period. Net cash provided by operating activities rose to $609.7 million for the first six months, compared with $393.5 million a year earlier, driven by stronger working capital conversion. Total debt fell to $2,797.4 million from $3,244.9 million at year-end 2023, reflecting a $450 million repayment of 0.95% senior notes due April 2024. Cash and cash equivalents declined to $443.2 million from $648.3 million. The company repurchased approximately 0.5 million shares for $193.8 million during the quarter under a new $1.25 billion authorization approved in April 2024, and made two acquisitions in the first half, Adimec and Valeport, for $123.6 million in aggregate net consideration. The filing also discloses open trade compliance matters. Teledyne has made voluntary disclosures to U.S. and non-U.S. export authorities related to Teledyne FLIR shipments, and management states it cannot reasonably estimate the time to resolve these matters or the potential loss, though an unfavorable outcome could be material. Goodwill for the FLIR reporting unit was $5,850.8 million at June 30, 2024, and the filing notes that the FLIR reporting unit's estimated fair value exceeded its carrying value by approximately 6% at the fourth-quarter 2023 assessment.

    Jul 29, 2024
  9. 2024-Q1

    Teledyne Technologies Quarterly Report for Q1 Ended Mar 31, 2024

    Teledyne Technologies Incorporated (TDY) reported first-quarter 2024 net sales of $1,350.1 million, down 2.4% from $1,383.3 million in the first quarter of 2023. Operating income was $234.3 million, down 3.4% from $242.5 million, and net income attributable to Teledyne was $178.5 million, down 0.1% from $178.7 million. Diluted earnings per share were $3.72, compared with $3.73 a year earlier. Management said its industrial automation and test and measurement markets weakened more than planned in the quarter and now forecasts full-year 2024 sales for products in those markets to decline meaningfully. Digital Imaging sales fell 4.1% and Engineered Systems fell 10.5%, while Aerospace and Defense Electronics rose 7.2% and Instrumentation fell 0.9%. Cash and cash equivalents rose to $912.4 million from $648.3 million at year-end 2023, and operating cash flow was $291.0 million, compared with $203.0 million. Total debt was $3,246.3 million. Subsequent to quarter-end, the company made a $450 million payment on its April 2024 Senior Notes. On April 23, 2024, the Board authorized a stock repurchase program of up to $1.25 billion, superseding prior programs; no repurchases were made in the first quarter. The filing also discloses voluntary disclosures to U.S. and non-U.S. export authorities concerning Teledyne FLIR shipments, for which the company could not reasonably estimate the resolution timing or potential loss. Subsequent events include the April 10, 2024 acquisition of Valeport and a pending agreement to acquire Adimec, expected to close in the first half of 2024.

    Apr 29, 2024
  10. 2023-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Oct 1, 2023

    Teledyne Technologies Incorporated's third-quarter 2023 Form 10-Q reports net sales of $1,402.5 million, up 2.9% from $1,363.6 million, and net income attributable to Teledyne of $198.6 million, up 11.4%. Diluted earnings per share were $4.15 versus $3.74 a year earlier. Operating income rose 7.8% to $264.3 million, with Instrumentation operating income up 20.3% and Digital Imaging sales slightly down 0.3%. For the first nine months, net sales were $4,210.5 million (up 4.2%), while net income attributable to Teledyne was essentially flat at $562.6 million and diluted EPS was $11.75 versus $11.79, with the nine-month results affected by a lower effective tax rate comparison and foreign exchange losses in other income and expense. Cash flow improved markedly, with operating cash flow of $671.7 million for the first nine months versus $249.1 million, largely because the prior-year period included a $296.4 million payment to the Swedish Tax Authority. Total debt fell to $3,244.1 million from $3,920.6 million at January 1, 2023, as the company repaid the $300.0 million 0.65% notes due April 2023, $125.0 million on its credit facility, and the remaining $245.0 million term loan. Cash and cash equivalents were $508.6 million at quarter end. The filing notes approximately $139 million of federal tax payments were deferred into the fourth quarter of 2023 due to IRS relief related to California floods. Management disclosed $5.8 million of FLIR-related integration costs in the third quarter and expects an additional $3.0 million to $4.0 million of pretax costs over the next six months. The company completed the ChartWorld acquisition in the first quarter for $53.5 million and, after quarter end, acquired Xena Networks. The filing also discloses unresolved voluntary export-control disclosures involving Teledyne FLIR, for which management cannot estimate the potential loss or penalty.

    Oct 27, 2023
  11. 2023-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Jul 2, 2023

    Teledyne Technologies Incorporated reported second-quarter 2023 net sales of $1,424.7 million, up 5.1% from $1,355.8 million a year earlier, and operating income of $256.1 million, up 11.6% from $229.5 million. Net income attributable to Teledyne rose 8.2% to $185.3 million for the quarter, with diluted earnings per share of $3.87 versus $3.59. For the first six months, net sales rose 4.9% to $2,808.0 million and operating income rose 10.1% to $498.6 million. Six-month net income attributable to Teledyne decreased 5.2% to $364.0 million, primarily due to higher income tax expense; the effective tax rate was 20.6% versus 9.6% a year earlier, which included a $49.4 million discrete benefit in 2022. All four segments grew net sales in the quarter: Digital Imaging ($793.3 million, up 2.3%), Instrumentation ($328.4 million, up 5.1%), Aerospace and Defense Electronics ($186.0 million, up 10.2%) and Engineered Systems ($117.0 million, up 18.5%). Operating income also rose in each segment. Cash and cash equivalents fell to $364.2 million from $638.1 million at January 1, 2023, as Teledyne repaid $570.0 million of debt in the first half, including $300.0 million of notes that matured in April 2023. Total debt declined to $3,353.3 million from $3,920.6 million, and operating cash flow improved to $393.5 million from negative $19.8 million, though the company said about $102 million of second-quarter federal tax payments were postponed to October 2023. Management expects to record $10.0 million to $12.0 million of pretax costs in the second half of 2023 related to FLIR facility consolidation, lease impairments and employee separation. The company also noted continuing supply chain constraints and cost inflation, and disclosed unresolved voluntary export-compliance disclosures tied to FLIR, for which it could not estimate the potential loss or penalty.

    Jul 31, 2023
  12. 2023-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Apr 2, 2023

    Teledyne Technologies Incorporated reported first-quarter 2023 net sales of $1,383.3 million, up 4.7% from $1,321.0 million a year earlier. Operating income rose 8.5% to $242.5 million, with higher operating income in each segment. Net income attributable to Teledyne decreased 15.9% to $178.7 million, primarily because of higher income tax expense; the effective tax rate was 20.1% versus negative 4.7% in the prior-year quarter, and discrete tax benefits were $6.6 million compared with $56.5 million. Diluted earnings per share were $3.73, compared with $4.46. Management cites supply chain constraints and cost inflation as continuing pressures on backlog conversion and margins. Cash flow from operations was $203.0 million, compared with a use of $216.7 million in the prior-year quarter, which included a $296.4 million payment to the Swedish Tax Authority. During the quarter the company repaid $100.0 million on its credit facility and spent $52.5 million on the ChartWorld acquisition. Total debt declined to $3,820.4 million from $3,920.6 million, and the company repaid $300.0 million of senior notes on April 3, 2023. Cash and cash equivalents were $665.2 million at quarter end, and $1,103.9 million was available under the $1.15 billion credit facility. The filing also discloses ongoing trade compliance matters related to FLIR export allegations and voluntary disclosures to U.S. and non-U.S. authorities, for which the company could not estimate the potential loss or penalty. Management stated that the outcome could be material. Remaining performance obligations totaled $3,198.8 million, with approximately 82% expected to be recognized within twelve months.

    Apr 28, 2023
  13. 2022-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Oct 2, 2022

    Teledyne Technologies Incorporated's Form 10-Q for the third quarter and nine months ended October 2, 2022 reports third-quarter net sales of $1,363.6 million, up from $1,311.9 million, and net income attributable to Teledyne of $178.3 million, compared with $134.1 million a year earlier. Diluted earnings per share were $3.74, versus $2.81. For the nine months, net sales were $4.04 billion versus $3.24 billion, reflecting $620.2 million of incremental sales from the FLIR Systems acquisition completed May 14, 2021. Nine-month net income attributable to Teledyne was $562.2 million, with diluted EPS of $11.79 versus $6.58. The nine-month effective tax rate of 14.3% reflects $57.8 million of net discrete tax benefits, primarily from resolution of certain FLIR tax reserves. Cash flow and balance sheet trends are mixed. Net cash from operating activities fell to $249.1 million from $529.0 million, mainly because of a $296.4 million payment to the Swedish Tax Authority related to a FLIR tax matter, along with inventory build and higher cash taxes. Total debt declined to $3,918.4 million from $4,099.4 million, following $110.0 million of term loan payments and $75.0 million of senior note repurchases that produced a $10.6 million non-cash gain. Accumulated other comprehensive loss widened to $964.2 million, driven by foreign currency translation, and goodwill fell to $7,718.2 million, largely from currency effects. Management cites ongoing supply chain constraints, inflationary pressures, a stronger U.S. dollar that reduced sales, and the Russia-Ukraine conflict as factors to monitor. The filing also discloses unresolved FLIR export-control matters, for which the company cannot reasonably estimate potential losses. Subsequent to quarter end, Teledyne acquired ETM-Electromatic, Inc. for approximately $85 million in cash.

    Nov 2, 2022
  14. 2022-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Jul 3, 2022

    Teledyne Technologies Incorporated reported second-quarter 2022 net sales of $1,355.8 million, up from $1,121.0 million in the second quarter of 2021, and net income of $171.3 million versus $64.7 million. Diluted earnings per share were $3.59 compared with $1.48. Growth was driven largely by the FLIR Systems acquisition, which contributed $167.6 million of incremental net sales in the quarter and is part of the Digital Imaging segment. The prior-year quarter also carried $117.9 million of pretax FLIR acquisition-related expenses, which did not recur, and corporate expense fell to $14.7 million from $84.2 million. Operating income rose to $229.5 million from $104.4 million. Six-month results showed net sales of $2,676.8 million and net income of $383.9 million, including $57.5 million of net discrete income tax benefits, which lowered the effective tax rate to 9.6%. Operating cash flow was negative $19.8 million for the six months, reflecting a $296.4 million payment to the Swedish Tax Authority related to a pre-acquisition FLIR tax matter. Total debt declined to $3,945.7 million from $4,099.4 million, and the Consolidated Leverage Ratio was 2.5 to 1 at quarter end, well within the 4.5 to 1 covenant requirement. The filing also flags continuing risks: supply chain constraints, cost inflation, a stronger U.S. dollar that reduced sales, and export and tax matters tied to FLIR, for which the company says it cannot reasonably estimate potential loss. Subsequent events include a Canadian Revenue Agency notice on 2013-2017 tax positions with a reassessment the company believes would be less than $20 million, and the acquisition of a majority interest in Noiseless Acoustics Oy.

    Aug 1, 2022
  15. 2022-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Apr 3, 2022

    Teledyne Technologies Incorporated reported first quarter 2022 net sales of $1,321.0 million, up from $805.7 million, with net income of $212.6 million versus $84.7 million and diluted earnings per share of $4.46 versus $2.23. The filing states that net sales included $452.6 million of incremental net sales from the FLIR Systems acquisition, completed May 14, 2021 for approximately $8.1 billion, and that operating income rose 65.3% to $223.5 million. Net income also benefited from net discrete income tax benefits of $56.5 million, including $50.0 million primarily related to the resolution of certain FLIR tax reserves. Operating income included $53.6 million of acquired intangible asset amortization, up from $9.8 million. Cash flow was weaker: net cash used by operating activities was $216.7 million, compared with $124.9 million provided a year earlier, reflecting a $296.4 million payment to the Swedish Tax Authority related to a pre-acquisition FLIR tax reassessment. Cash and cash equivalents fell to $284.3 million, and total debt was $4,131.8 million, with $969.9 million available under the $1.15 billion credit facility. The company reported compliance with its financial covenants, with a consolidated leverage ratio of 2.8 to 1 against a requirement of no more than 4.75 to 1. The filing also discloses open export compliance matters at FLIR. The Department of State closed the ITAR Consent Agreement effective April 24, 2022 after a final $3.5 million civil penalty payment, and the Bureau of Industry and Security closed a voluntary disclosure with a Warning Letter on April 22, 2022. The company states it cannot reasonably estimate the outcome of other open matters, and that an unfavorable outcome could result in substantial fines or loss of export privileges.

    May 3, 2022
  16. 2021-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Oct 3, 2021

    Teledyne Technologies Incorporated reported third-quarter 2021 net sales of $1,311.9 million, up from $749.0 million a year earlier, and net income of $134.1 million, compared with $93.9 million. Diluted earnings per share were $2.81, versus $2.48. Results reflect the May 14, 2021 acquisition of FLIR Systems, Inc., which contributed $473.6 million of third-quarter net sales and is reported in the Digital Imaging segment. Nine-month net sales were $3,238.6 million, compared with $2,276.9 million, and nine-month net income was $283.5 million, compared with $269.8 million. Diluted earnings per share for the nine months were $6.58, versus $7.14. The FLIR acquisition was valued at approximately $8.1 billion, including $3.7 billion of net cash payments and $3.9 billion of Teledyne shares issued. It drove total debt to $4,441.7 million from $778.5 million at January 3, 2021, and goodwill rose to $7,899.5 million. Operating income was $189.6 million in the third quarter, up from $122.5 million, and it absorbed $82.3 million of FLIR acquisition-related transaction and purchase accounting expenses in Digital Imaging. The purchase price allocation is preliminary, and the measurement period remains open. Investors should note several open matters. The filing discloses a Swedish Tax Authority reassessment of SEK 3.1 billion ($351.5 million) against a FLIR subsidiary, with an Appellate Court ruling pending; an adverse ruling would materially affect cash flow. It also describes FLIR export control matters with the U.S. Department of State and Department of Commerce that could result in substantial fines. Management reports a $751.1 million available credit facility balance, a leverage ratio of 3.3 to 1 against a 4.75 to 1 requirement, and a 2021 effective tax rate expectation of 23.9% before discrete items.

    Oct 28, 2021
  17. 2021-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Jul 4, 2021

    Teledyne Technologies Incorporated reported second-quarter 2021 net sales of $1,121.0 million, up from $743.3 million a year earlier, and six-month net sales of $1,926.7 million versus $1,527.9 million. The increase reflects the May 14, 2021 acquisition of FLIR Systems, Inc., which contributed $301.4 million of incremental net sales in the quarter and is part of the Digital Imaging segment. Net income fell to $64.7 million from $93.7 million in the second quarter, and diluted earnings per share were $1.48 versus $2.48. Results were weighed down by $140.7 million of pretax FLIR-related charges in the quarter, including $52.2 million for settlement of FLIR employee and director stock awards, and $70.5 million of corporate acquisition-related transaction and purchase accounting expenses. Operating income was $104.4 million compared with $109.8 million. The acquisition, valued at approximately $8.1 billion, was funded with net cash payments of $3.7 billion, about $3.9 billion of Teledyne shares issued to FLIR holders, and the assumption of $0.5 billion of FLIR debt. Total debt rose to $4,742.0 million at July 4, 2021 from $778.5 million at January 3, 2021, and goodwill increased to $7,515.9 million from $2,150.0 million. The purchase price allocation is preliminary and the measurement period remains open. Cash provided by operating activities was $336.2 million for the first six months, compared with $232.2 million a year earlier. The filing highlights risks tied to FLIR's legacy matters. A Swedish tax reassessment totals approximately $357.8 million (Swedish kroner 3.1 billion), FLIR has appealed an adverse first-instance judgment, and the appellate hearing is scheduled for September 15, 2021. FLIR has not accrued a liability for this matter, and an adverse resolution could materially affect cash flow. The filing also discloses export-control matters under ITAR and BIS review that could result in substantial fines or loss of export privileges.

    Aug 2, 2021
  18. 2021-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Apr 4, 2021

    Teledyne Technologies Incorporated reported first quarter 2021 net sales of $805.7 million, up 2.7% from $784.6 million a year earlier, and net income of $84.7 million, compared with $82.2 million, with diluted earnings per share of $2.23 versus $2.17. Operating income rose 30.0% to $135.2 million, helped by the Aerospace and Defense Electronics segment, whose operating income more than doubled on lower severance, facility consolidation and R&D costs. Results were partly offset by $33.1 million of interest and debt expense tied to permanent financing for the pending FLIR Systems acquisition, and by $5.9 million of FLIR transaction costs in corporate expense. Net income still increased 3.0%. The balance sheet changed substantially because of the pending FLIR acquisition, a cash and stock transaction valued at approximately $8.0 billion that is expected to close on May 14, 2021, subject to remaining regulatory approvals and stockholder approvals. Cash and cash equivalents rose to $3,234.2 million from $673.1 million, and total debt increased to $3,243.3 million from $778.5 million after the company issued $3.0 billion of fixed rate notes in March 2021. Teledyne expects its weighted average borrowing cost to be less than two percent upon closing. Operating cash flow was $124.9 million, compared with $76.4 million in the prior-year quarter. Segment performance was mixed. Instrumentation sales rose 0.5% and Digital Imaging sales rose 6.7%, while Aerospace and Defense Electronics sales fell 3.3% on continued weakness in commercial aerospace. Engineered Systems sales increased 8.5%. The company said it may not fully estimate the ongoing COVID-19 impacts on its financial condition, results or cash flows, and it reported no material changes to risk factors from its 2020 Form 10-K.

    Apr 30, 2021
  19. 2020-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Sep 27, 2020

    Teledyne Technologies Incorporated reported third-quarter 2020 net sales of $749.0 million, down from $802.2 million in the prior-year quarter, and net income of $93.9 million versus $106.7 million. Diluted earnings per share were $2.48, compared with $2.84. For the first nine months of 2020, net sales were $2,276.9 million (versus $2,329.4 million) and net income was $269.8 million (versus $286.6 million), with diluted EPS of $7.14 compared with $7.66. Operating income fell 4.8% in the quarter and 6.0% for the nine months, with the decline concentrated in Aerospace and Defense Electronics, where the filing attributes weakness in commercial aerospace to COVID-19. Digital Imaging and Engineered Systems showed higher operating income in the quarter, and Instrumentation reported a 6.5% increase in operating income for the nine months. The balance sheet and liquidity position strengthened over the period. Cash and cash equivalents rose to $454.5 million from $199.5 million at December 29, 2019, and net cash from operating activities was $382.5 million for the nine months, versus $314.2 million a year earlier. Total debt was $786.7 million, and $614.7 million was available under the $750.0 million credit facility. The company stated it was in compliance with its financial covenants, reporting a consolidated leverage ratio of 1.38 to 1 against a 3.25 to 1 limit. Remaining performance obligations totaled $1,742.0 million, with approximately 74% expected to be recognized within twelve months. Management stated that the OneWeb bankruptcy exposure has been substantially reduced following financing, an advance payment received in October 2020, and resumed limited production. The filing also reports headcount reduction actions costing $15.1 million for the nine months, and notes that the company reviewed goodwill and indefinite-lived intangibles for impairment in the third quarter and identified no indication of impairment.

    Oct 22, 2020
  20. 2020-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Jun 28, 2020

    Teledyne Technologies Incorporated (TDY) reported second-quarter 2020 net sales of $743.3 million, down from $782.0 million in the second quarter of 2019, and net income of $93.7 million versus $104.6 million a year earlier. Diluted earnings per share were $2.48, compared with $2.80. Operating income fell to $109.8 million from $131.9 million. For the first six months, net sales were essentially flat at $1,527.9 million versus $1,527.2 million, while net income declined to $175.9 million from $179.9 million and diluted EPS was $4.65 versus $4.82. The company cited $8.6 million of severance, facility consolidation and acquisition costs in the second quarter, and a weaker commercial aerospace market due to COVID-19. Aerospace and Defense Electronics was the weakest segment, with second-quarter operating income of $17.5 million versus $38.6 million. The balance sheet strengthened on a liquidity basis. Cash and cash equivalents rose to $382.8 million from $199.5 million at December 29, 2019, and operating cash flow for the first six months was $232.2 million versus $163.3 million. Total debt was $851.4 million, with $614.5 million available under the $750.0 million credit facility. The company disclosed an exposure of approximately $40.0 million tied to the March 27, 2020 bankruptcy of OneWeb, a customer of its Airbus OneWeb Satellites joint venture, and stated that a loss, if any, depends on future events. The filing states that no goodwill impairment was identified as of June 28, 2020, though management will continue to monitor COVID-19 effects. Second-quarter net sales declined in every segment except Engineered Systems. Management stated that the company's cash flow and credit availability are expected to be sufficient to meet requirements over the next twelve months.

    Jul 23, 2020
  21. 2020-Q1

    Teledyne Technologies Quarterly Report for Q1 Ended Mar 29, 2020

    Teledyne Technologies Incorporated reported first-quarter 2020 net sales of $784.6 million, up from $745.2 million in the prior-year quarter, with net income of $82.2 million compared with $75.3 million and diluted earnings per share of $2.17 versus $2.02. Operating income rose to $104.0 million from $97.3 million. The filing attributes the sales increase to higher net sales in every segment except Aerospace and Defense Electronics, which fell as aerospace electronics sales declined by $20.1 million, and it notes $36.8 million of incremental sales from recent acquisitions. Results absorbed $10.4 million of severance, facility consolidation, acquisition and contract cost estimate charges in the quarter. The balance sheet and cash flow remained solid: cash and cash equivalents rose to $231.4 million, total debt was $849.7 million, and available borrowing capacity under the $750.0 million credit facility was $611.0 million. Operating cash flow was $76.4 million, versus $80.1 million a year earlier, and comprehensive income fell to $18.5 million because of a $61.3 million foreign currency translation loss. The company reports compliance with its financial covenants, with a net debt to EBITDA leverage ratio of 1.4 to 1. The filing flags two main risks. COVID-19 is affecting operations, and management says it cannot accurately estimate the impact on financial condition, results or cash flows. Teledyne is also assessing an exposure of approximately $40.0 million tied to receivables, unbilled receivables, inventories and other expenses related to the March 27, 2020 bankruptcy of OneWeb Global Limited, and a loss is reasonably possible but depends on future events.

    Apr 22, 2020
  22. 2019-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Sep 29, 2019

    Teledyne Technologies Incorporated reported third-quarter 2019 net sales of $802.2 million, up from $725.3 million a year earlier, and net income of $106.7 million, compared with $90.3 million. Diluted earnings per share were $2.84, versus $2.43. For the first nine months of 2019, net sales were $2,329.4 million and net income was $286.6 million, with diluted earnings per share of $7.66 compared with $6.56. Operating income rose to $128.7 million in the quarter from $105.5 million, and to $357.9 million for the nine months from $305.4 million. Management attributed $36.1 million of the third-quarter sales increase to organic growth and $40.8 million to recent acquisitions. During 2019 the company completed three acquisitions: the scientific imaging businesses of Roper Technologies, Inc. for $225.0 million, the gas and flame detection business of 3M Company for $230.0 million, and Micralyne Inc. for $25.0 million, all paid in cash. Goodwill rose to $2,007.8 million and acquired intangible assets to $439.9 million at September 29, 2019. Total debt was $925.4 million, with $225.0 million drawn on the $750.0 million credit facility, and the company reported $494.7 million of available borrowing capacity. Operating cash flow was $314.2 million for the nine months, compared with $321.4 million a year earlier, and the company stated it was in compliance with its financial covenants. The remaining performance obligations totaled $1,755.1 million, with about 74% expected to be recognized within twelve months. The company also realigned certain business units among its segments in the third quarter, a change it said had no impact on the Instrumentation segment or on the consolidated statements of income, balance sheet, or cash flows.

    Oct 28, 2019
  23. 2019-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Jun 30, 2019

    Teledyne Technologies Incorporated reported second-quarter 2019 net sales of $782.0 million, up from $732.5 million, and net income of $104.6 million, compared with $85.9 million a year earlier. Diluted earnings per share were $2.80, versus $2.32. For the first six months of 2019, net sales were $1,527.2 million and net income was $179.9 million, with diluted EPS of $4.82. Operating income rose to $131.9 million in the quarter from $111.5 million, and the company attributed $26.2 million of the quarterly sales increase to organic growth and $23.3 million to the Roper scientific imaging acquisition. The balance sheet expanded during the period, with total assets of $4,200.2 million at June 30, 2019, versus $3,809.3 million at December 30, 2018. Goodwill rose to $1,888.0 million, largely from the February 5, 2019 acquisition of the scientific imaging businesses of Roper Technologies, Inc. for $225.0 million in cash. Total debt was $792.7 million in the debt note, with $76.5 million outstanding under the $750.0 million credit facility, which was extended to March 2024. Cash from operations was $163.3 million for the first six months, down from $179.5 million, mainly due to higher income tax payments. Capital expenditures were $39.4 million. A significant subsequent event is the agreement, effective June 4, 2019, to acquire the gas and flame detection business of 3M Company for $230.0 million in cash. The company expects the deal to close in the third quarter of 2019, subject to customary conditions including French regulatory approval. Remaining performance obligations totaled $1,697.3 million, with approximately 79% expected to be recognized within the next twelve months.

    Jul 29, 2019
  24. 2019-Q1

    Teledyne Technologies Quarterly Report for Q1 Ended Mar 31, 2019

    Teledyne Technologies Incorporated reported first-quarter 2019 net sales of $745.2 million, up 7.1% from $695.6 million in the first quarter of 2018. Operating income rose 10.1% to $97.3 million, and net income increased 13.2% to $75.3 million. Diluted earnings per share were $2.02, compared with $1.81 a year earlier. Growth was led by the Instrumentation segment, where operating income rose 43.5% on net sales growth of 7.3%, and by the Digital Imaging segment, where net sales increased 11.5% and included $14.1 million from the Roper scientific imaging acquisition. Engineered Systems operating income fell 34.7% on lower turbine engine sales. The company completed the acquisition of the scientific imaging businesses of Roper Technologies, Inc. on February 5, 2019 for $225.0 million in cash, funded with credit facility borrowings and cash on hand. Goodwill rose to $1,885.1 million from $1,735.2 million, and acquired intangible assets rose to $389.0 million. Total debt increased to $856.4 million at March 31, 2019, and total assets grew to $4,161.7 million. Cash flow from operations was $80.1 million, compared with $71.6 million a year earlier, despite higher income tax payments tied to the Tax Cuts and Jobs Act repatriation tax. Management stated that the company was in compliance with its financial covenants and that its operating cash flow and available borrowings should be sufficient for the next twelve months. The company amended its $750.0 million credit facility on March 15, 2019 to extend maturity from December 2020 to March 2024, and the amendment permits up to $250.0 million of additional borrowing capacity subject to conditions. Available borrowing capacity under the facility was $571.2 million at quarter end. Remaining performance obligations were $1,760.0 million, with approximately 79% expected to be recognized within twelve months.

    Apr 29, 2019
  25. 2018-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Sep 30, 2018

    Teledyne Technologies Incorporated reported third-quarter 2018 net sales of $725.3 million, up from $662.2 million a year earlier, and net income of $90.3 million, compared with $69.0 million. Diluted earnings per share were $2.43, versus $1.90. For the first nine months of 2018, net sales were $2,153.4 million (up 13.4%) and net income was $242.7 million (up 52.1%), with diluted EPS of $6.56 versus $4.41. The filing attributes the nine-month sales growth to organic growth of $144.9 million and $109.1 million in incremental sales from recent acquisitions, primarily e2v. Operating income rose 34.5% for the nine months to $305.4 million, and Digital Imaging was the strongest segment, with sales up 29.0% and operating income up 61.3%. The third-quarter net income was helped by net discrete income tax benefits of $11.4 million, and the effective tax rate was 9.9%. Excluding those discrete items, the filing states the tax rate would have been 21.3%. The company also early adopted ASU 2018-02, reclassifying $47.6 million of stranded tax effects from accumulated other comprehensive income to retained earnings. Cash flow from operations was $321.4 million for the first nine months, compared with $248.3 million a year earlier. Total debt was $837.3 million, with no amounts outstanding under the $750.0 million credit facility, and available borrowing capacity was $714.8 million. The filing shows the balance sheet expanded modestly, with total assets of $3,913.2 million and stockholders' equity of $2,216.8 million at September 30, 2018. Management states that the company expects 2018 capital expenditures of about $90.0 million and an annual effective tax rate of 21.3%. The filing notes that a new lease accounting standard will be adopted on December 31, 2018, and that the company is still evaluating its impact.

    Oct 29, 2018
  26. 2018-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Jul 1, 2018

    Teledyne Technologies Incorporated reported second-quarter 2018 net sales of $732.5 million, up from $671.1 million a year earlier, and net income of $85.9 million, compared with $60.1 million. Diluted earnings per share were $2.32, versus $1.66 in the second quarter of 2017. For the first six months of 2018, net sales were $1,428.1 million and net income was $152.4 million, with diluted EPS of $4.13. Operating income rose to $111.5 million for the quarter and $199.9 million for the six months. The filing attributes the growth to organic sales growth and the e2v acquisition, which was completed in March 2017. Balance sheet and cash flow results were steady. Net cash provided by operating activities was $179.5 million for the first six months of 2018, compared with $140.4 million a year earlier. Net debt paydown of $115.0 million on the credit facility reduced total debt to $947.8 million at July 1, 2018, down from $1,068.2 million at December 31, 2017. Stockholders' equity rose to $2,102.7 million. The company reported that it was in compliance with its financial covenants, and its consolidated leverage ratio was 2.0 to 1 against a requirement of no more than 3.25 to 1. The filing also flags a new risk: the U.S. tariffs on steel, aluminum and Chinese goods, along with possible retaliatory tariffs, could raise material costs, pressure margins and disrupt supply chains. Remaining performance obligations totaled $1,632.6 million, with about 83% expected to convert to revenue within twelve months. The company also adopted ASC 606 on January 1, 2018, using the modified retrospective method, which had an immaterial effect on retained earnings.

    Aug 6, 2018
  27. 2018-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Apr 1, 2018

    Teledyne Technologies Incorporated reported first-quarter 2018 net sales of $695.6 million, up from $566.1 million in the first quarter of 2017, an increase of 22.9%. The filing attributes the growth to organic growth of $44.0 million and $85.5 million in incremental net sales from recent acquisitions, primarily e2v. Net income rose to $66.5 million from $30.5 million, and diluted earnings per share were $1.81 versus $0.84. Operating income was $88.4 million, up 61.3%, and the prior-year quarter included $21.2 million of pretax e2v acquisition costs. The Digital Imaging segment drove much of the improvement, with net sales up 81.4% and operating income up 129.1%. The balance sheet and cash flow show continued deleveraging. Total debt including capital leases was $1,028.4 million at April 1, 2018, and $110.5 million was outstanding under the $750.0 million credit facility, with $614.1 million of available borrowing capacity. Net cash provided by operating activities was $71.6 million, compared with $53.4 million a year earlier, and capital expenditures were $19.8 million. The company adopted ASC 606 (Revenue from Contracts with Customers) on January 1, 2018 using the modified retrospective method, and the filing notes that the cumulative effect on retained earnings was immaterial. Remaining performance obligations totaled $1,492.9 million, with about 85% expected to be recognized within twelve months. The filing also discloses a leadership change: Al Pichelli, Chief Operating Officer, assumed the title of President on April 24, 2018, while Robert Mehrabian continues as Chairman and Chief Executive Officer. The company reported that its effective tax rate for the first quarter of 2018 was 19.1%, including net discrete tax benefits of $2.1 million, and expects a full-year 2018 effective tax rate of 21.4%.

    May 8, 2018
  28. 2017-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Oct 1, 2017

    Teledyne Technologies Incorporated reported third-quarter 2017 net sales of $662.2 million, up 25.7% from $526.8 million a year earlier, and net income of $69.0 million, or $1.90 per diluted share, compared with $52.0 million, or $1.46 per diluted share, in the third quarter of 2016. For the first nine months of 2017, net sales were $1,899.4 million, up 18.9%, and net income was $159.6 million, or $4.41 per diluted share. The filing attributes the sales growth to organic growth and acquisitions, primarily e2v, which was acquired on March 28, 2017 for $770.7 million including stock options and assumed debt, net of $24.4 million of cash acquired. The acquisition substantially changed the balance sheet and cash flows. Total assets rose to $3,847.5 million from $2,774.4 million at January 1, 2017, goodwill rose to $1,748.9 million, and total debt, including capital leases, was $1,195.7 million at October 1, 2017. Cash used in investing activities was $813.2 million for the first nine months, and net cash provided by operating activities was $248.3 million, compared with $250.7 million a year earlier. Management said the lower operating cash flow reflected e2v transaction-related payments and higher income tax payments. The filing reports that covenants were met at October 1, 2017, with a consolidated leverage ratio of 2.6 to 1 against a maximum of 3.25 to 1 and an interest coverage ratio of 10.9 to 1 against a minimum of 3.0 to 1. Segment results were strong, led by Digital Imaging, where third-quarter net sales rose 94.4%, largely reflecting e2v. The company also disclosed that it expects its effective tax rate for fiscal 2017 to be 27.7%, excluding discrete items.

    Nov 7, 2017
  29. 2017-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Jul 2, 2017

    Teledyne Technologies Incorporated reported second-quarter 2017 net sales of $671.1 million, up from $539.7 million in the second quarter of 2016, and net income of $60.1 million, compared with $46.9 million a year earlier. Diluted earnings per share were $1.66, versus $1.33. For the first six months, net sales were $1,237.2 million and net income was $90.6 million, with diluted EPS of $2.50. The filing states that the sales increase reflected organic growth and the acquisition of e2v, which was completed on March 28, 2017 for $770.7 million including stock options and assumed debt, net of $24.4 million of cash acquired. Second-quarter operating income rose to $86.2 million from $53.6 million, and the company reported $4.0 million of pretax e2v acquisition charges in that quarter. The balance sheet expanded considerably. Total assets were $3,780.1 million at July 2, 2017, up from $2,774.4 million at January 1, 2017, driven by goodwill of $1,705.6 million and acquired intangibles of $403.6 million. Total debt including capital leases was $1,255.8 million, and the company stated it was in compliance with its financial covenants, with a consolidated leverage ratio of 2.8 to 1 against a 3.25 to 1 maximum. Cash from operations was $140.4 million for the first six months, down from $152.7 million, which the filing attributes to e2v transaction payments and higher income tax payments. After the period end, on July 20, 2017, a subsidiary acquired assets of Scientific Systems, Inc. for $31.0 million in cash. The filing also states that the company expects capital expenditures of up to $80.0 million in 2017 and an effective tax rate of 27.7% for fiscal 2017, and that the new revenue standard, ASU 2014-09, will be adopted on January 1, 2018 using the modified retrospective method.

    Aug 8, 2017
  30. 2017-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Apr 2, 2017

    Teledyne Technologies Incorporated's first quarter 2017 results, reported in this Form 10-Q for the period ended April 2, 2017, showed net sales of $566.1 million, up from $530.5 million a year earlier, while net income fell to $30.5 million from $39.0 million. Diluted earnings per share were $0.84, compared with $1.11. The decline was driven largely by $21.2 million in pretax charges tied to the acquisition of e2v technologies plc, which the company completed on March 28, 2017, for $770.7 million including stock options and assumed debt, net of $24.4 million of cash acquired. Operating income was $58.1 million, down from $60.9 million, and other expense rose to $9.3 million, including a $6.0 million foreign currency option contract expense related to the e2v purchase price. The acquisition materially changed the balance sheet and financing profile. Total assets rose to $3.67 billion from $2.77 billion at January 1, 2017, goodwill increased to $1.67 billion, and total debt, including capital leases, reached $1,313.1 million. The company borrowed $595.0 million under its $750.0 million credit facility and entered into a $100.0 million term loan to fund the deal. Cash used in investing activities was $752.9 million, and operating cash flow declined to $53.4 million from $69.1 million, reflecting transaction-related payments and higher income tax payments. The company also disclosed an April 18, 2017 private placement of €250.0 million of senior unsecured notes, intended to repay indebtedness and for general corporate purposes. By segment, Digital Imaging was the strongest performer, with net sales up 26.6% to $113.8 million and operating income up 86.6% to $15.3 million, while Instrumentation operating income declined 3.2% to $30.4 million. Corporate expense more than doubled to $22.7 million, including $10.4 million related to e2v. The company reported that its covenant ratios were in compliance, with a consolidated leverage ratio of 3.0 to 1 against a maximum of 3.25 to 1. The effective tax rate was 24.9%, and management expects a 28.3% effective rate for fiscal 2017.

    May 11, 2017
  31. 2016-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Oct 2, 2016

    Teledyne Technologies Incorporated's third quarter 2016 Form 10-Q, covering the period ended October 2, 2016, reports net sales of $526.8 million for the quarter, down from $551.7 million a year earlier, and operating income of $70.5 million versus $71.8 million. Net income attributable to Teledyne was $52.0 million ($1.46 per diluted share), compared with $48.3 million ($1.34 per diluted share) in the third quarter of 2015. For the first nine months, net sales were $1,586.9 million versus $1,686.8 million, and net income attributable to Teledyne was $137.9 million ($3.90 per diluted share), compared with $140.3 million ($3.88 per diluted share). The filing attributes the sales decline mainly to the Instrumentation segment, where marine instrumentation sales fell on weak energy markets, while Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems posted higher third-quarter sales. Nine-month results also include a $17.9 million pretax gain on the sale of a former California facility and $12.7 million in severance and facility consolidation charges. Balance sheet and cash flow data show cash of $99.5 million, restricted cash of $19.5 million, and total debt of $607.5 million (long-term debt and capital leases of $498.4 million). No amounts were outstanding under the $750.0 million credit facility at October 2, 2016, with $738.8 million of available borrowing capacity. Net cash provided by operating activities from continuing operations was $252.3 million for the first nine months, up from $146.4 million, and the company reported no cash pension contributions in 2016. During the quarter, Teledyne sold its Printed Circuit Technology business for $9.3 million, which is reported as discontinued operations, and it completed several acquisitions earlier in 2016, including CARIS, Quantum Data and Frontline. The filing also discloses a subsequent event in which Teledyne Instruments acquired the assets of IN USA, Inc. in the fourth quarter of 2016. The company adopted ASU 2016-09 early, which added $4.0 million to third-quarter net income. Goodwill rose to $1,183.5 million, and the company stated it was in compliance with its financial covenants at October 2, 2016.

    Nov 8, 2016
  32. 2016-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Jul 3, 2016

    Teledyne Technologies Incorporated's second quarter 2016 Form 10-Q reports net sales from continuing operations of $534.9 million for the quarter, compared with $573.6 million a year earlier, a decrease of 6.7%. Net income attributable to Teledyne was $45.7 million ($1.31 per diluted share), compared with $48.3 million ($1.34 per diluted share) in the second quarter of 2015, a decrease of 5.4%. Operating income fell to $54.3 million from $69.1 million, a decrease of 21.4%. Results were pressured by lower Instrumentation sales, driven by weak energy markets affecting marine instrumentation. Operating results were partly offset by a $17.9 million pretax gain on the sale of a former California operating facility, which is included in other income, and by higher sales in Aerospace and Defense Electronics and Digital Imaging. For the first six months of 2016, net sales were $1,060.1 million, a decrease of 6.6%, and net income attributable to Teledyne was $84.1 million ($2.41 per diluted share), a decrease of 8.6%. Management recorded $10.8 million of pretax severance, facility consolidation and asset impairment charges in the second quarter as part of efforts to reduce costs and exposure to weak end markets. Cash provided by operating activities from continuing operations rose to $152.2 million from $74.1 million, reflecting lower income tax payments, while the company spent $58.3 million on acquisitions in the first half and completed three acquisitions in the second quarter. At July 3, 2016, total debt including capital leases was $693.0 million, and available borrowing capacity under the $750.0 million credit facility was $636.6 million. The company reported that it was in compliance with its financial covenants, with a consolidated leverage ratio of 1.9 to 1 against a maximum of 3.25 to 1. The company also disclosed that it sold its Printed Circuit Technology business for $9.3 million in the third quarter of 2016, and that Teledyne's Plan trustee purchases of company stock through its 401(k) Plan may have exceeded registered amounts since 2001.

    Aug 9, 2016
  33. 2016-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Apr 3, 2016

    Teledyne Technologies Incorporated reported first-quarter 2016 net sales of $530.5 million, down from $565.0 million in the first quarter of 2015, a decrease of 6.1%. Net income attributable to Teledyne was $38.4 million ($1.10 per diluted share), compared with $43.7 million ($1.20 per diluted share) a year earlier, a decrease of 12.1%. Operating income fell to $61.0 million from $67.3 million, a decrease of 9.4%. Cost of sales was 61.2% of sales in both periods. The decline was concentrated in the Instrumentation segment, where sales fell 17.2% to $223.7 million, driven by lower marine instrumentation sales tied to energy exploration and production. Aerospace and Defense Electronics grew 8.1% to $152.6 million and Engineered Systems rose 1.9% to $64.3 million, partially offsetting the decline. Digital Imaging sales were nearly flat at $89.9 million, down 0.6%. Cash flow from operations improved to $69.1 million from $16.7 million, and total debt was $719.5 million at April 3, 2016, including $99.0 million outstanding under the $750.0 million credit facility. Subsequent to quarter end, the company completed three acquisitions for initial aggregate cash consideration of $60.0 million and agreed to sell its printed circuit technology business assets for $9.3 million.

    May 9, 2016
  34. 2015-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Sep 27, 2015

    Teledyne Technologies Incorporated reported third-quarter 2015 net sales of $555.4 million, down from $601.1 million in the third quarter of 2014, a decrease of 7.6%. Net income attributable to Teledyne was $48.3 million ($1.34 per diluted share), compared with $55.6 million ($1.47 per diluted share) a year earlier, a decrease of 13.1%. For the first nine months, net sales were $1,698.1 million versus $1,771.7 million, and net income attributable to Teledyne was $140.3 million ($3.88 per diluted share) versus $157.5 million ($4.13 per diluted share). Lower sales were reported in every segment except Digital Imaging in the quarter, and operating income fell 6.5% in the quarter to $69.5 million. Interest expense rose to $6.0 million in the quarter from $4.6 million, reflecting higher debt from acquisitions and stock repurchases. Cash flow and capital deployment shifted during the nine months. Net cash provided by operating activities was $149.2 million, down from $202.3 million, and the company spent $63.7 million on acquisitions, including Bowtech, Optech and Industrial Control Machines (ICM). Treasury stock purchases totaled $142.0 million, funded partly by a $142.0 million accelerated share repurchase agreement in February 2015. Total debt was $712.7 million at quarter end, including $205.0 million under the $750.0 million credit facility, and cash fell to $71.5 million from $141.4 million at year-end 2014. The filing states that the company expects to issue $125.0 million of senior unsecured notes on November 5, 2015, and plans a new accelerated share repurchase of approximately $100.0 million in the near term. The filing reports covenant compliance, with a net debt to EBITDA leverage ratio of 1.9 to 1 against a 3.25 to 1 maximum and an interest coverage ratio of 16.7 to 1 against a 3.0 to 1 minimum. The company stated its effective tax rate for fiscal 2015 is expected to be 30.8%, excluding discrete items. Management also reported that no cash pension contributions are planned for 2015 for the domestic plan, and capital expenditures are expected to be up to $55.0 million for 2015.

    Nov 3, 2015
  35. 2015-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Jun 28, 2015

    Teledyne Technologies Incorporated reported second-quarter 2015 net sales of $577.7 million, down from $597.1 million in the second quarter of 2014, and net income attributable to Teledyne of $48.3 million ($1.34 per diluted share), compared with $56.1 million ($1.47 per diluted share) a year earlier. For the first six months of 2015, net sales were $1,142.7 million and net income attributable to Teledyne was $92.0 million ($2.53 per diluted share). Operating income declined to $68.9 million for the quarter and $136.2 million for the six months. Lower sales were recorded in Digital Imaging and Aerospace and Defense Electronics, while Instrumentation and Engineered Systems showed higher sales for the six-month period, and Instrumentation operating income rose in both periods. Cash flow and balance sheet activity reflected acquisitions and share repurchases. Net cash provided by operating activities was $75.7 million for the first six months of 2015, versus $122.1 million a year earlier. Investing outflows of $80.4 million included $62.4 million for acquisitions, including Bowtech, Optech minority interest and ICM. Cash fell to $61.3 million from $141.4 million at year-end 2014, while total debt, including capital leases, rose to $765.3 million. Treasury stock purchases totaled $142.0 million in the first six months, primarily under a February 2015 accelerated share repurchase agreement that is expected to settle in December 2015. Management stated the company was in compliance with its financial covenants, with a consolidated leverage ratio of 2.0 to 1 against a maximum of 3.25 to 1, and an interest coverage ratio of 17.8 to 1 against a minimum of 3.0 to 1. Available borrowing capacity under the $750.0 million credit facility was $555.4 million at June 28, 2015. Management expects operating cash flow, together with available borrowings, to be sufficient to meet requirements over the next twelve months, and it currently expects capital expenditures of up to $60.0 million for 2015.

    Aug 4, 2015
  36. 2015-Q1

    Teledyne Technologies Quarterly Report for Q1 Ended Mar 29, 2015

    Teledyne Technologies Incorporated reported first-quarter 2015 net sales of $565.0 million, down from $573.5 million in the first quarter of 2014, a decrease of 1.5%. Net income attributable to Teledyne was $43.7 million ($1.20 per diluted share), compared with $45.8 million ($1.20 per diluted share) a year earlier, a decrease of 4.6%. Operating income rose to $67.3 million from $66.0 million, an increase of 2.0%, with the company citing higher results in the Instrumentation and Engineered Systems segments, partly offset by lower results in Aerospace and Defense Electronics and Digital Imaging. Incremental revenue from recent acquisitions was $12.1 million. By segment, Instrumentation sales rose 4.4% to $270.3 million and operating profit rose 12.3% to $42.1 million, driven by marine and environmental instrumentation. Digital Imaging sales fell 11.3% to $90.4 million, and Aerospace and Defense Electronics sales fell 7.9% to $141.2 million with operating profit down 18.5% to $19.4 million. Engineered Systems sales increased 6.2% to $63.1 million. Cash flow from operations fell to $16.7 million from $27.1 million. Teledyne used $142.0 million for an accelerated share repurchase in February 2015, funded partly by $120.0 million of floating rate borrowings under its $750 million credit facility. Total debt rose to $830.0 million at March 29, 2015, from $694.7 million of total debt reported at December 28, 2014, and the company stated it was in compliance with its financial covenants.

    May 1, 2015
  37. 2014-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Sep 28, 2014

    Teledyne Technologies Incorporated filed this Form 10-Q for the third quarter and nine months ended September 28, 2014. Third-quarter net sales were $601.1 million, up 5.2% from $571.6 million, and net income attributable to Teledyne was $55.6 million ($1.47 per diluted share), up 18.8% from $46.8 million ($1.23 per diluted share). Operating income rose to $74.3 million from $53.0 million, a 40.2% increase, with lower severance and facility consolidation costs ($1.2 million versus $14.3 million a year earlier) and pension income of $0.3 million versus pension expense of $4.3 million in the prior-year quarter. Nine-month net sales were $1,771.7 million, up 1.7%, and nine-month net income attributable to Teledyne was $157.5 million ($4.13 per diluted share), up 21.1%. Instrumentation was the main growth driver, with nine-month sales up 9.2%, while Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems sales declined over the nine months. Capital deployment was a major theme. The company agreed in the third quarter to acquire Bolt Technology Corporation for $22.00 per share in cash, an aggregate value of approximately $171.1 million, with closing expected in November 2014. It also acquired Oceanscience for $15.0 million on October 23, 2014, as a subsequent event. In September 2014 it entered a $101.6 million accelerated share repurchase agreement, and nine-month share repurchases totaled $146.6 million. Total debt was $577.8 million at quarter end, with $634.5 million of available borrowing capacity under the $750.0 million credit facility, and the company priced $125.0 million of senior unsecured notes at an average fixed rate of 2.97%, expected to be issued in December 2014. Balance sheet and cash flow were solid. Cash and cash equivalents rose to $125.8 million, and net cash provided by operating activities was $199.6 million for the nine months, compared with $105.6 million a year earlier, which had included an $83.0 million voluntary pension contribution. The company made no domestic pension contributions in 2014 and plans none for the year. The company reported that it was in compliance with its financial covenants, with an actual leverage ratio of 1.5 to 1 against a 3.25 to 1 maximum.

    Oct 31, 2014
  38. 2014-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Jun 29, 2014

    Teledyne Technologies Incorporated (TDY) reported second-quarter 2014 net sales of $597.1 million, compared with $601.0 million in the second quarter of 2013, a decrease of 0.6%. Net income attributable to Teledyne was $56.1 million ($1.47 per diluted share), compared with $42.9 million ($1.13 per diluted share) a year earlier, an increase of 30.8%. Operating income rose to $74.3 million from $64.9 million, reflecting lower costs from 2013 cost reduction actions and pension income of $0.4 million, compared with pension expense of $4.4 million in the prior-year quarter. The company also recorded an $8.6 million net gain on legal settlements within other income in the quarter. For the first six months of 2014, net sales were essentially flat at $1,170.6 million versus $1,170.4 million, while net income attributable to Teledyne rose 22.3% to $101.9 million ($2.67 per diluted share). Instrumentation sales grew 9.2% for the six months, while Aerospace and Defense Electronics sales fell 8.1% and Engineered Systems sales fell 11.9%, largely due to the completion of a microwave and interconnect program with a foreign government. Operating cash flow was $120.4 million, compared with $56.1 million a year earlier, with the improvement attributed to the absence of a voluntary $83.0 million pension contribution in 2014. Total debt was $509.2 million at June 29, 2014, and the company repurchased $35.6 million of common stock during the six months. The company stated that it is in compliance with its financial covenants and that its consolidated leverage ratio was 1.4 to 1 against a 3.25 to 1 maximum. It expects capital expenditures of approximately $65.0 million in 2014 and stated that no cash pension contributions are planned for 2014 for the domestic pension plan.

    Jul 31, 2014
  39. 2014-Q1

    Teledyne Technologies Quarterly Report for Q1 Ended Mar 30, 2014

    Teledyne Technologies Incorporated reported first-quarter 2014 net sales of $573.5 million, up from $569.4 million in the first quarter of 2013, an increase of 0.7%. Net income attributable to Teledyne was $45.8 million ($1.20 per diluted share), compared with $40.4 million ($1.07 per diluted share) a year earlier, an increase of 13.4%. Income before income taxes rose to $61.9 million from $53.0 million. Growth was driven by the Instrumentation segment, where sales rose 11.3% on higher marine instrumentation sales and recent acquisitions, while Aerospace and Defense Electronics, Digital Imaging and Engineered Systems sales declined. Operating profit improved in every segment except Engineered Systems, reflecting cost reduction actions taken in 2013 and pension income of $0.3 million versus pension expense of $4.3 million a year earlier. Cash flow and balance sheet items improved. Net cash provided by operating activities was $26.4 million, compared with net cash used of $56.7 million in the first quarter of 2013, which included an $83.0 million voluntary domestic pension contribution. The company made no cash pension contributions in the first quarter of 2014 and plans none for the rest of 2014. Total debt was $559.9 million at March 30, 2014, and the company reported compliance with its financial covenants, with a consolidated leverage ratio of 1.6 to 1 against a maximum of 3.25 to 1. The company repurchased $23.6 million of its stock during the quarter, and it expects capital expenditures of approximately $70.0 million in 2014. In a subsequent event, a subsidiary acquired Photon Machines, Inc. in the second quarter of 2014 for an initial payment of $3.3 million, with a further $0.7 million expected in installments over three years.

    Apr 29, 2014
  40. 2013-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Sep 29, 2013

    Teledyne Technologies Incorporated reported third-quarter 2013 net sales of $571.6 million, up 4.4% from $547.4 million in the third quarter of 2012, and net income attributable to Teledyne of $46.8 million ($1.23 per diluted share), up 9.6% from $42.7 million ($1.14 per diluted share). For the first nine months of 2013, net sales were $1,742.0 million, up 11.7% from $1,559.9 million, and net income attributable to Teledyne was $130.1 million ($3.42 per diluted share) compared with $117.9 million ($3.16 per diluted share) a year earlier. Growth was driven mainly by the Instrumentation segment, where sales rose 24.4% in the quarter and 33.1% for the nine months, reflecting acquisitions including LeCroy, RESON and CETAC. Digital Imaging, Aerospace and Defense Electronics and Engineered Systems sales were lower in the quarter, and segment operating profit fell 9.3% to $63.4 million. Profitability was affected by $18.7 million in pretax severance, facility consolidation and environmental charges for the first nine months of 2013 ($14.3 million in the third quarter), higher pension expense, and a 0.6% effective tax rate in the quarter, which included $11.6 million of net discrete tax benefits. The company generated $105.6 million of operating cash flow in the first nine months, compared with $67.6 million a year earlier, after an $83.0 million voluntary domestic pension contribution. It spent $106.4 million on acquisitions and $54.0 million on capital expenditures during the period, and total long-term debt rose to $626.1 million from $543.4 million. The balance sheet remained sound, with cash of $88.7 million, working capital of $436.3 million, and $574.8 million of available borrowing capacity under its $750.0 million credit facility, which was amended in March 2013 and extended to March 2018. The company stated it was in compliance with its financial covenants, with a consolidated leverage ratio of 1.9 to 1 against a requirement of no more than 3.25 to 1. Subsequent to quarter end, on October 22, 2013, Teledyne acquired C.D. Limited for $22.5 million in cash.

    Nov 4, 2013
  41. 2013-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Jun 30, 2013

    Teledyne Technologies Incorporated's second quarter 2013 net sales rose to $601.0 million from $518.5 million a year earlier, and net income attributable to Teledyne reached $42.9 million, or $1.13 per diluted share, compared with $39.5 million, or $1.06 per diluted share, in the second quarter of 2012. For the first six months, net sales were $1,170.4 million and net income attributable to Teledyne was $83.3 million, or $2.20 per diluted share. The filing attributes the sales growth to higher Instrumentation and Aerospace and Defense Electronics sales, including $67.3 million of incremental second-quarter revenue from recent acquisitions such as LeCroy, RESON and Optech, partially offset by lower Digital Imaging and Engineered Systems sales. Profitability was pressured by higher selling, general and administrative expenses, which rose to 25.4% of sales from 22.3%, partly due to the LeCroy acquisition, along with $4.2 million of severance and facility consolidation costs and $8.7 million of pension expense for the first six months. Cash from operations was $56.1 million for the first six months, after an $83.0 million voluntary domestic pension contribution, and total debt rose as the company borrowed to fund acquisitions. Total long-term debt was $614.7 million at June 30, 2013, and the company amended its credit facility to $750.0 million with a March 2018 maturity. At quarter-end, total assets were $2,514.1 million and total stockholders' equity was $1,280.6 million. The company acquired RESON and Axiom during the period for $73.7 million in total acquisition spending, and disclosed a subsequent purchase of the remaining 49% interest in Nova Sensors for $4.9 million in the third quarter of 2013.

    Aug 2, 2013
  42. 2013-Q1

    Teledyne Technologies Quarterly Report for Q1 Ended Mar 31, 2013

    Teledyne Technologies Incorporated reported first-quarter 2013 net sales of $569.4 million, compared with $494.0 million in the first quarter of 2012, an increase of 15.3%. Net income attributable to Teledyne was $40.4 million ($1.07 per diluted share), compared with $35.7 million ($0.96 per diluted share) a year earlier, an increase of 13.2%. Growth was driven by recent acquisitions, including $65.0 million of incremental revenue, as well as higher organic sales. Segment operating profit rose to $68.4 million from $65.0 million, though results absorbed $1.7 million of severance and relocation costs in the Aerospace and Defense Electronics segment and $0.4 million of acquisition-related transaction costs. Cash flow was weaker in the quarter. Net cash used by operating activities was $56.7 million, compared with $19.7 million a year earlier, reflecting a voluntary $83.0 million contribution to the domestic pension plan. Teledyne made no further cash pension contributions planned for the rest of 2013. Net cash used in investing activities was $86.0 million, mainly for the acquisition of RESON A/S for $69.7 million on March 1, 2013. Total long-term debt rose to $683.2 million from $543.4 million, and the company amended its credit facility to $750.0 million with a maturity extended to March 1, 2018. The company stated that its effective tax rate was 24.9% for the quarter, including $2.7 million of discrete tax benefits, and expects a 30.0% effective tax rate for 2013. Capital expenditures are expected to be approximately $90.0 million in 2013, and the company reported $516.5 million of available borrowing capacity under its credit facility at March 31, 2013.

    May 7, 2013
  43. 2012-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Sep 30, 2012

    Teledyne Technologies Incorporated reported third-quarter 2012 net sales of $547.4 million, up from $496.4 million in the third quarter of 2011, an increase of 10.3%. Net income attributable to Teledyne was $42.7 million, or $1.14 per diluted share, compared with $34.1 million, or $0.91 per diluted share, a year earlier. For the first nine months of 2012, net sales were $1,559.9 million (up 6.3%) and net income attributable to Teledyne was $117.9 million, or $3.16 per diluted share. The prior-year nine-month net income of $218.4 million included a $113.8 million gain on the sale of discontinued operations. The company attributed growth to acquisitions, with incremental third-quarter revenue of $58.3 million from recent acquisitions, including LeCroy, PDM Neptec, BlueView, VariSystems and Optech. Cash flow and balance sheet changes were significant. Net cash provided by operating activities from continuing operations fell to $67.6 million for the first nine months of 2012 from $139.7 million a year earlier, reflecting receivable timing and $92.8 million in voluntary pension contributions. Investing outflows of $431.2 million were driven mainly by $389.2 million of acquisitions, and net borrowings of $318.2 million pushed long-term debt to $645.6 million from $311.4 million at January 1, 2012. Goodwill rose to $990.4 million and total assets to $2.43 billion. After quarter-end, on October 22, 2012, Teledyne entered into $200.0 million of term loans maturing in October 2015, with proceeds applied against its $550.0 million revolving credit facility. The company reported that it was in compliance with its financial covenants, with a consolidated leverage ratio of 2.0 to 1 against a 3.25 to 1 requirement.

    Nov 6, 2012
  44. 2012-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Jul 1, 2012

    Teledyne Technologies Incorporated reported second-quarter 2012 net sales of $518.5 million, up from $502.9 million a year earlier, and first-half net sales of $1,012.5 million versus $971.0 million. Net income attributable to Teledyne was $39.5 million ($1.06 per diluted share) for the second quarter, compared with $152.3 million ($4.08 per diluted share) in the prior-year quarter, which included a $113.8 million gain on the sale of the general aviation piston engine businesses. Excluding discontinued operations, net income from continuing operations rose to $39.5 million from $38.7 million in the second quarter and to $75.2 million from $71.2 million for the first six months. Segment operating profit declined to $67.4 million in the quarter from $71.0 million, reflecting new product development spending, acquisition-related expenses and lower environmental instrumentation margins. The company's sales growth came mainly from the Instrumentation and Digital Imaging segments, while Aerospace and Defense Electronics and Engineered Systems declined. Cash provided by operating activities from continuing operations fell to $49.3 million for the first six months from $86.8 million, reflecting a $50.0 million voluntary pension contribution and the timing of receivables collections and tax payments. Total long-term debt rose to $317.3 million from $298.0 million, and the company completed several acquisitions in 2012, including VariSystems, Optech and, after quarter end, LeCroy for approximately $301 million. The filing also discloses subsequent events: on August 3, 2012 Teledyne acquired LeCroy Corporation, PDM Neptec Limited and BlueView Technologies. The company said it expects to make an additional $42.8 million voluntary pension contribution in the third quarter of 2012 and expects 2012 capital expenditures of approximately $70.0 million. The filing notes that the company is in compliance with its financial covenants, with a consolidated leverage ratio of 1.2 to 1 against a 3.25 to 1 maximum.

    Aug 7, 2012
  45. 2012-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Apr 1, 2012

    Teledyne Technologies Incorporated reported first-quarter 2012 net sales of $494.0 million, up from $468.1 million a year earlier, and net income attributable to Teledyne of $35.7 million ($0.96 per diluted share), compared with $32.0 million ($0.86 per diluted share) in the first quarter of 2011. Growth was led by Digital Imaging, where sales rose to $94.2 million from $66.2 million, largely due to the DALSA acquisition, while Aerospace and Defense Electronics and Engineered Systems sales declined. Incremental revenue from recent acquisitions totaled $32.3 million in the quarter. Cash flow and liquidity were affected by a $50.0 million voluntary pension contribution. Net cash used by operating activities from continuing operations was $19.7 million, compared with cash provided of $6.6 million a year earlier. Investing outflows were $45.5 million, mainly for the VariSystems acquisition, and total debt rose to $386.6 million in long-term debt, including a $136.6 million revolving credit balance. Cash and cash equivalents ended the quarter at $84.9 million, and available borrowing capacity under the $550.0 million credit facility was $399.5 million. Subsequent to quarter end, on April 2, 2012, Teledyne acquired a majority interest in the parent company of Optech Incorporated for $32.7 million, raising its ownership to 51 percent from 19 percent. Teledyne also disclosed a planned $42.8 million voluntary pension contribution in the third quarter of 2012 and expects 2012 capital expenditures of approximately $65.0 million.

    May 4, 2012
  46. 2011-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Oct 2, 2011

    Teledyne Technologies Incorporated's Form 10-Q for the quarter ended October 2, 2011 reports third-quarter net sales of $496.4 million, up 21.1% from $409.8 million a year earlier, and net income from continuing operations of $34.1 million ($0.91 per diluted share) versus $29.9 million ($0.81 per diluted share). For the first nine months, net sales were $1,467.4 million, up 20.0%, and net income including discontinued operations was $218.4 million ($5.85 per diluted share), which includes a $113.8 million gain on the April 19, 2011 sale of the general aviation piston engines businesses. Growth was driven largely by the February 2011 acquisition of DALSA Corporation, which lifted Digital Imaging sales to $95.0 million in the quarter, up 207.4%, and contributed $190.4 million of incremental revenue from recent acquisitions over the nine months. Profitability improved in most segments, though Engineered Systems sales and operating profit declined in both periods. Third-quarter cost of sales fell to 66.7% of sales from 69.5%, while SG&A rose to 21.8% of sales from 19.3%, reflecting DALSA's cost structure and higher R&D. The quarter also included a $4.5 million pretax write-off of a minority investment in a private company. Interest expense rose to $12.4 million for the nine months from $3.2 million as debt increased to $274.0 million, principally from the DALSA acquisition and a $550.0 million revolving credit facility, of which $24.0 million was drawn. Cash and cash equivalents declined to $37.9 million, and operating cash flow from continuing operations was $139.7 million after $69.0 million of voluntary pension contributions. On October 25, 2011, the Board authorized a stock repurchase program of up to 2,500,000 shares. The company reports it was in compliance with its financial covenants, with a consolidated leverage ratio of 0.8 to 1 against a required maximum of 3.25 to 1. The filing notes that approximately $46.9 million in income taxes related to the piston engines sale is expected to be paid in the fourth quarter of 2011, and that no additional pension contributions are planned for 2011.

    Nov 7, 2011
  47. 2011-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Jul 3, 2011

    Teledyne Technologies Incorporated reported second-quarter 2011 net sales of $502.9 million, up from $408.0 million a year earlier, and net income from continuing operations of $38.7 million ($1.04 per diluted share), compared with $28.0 million ($0.76 per diluted share). Net income attributable to Teledyne was $152.3 million ($4.08 per diluted share), boosted by a $113.8 million gain on the sale of its general aviation piston engines businesses, completed April 19, 2011. For the first six months, net sales were $971.0 million and net income from continuing operations was $71.2 million ($1.91 per diluted share). Growth was driven largely by the February 2011 acquisition of DALSA Corporation, purchased for $339.5 million in cash and reported in the Digital Imaging segment. Incremental revenue from recent acquisitions was $77.7 million in the second quarter and $125.3 million for the first six months. Digital Imaging sales rose to $96.2 million in the quarter from $29.6 million. Instrumentation sales grew 3.0% in the quarter, while Engineered Systems rose 5.8%. Selling, general and administrative expense as a percentage of sales increased to 22.0% from 18.8%, reflecting the DALSA cost structure and higher amortization. Balance sheet and liquidity changed meaningfully. Total debt rose to $310.0 million in long-term debt, including $60.0 million drawn on a new $550.0 million credit facility, and cash fell to $33.2 million from $75.1 million. The company made voluntary pension contributions of $69.0 million in the first six months of 2011, and it expects to pay $51.3 million in income taxes related to the piston engines sale before year-end 2011. Management stated it was in compliance with its financial covenants at July 3, 2011.

    Aug 9, 2011
  48. 2011-Q2

    Teledyne Technologies Quarterly Report for Q2 Ended Apr 3, 2011

    Teledyne Technologies Incorporated reported first-quarter 2011 net sales of $468.1 million, up 15.6% from $404.9 million a year earlier. Net income attributable to Teledyne Technologies was $32.0 million ($0.86 per diluted share), compared with $25.0 million ($0.68 per diluted share) in the prior-year quarter, an increase of 28.0%. Income from continuing operations was $32.5 million ($0.87 per diluted share), up 30.0%. Growth was driven by higher sales in every segment except Engineered Systems, with incremental revenue from recent acquisitions of $47.6 million, and by improved margins; the Digital Imaging segment's sales rose 122.1%, largely from the February 2011 DALSA acquisition. The balance sheet changed substantially during the quarter. Teledyne acquired DALSA Corporation for $339.5 million in stock-based consideration and Nova Sensors for $5.1 million, and bought a 19% interest in Optech for $18.9 million in cash. Total assets rose to $1,943.2 million from $1,557.8 million at January 2, 2011, goodwill increased to $723.0 million, and long-term debt and capital leases rose to $578.6 million from $265.3 million. The company refinanced its credit facility into a new $550.0 million facility maturing February 25, 2016, with $310.5 million drawn at quarter-end. Cash flow from operations from continuing operations was $6.6 million, and investing outflows were $370.0 million, mostly for acquisitions. The company also agreed to sell its general aviation piston engines businesses (formerly the Aerospace Engines and Components segment) for $186.0 million in cash, which closed on April 19, 2011 and is presented as discontinued operations. Teledyne made a $37.0 million voluntary pension contribution in the first quarter and a further $32.0 million contribution on April 19, 2011, and stated that no additional pension contributions are planned for 2011. Management described the company's risk profile as having changed following the DALSA acquisition and the divestiture.

    May 13, 2011
  49. 2010-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Oct 3, 2010

    Teledyne Technologies Incorporated (TDY) reported third-quarter 2010 net sales of $443.9 million, up 3.4% from $429.4 million a year earlier, and net income attributable to Teledyne Technologies of $30.3 million ($0.82 per diluted share), down 13.7% from $35.1 million ($0.96 per diluted share). For the first nine months of 2010, net sales were $1,325.6 million, up 1.1%, and net income attributable to the company was $83.9 million ($2.28 per diluted share), up 3.5%. The Electronics and Communications segment drove growth, with third-quarter sales up 10.2%, while Engineered Systems sales fell 18.4% on lower missile defense and gas centrifuge service module work. The quarter's earnings decline reflected a higher effective tax rate of 32.9% versus 17.3% a year earlier, since the 2009 quarter included a larger research and development tax credit. Acquisition-related charges of $3.0 million also weighed on results. Management cited lower pension expense and cost reductions as offsets. Operating cash flow for the first nine months was $73.8 million, compared with $75.1 million in 2009, after a $37.0 million voluntary pension contribution. The company's balance sheet expanded through 2010 acquisitions of Intelek, Optimum Optical Systems and Gavia, with purchases of businesses totaling $63.3 million in the first nine months. In September 2010 Teledyne issued $250.0 million of private placement Senior Notes, using the proceeds to pay down its $590.0 million credit facility, which expires in July 2011. The company reported it was in compliance with its financial covenants at October 3, 2010.

    Nov 10, 2010
  50. 2010-Q3

    Teledyne Technologies Quarterly Report for Q3 Ended Jul 4, 2010

    Teledyne Technologies Incorporated reported second-quarter 2010 net sales of $442.5 million, up 0.3% from $441.1 million a year earlier, and net income attributable to common stockholders of $28.6 million ($0.78 per diluted share), up 13.5% from $25.2 million ($0.69 per diluted share). For the six months ended July 4, 2010, sales were $881.7 million (flat versus $881.4 million) and net income was $53.6 million ($1.46 per diluted share), up 16.5% from $46.0 million. Earnings were supported by higher Electronics and Communications sales and lower pension expense, partly offset by an $8.2 million pre-tax non-cash charge to correct cost of sales recorded incorrectly from 2003 through the first quarter of 2010, primarily due to inventory valuation errors at a business unit. The company determined the error was immaterial to any prior period. Sales in the Engineered Systems segment fell 25.0% in the quarter, reflecting lower missile defense engineering services and gas centrifuge service module sales, and management expects further reductions in 2010. Operating cash flow improved to $50.1 million for the six months from $28.2 million, largely because no pension contributions were made in 2010 versus an $80.0 million contribution in 2009, though the company paid $34.1 million in taxes. The company had $226.0 million outstanding under its $590.0 million credit facility, which matures in July 2011, and planned to issue $250.0 million of senior notes on September 15, 2010 to repay borrowings. In the third quarter of 2010 it completed the acquisition of Intelek plc for $38.5 million. Balance sheet items show total assets of $1.456 billion and total stockholders' equity of $720.3 million at July 4, 2010. Management expects to make a voluntary pension contribution of approximately $37.0 million in the third quarter of 2010.

    Aug 10, 2010