Teledyne Technologies Reports First Quarter Results


TELEDYNE TECHNOLOGIES INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED
APRIL 3, 2016 AND MARCH 29, 2015
(Unaudited - in millions, except per share amounts)

	First Quarter			First Quarter
	2016			2015
Net sales	$	530.5		$	565.0
Costs and expenses:
Costs of sales	324.8			345.9
Selling, general and administrative expenses	144.7			151.8
Total costs and expenses	469.5			497.7
Operating income	61.0			67.3
Interest expense, net	(5.7		)	(5.9		)
Other income (expense), net	(1.3		)	0.8
Income before income taxes	54.0			62.2
Provision for income taxes	15.6			18.5
Net income attributable to Teledyne	$	38.4		$	43.7
Diluted earnings per common share	$	1.10		$	1.20
Weighted average diluted common shares outstanding	34.9			36.5


TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF SEGMENT NET SALES AND OPERATING INCOME
FOR THE THREE MONTHS ENDED
APRIL 3, 2016 AND MARCH 29, 2015
(Unaudited - in millions)

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