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TELEDYNE TECHNOLOGIES INCORPORATED SUMMARY OF SEGMENT NET SALES AND OPERATING INCOME FOR THE SECOND QUARTER AND SIX MONTHS ENDED JULY 2, 2017 AND JULY 3, 2016 (Unaudited – in millions) |
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|
Second Quarter |
Second Quarter |
% Change |
Six Months |
Six Months |
% Change |
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| 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||||
| Net sales: | ||||||||||||||||||||||||||||||||||
| Instrumentation | $ | 233.8 | $ | 220.1 | 6.2 | % | $ | 466.6 | $ | 443.8 | 5.1 | % | ||||||||||||||||||||||
| Digital Imaging | 188.5 | 99.4 | 89.6 | % | 302.3 | 189.3 | 59.7 | % | ||||||||||||||||||||||||||
| Aerospace and Defense Electronics | 172.8 | 158.0 | 9.4 | % | 324.7 | 310.6 | 4.5 | % | ||||||||||||||||||||||||||
| Engineered Systems | 76.0 | 62.2 | 22.2 | % | 143.6 | 126.5 | 13.5 | % | ||||||||||||||||||||||||||
| Total net sales | $ | 671.1 | $ | 539.7 | 24.3 | % | $ | 1,237.2 | $ | 1,070.2 | 15.6 | % | ||||||||||||||||||||||
| Operating income: | ||||||||||||||||||||||||||||||||||
| Instrumentation | $ | 30.8 | $ | 20.1 | 53.2 | % | $ | 61.2 | $ | 51.5 | 18.8 | % | ||||||||||||||||||||||
| Digital Imaging (a) | 26.4 | 10.7 | 146.7 | % | 41.7 | 18.9 | 120.6 | % | ||||||||||||||||||||||||||
| Aerospace and Defense Electronics (a) | 32.4 | 28.0 | 15.7 | % | 58.6 | 52.1 | 12.5 | % | ||||||||||||||||||||||||||
| Engineered Systems | 9.1 | 5.6 | 62.5 | % | 18.0 | 13.6 | 32.4 | % | ||||||||||||||||||||||||||
| Corporate expense (a) | (12.5 | ) | (10.8 | ) | 15.7 | % | (35.2 | ) | (21.6 | ) | 63.0 | % | ||||||||||||||||||||||
| Operating income | 86.2 | 53.6 | 60.8 | % | 144.3 | 114.5 | 26.0 | % | ||||||||||||||||||||||||||
| Interest and debt expense, net (a) | (9.1 | ) | (5.9 | ) | 54.2 | % | (17.3 | ) | (11.6 | ) | 49.1 | % | ||||||||||||||||||||||
| Other income/(expense), net (a) | (0.7 | ) | 17.2 | * | (10.0 | ) | 15.9 | * | ||||||||||||||||||||||||||
| Income before income taxes | 76.4 | 64.9 | 17.7 | % | 117.0 | 118.8 | (1.5 | )% | ||||||||||||||||||||||||||
| Provision for income taxes | 16.3 | 18.0 | (9.4 | )% | 26.4 | 32.9 | (19.8 | )% | ||||||||||||||||||||||||||
| Net income | $ | 60.1 | $ | 46.9 | 28.1 | % | $ | 90.6 | $ | 85.9 | 5.5 | % | ||||||||||||||||||||||
| (a) | The second quarter of 2017 includes pretax charges of $4.0 million related to the acquisition of e2v technologies plc, of which $3.7 million was recorded in the Digital Imaging segment and $0.3 million was recorded in the Aerospace and Defense Electronics segment. The first six months of 2017 includes pretax charges of $25.2 million related to the acquisition of e2v technologies plc, of which $6.2 million was recorded in the Digital Imaging segment, $0.3 million in the Aerospace and Defense Electronics segment, $10.4 million was recorded to corporate expense, $2.3 million was recorded to interest expense and $6.0 million was recorded as other expense. The second quarter and first six months of 2016 include a gain of $17.9 million on the sale of a former operating facility recorded as other income. | ||
| * | not meaningful |
