Teledyne Technologies Reports First Quarter Results

While the company’s growth strategy includes possible acquisitions, we cannot provide any assurance as to when, if or on what terms any acquisitions will be made. Acquisitions involve various inherent risks, such as, among others, our ability to integrate acquired businesses, retain customers and achieve identified financial and operating synergies. There are additional risks associated with acquiring, owning and operating businesses internationally, including those arising from U.S. and foreign policy changes and exchange rate fluctuations.

While the company believes its internal and disclosure control systems are effective, there are inherent limitations in all control systems, and misstatements due to error or fraud may occur and may not be detected.

Readers are urged to read the company’s periodic reports filed with the Securities and Exchange Commission (“SEC”) for a more complete description of the company, its businesses, its strategies and the various risks that the company faces. Various risks are identified in Teledyne’s 2017 Annual Report on Form 10-K. The company assumes no duty to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise.

A live webcast of Teledyne’s first quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Thursday, May 3, 2018. To access the call, go to www.teledyne.com approximately ten minutes before the scheduled start time. A replay will also be available for one month starting at 12:00 p.m. (Eastern) on Thursday, May 3, 2018.

   
 
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED
APRIL 1, 2018 AND APRIL 2, 2017

(Unaudited - in millions, except per share amounts)

 

First
Quarter

First
Quarter

2018 2017(a)
Net sales $ 695.6 $ 566.1
Costs and expenses:
Costs of sales (b) 438.2 357.0
Selling, general and administrative expenses (b)   169.0     154.3  
Total costs and expenses   607.2     511.3  
Operating income 88.4 54.8
Interest and debt expense, net (b) (7.1 ) (8.2 )
Non-service retirement benefit income 3.4 3.3
Other expense, net (b)   (2.5 )   (9.3 )
Income before income taxes 82.2 40.6
Provision for income taxes   15.7     10.1  
Net income $ 66.5   $ 30.5  
   
Diluted earnings per common share $ 1.81   $ 0.84  
 
Weighted average diluted common shares outstanding   36.8     36.1  
 
(a)   The 2017 period has been adjusted to reflect the adoption of ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”.
(b) The first quarter of 2017 includes pretax charges of $21.2 million in acquisition costs related to the acquisition of e2v technologies plc, of which $1.4 million was recorded to cost of sales, $11.5 million was recorded to selling, general and administrative expenses, $2.3 million was recorded to interest expense and $6.0 million was recorded as other expense.
 
     
TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF SEGMENT NET SALES AND OPERATING INCOME
FOR THE THREE MONTHS ENDED
APRIL 1, 2018 AND APRIL 2, 2017

(Unaudited - in millions)

 

 

 

First
Quarter

First
Quarter

2018

2017(a)

%
Change

Net sales:
Instrumentation $ 239.0 $ 232.8 2.7

 

%

Digital Imaging 206.4 113.8 81.4

 

%

Aerospace and Defense Electronics 178.2 151.9 17.3

 

%

Engineered Systems   72.0     67.6   6.5

 

%

Total net sales $ 695.6   $ 566.1   22.9

 

%

Operating income:
Instrumentation $ 27.8 $ 30.2 (7.9

)

%

Digital Imaging (b) 34.6 15.1 129.1

 

%

Aerospace and Defense Electronics (b) 31.7 24.8 27.8

 

%

Engineered Systems 7.2 7.4 (2.7

)

%

Corporate expense (b)   (12.9 )   (22.7 ) (43.2

)

%

Operating income 88.4 54.8 61.3

 

%

Interest and debt expense, net (b) (7.1 ) (8.2 ) (13.4

)

%

Non-service retirement benefit income 3.4 3.3 3.0

 

%

Other expense, net (b)   (2.5 )   (9.3 ) (73.1

)

%

Income before income taxes 82.2 40.6 102.5

 

%

Provision for income taxes   15.7     10.1   55.4

 

%

Net income $ 66.5   $ 30.5   118.0

 

%

 
(a)   The 2017 period has been adjusted to reflect the adoption of ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”.
(b) The first quarter of 2017 includes pretax charges of $21.2 million in acquisition costs related to the acquisition of e2v technologies plc, of which $2.5 million was recorded in the Digital Imaging 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.
 
   
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited – in millions)

 
April 1, 2018 December 31, 2017
ASSETS
Cash $ 79.9 $ 70.9
Accounts receivable, net 534.8 478.1
Inventories, net 381.8 400.2
Prepaid expenses and other current assets   63.7   62.7
Total current assets 1,060.2 1,011.9
Property, plant and equipment, net 441.9 442.8
Goodwill and acquired intangible assets, net 2,193.3 2,175.6
Prepaid pension asset 137.5 127.2
Other assets, net   87.2   88.9
Total assets $ 3,920.1 $ 3,846.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable $ 198.0 $ 191.7
Accrued liabilities 348.0 345.3
Current portion of long-term debt and capital leases and other debt   9.2   3.6
Total current liabilities 555.2 540.6
Long-term debt and capital lease obligations 1,019.2 1,069.3
Other long-term liabilities   289.8   289.2
Total liabilities 1,864.2 1,899.1
Total stockholders’ equity   2,055.9   1,947.3
Total liabilities and stockholders’ equity $ 3,920.1 $ 3,846.4
 
         
TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF QUARTERLY SEGMENT NET SALES, OPERATING INCOME AND INCOME BEFORE TAX
FOR FISCAL YEAR 2017 (a)

(Unaudited - in millions)

 
As Adjusted for ASU No. 2017-07

First
Quarter
2017

 

Second
Quarter
2017

 

Third
Quarter
2017

 

Fourth
Quarter
2017

 

Total Year
2017

Net sales $ 566.1 $ 671.1 $ 662.2 $ 704.4 $ 2,603.8
Costs and expenses:
Costs of sales (a) 357.0 421.2 408.6 437.2 1,624.0
Selling, general and administrative expenses (a)   154.3     167.1     164.1     172.6     658.1  
Total costs and expenses   511.3     588.3     572.7     609.8     2,282.1  
Operating income 54.8 82.8 89.5 94.6 321.7
Interest and debt expense, net (8.2 ) (9.1 ) (8.2 ) (7.6 ) (33.1 )
Non-service retirement benefit income 3.3 3.4 3.4 3.8 13.9
Other expense, net   (9.3 )   (0.7 )   (3.0 )   (2.5 )   (15.5 )
Income before income taxes $ 40.6   $ 76.4   $ 81.7   $ 88.3   $ 287.0  
 
(a) Adjusted to reflect the adoption of ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”.
 
 
As Originally Reported (a)

First
Quarter
2017

 

Second
Quarter
2017

 

Third
Quarter
2017

 

Fourth
Quarter
2017

 

Total Year
2017

Net sales $ 566.1 $ 671.1 $ 662.2 $ 704.4 $ 2,603.8
Costs and expenses:
Costs of sales 354.2 418.3 405.8 433.9 1,612.2
Selling, general and administrative expenses   153.8     166.6     163.5     172.1     656.0  
Total costs and expenses   508.0     584.9     569.3     606.0     2,268.2  
Operating income 58.1 86.2 92.9 98.4 335.6
Interest and debt expense, net (8.2 ) (9.1 ) (8.2 ) (7.6 ) (33.1 )
Other expense, net   (9.3 )   (0.7 )   (3.0 )   (2.5 )   (15.5 )
Income before income taxes $ 40.6   $ 76.4   $ 81.7   $ 88.3   $ 287.0  
 
(a) As originally reported prior to the adoption of ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”.
 
         
TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF QUARTERLY SEGMENT NET SALES, OPERATING INCOME AND INCOME BEFORE TAX
FOR FISCAL YEAR 2017 (a)

(Unaudited - in millions)

 
As Adjusted for ASU No. 2017-07

First
Quarter
2017

Second
Quarter
2017

Third
Quarter
2017

Fourth
Quarter
2017

Total Year
2017

Net sales:
Instrumentation $ 232.8 $ 233.8 $ 232.5 $ 254.8 $ 953.9
Digital Imaging 113.8 188.5 191.5 199.7 693.5
Aerospace and Defense Electronics 151.9 172.8 165.1 180.4 670.2
Engineered Systems   67.6       76.0       73.1       69.5       286.2  
Net sales $ 566.1   $ 671.1   $ 662.2   $ 704.4   $ 2,603.8  
Operating income(a):
Instrumentation $ 30.2 $ 30.5 $ 34.6 $ 30.7 $ 126.0
Digital Imaging 15.1 26.2 31.6 34.5 107.4
Aerospace and Defense Electronics 24.8 31.0 28.0 35.5 119.3
Engineered Systems 7.4 7.7 8.6 8.3 32.0
Corporate expense   (22.7 )   (12.6 )   (13.3 )   (14.4 )   (63.0 )
Operating income 54.8 82.8 89.5 94.6 321.7
Interest and debt expense, net (8.2 ) (9.1 ) (8.2 ) (7.6 ) (33.1 )
Non-service retirement benefit income 3.3 3.4 3.4 3.8 13.9
Other expense, net   (9.3 )   (0.7 )   (3.0 )   (2.5 )   (15.5 )
Income before income taxes $ 40.6   $ 76.4   $ 81.7   $ 88.3   $ 287.0  
 
(a) Adjusted to reflect the adoption of ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”.
 
 
As Originally Reported(a)

First
Quarter
2017

Second
Quarter
2017

Third
Quarter
2017

Fourth
Quarter
2017

Total Year
2017

Net sales:
Instrumentation $ 232.8 $ 233.8 $ 232.5 $ 254.8 $ 953.9
Digital Imaging 113.8 188.5 191.5 199.7 693.5
Aerospace and Defense Electronics 151.9 172.8 165.1 180.4 670.2
Engineered Systems   67.6       76.0       73.1       69.5       286.2  
Net sales $ 566.1   $ 671.1   $ 662.2   $ 704.4   $ 2,603.8  
Operating income:
Instrumentation $ 30.4 $ 30.8 $ 34.8 $ 31.4 $ 127.4
Digital Imaging 15.3 26.4 31.9 34.8 108.4
Aerospace and Defense Electronics 26.2 32.4 29.4 36.9 124.9
Engineered Systems 8.9 9.1 10.0 9.7 37.7
Corporate expense   (22.7 )   (12.5 )   (13.2 )   (14.4 )   (62.8 )
Operating income 58.1 86.2 92.9 98.4 335.6
Interest and debt expense, net (8.2 ) (9.1 ) (8.2 ) (7.6 ) (33.1 )
Other expense, net   (9.3 )   (0.7 )   (3.0 )   (2.5 )   (15.5 )
Income before income taxes $ 40.6   $ 76.4   $ 81.7   $ 88.3   $ 287.0  
 
(a) As originally reported prior to the adoption of ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”.
 
         
TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF QUARTERLY SEGMENT NET SALES, OPERATING INCOME AND INCOME BEFORE TAX
FOR FISCAL YEAR 2016

(Unaudited - in millions)

 
As Adjusted for ASU No. 2017-07

First
Quarter
2016

 

Second
Quarter
2016

 

Third
Quarter
2016

 

Fourth
Quarter
2016

 

Total Year
2016

Net sales $ 530.5 $ 539.7 $ 526.8 $ 552.9 $ 2,149.9
Costs and expenses:
Costs of sales(a) 327.7 339.0 319.9 342.9 1,329.5
Selling, general and administrative expenses(a)   145.2     150.4     141.4     142.9     579.9  
Total costs and expenses   472.9     489.4     461.3     485.8     1,909.4  
Operating income 57.6 50.3 65.5 67.1 240.5
Interest and debt expense, net (5.7 ) (5.9 ) (5.6 ) (6.0 ) (23.2 )
Non-service retirement benefit income 3.3 3.3 3.3 3.4 13.3
Other income/(expense), net   (1.3 )   17.2     (0.8 )   (4.4 )   10.7  
Income before income taxes $ 53.9   $ 64.9   $ 62.4   $ 60.1   $ 241.3  
 
(a) Adjusted to reflect the adoption of ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”.
 
 
As Originally Reported(a)

First
Quarter
2016

 

Second
Quarter
2016

 

Third
Quarter
2016

 

Fourth
Quarter
2016

 

Total Year
2016

Net sales $ 530.5 $ 539.7 $ 526.8 $ 552.9 $ 2,149.9
Costs and expenses:
Costs of sales 324.8 336.2 317.0 340.0 1,318.0
Selling, general and administrative expenses   144.8     149.9     141.0     142.4     578.1  
Total costs and expenses   469.6     486.1     458.0     482.4     1,896.1  
Operating income 60.9 53.6 68.8 70.5 253.8
Interest and debt expense, net (5.7 ) (5.9 ) (5.6 ) (6.0 ) (23.2 )
Other income/(expense), net   (1.3 )   17.2     (0.8 )   (4.4 )   10.7  
Income before income taxes $ 53.9   $ 64.9   $ 62.4   $ 60.1   $ 241.3  
 
(a) As originally reported prior to the adoption of ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”.
 
         
TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF QUARTERLY SEGMENT NET SALES, OPERATING INCOME AND INCOME BEFORE TAX
FOR FISCAL YEAR 2016

(Unaudited - in millions)

 
As Adjusted for ASU No. 2017-07

First
Quarter
2016

Second
Quarter
2016

Third
Quarter
2016

Fourth
Quarter
2016

Total Year
2016

Net sales:
Instrumentation $ 223.7 $ 220.1 $ 208.3 $ 224.6 $ 876.7
Digital Imaging 89.9 99.4 98.5 110.9 398.7
Aerospace and Defense Electronics 152.6 158.0 153.5 151.8 615.9
Engineered Systems   64.3       62.2       66.5       65.6       258.6  
Total net sales $ 530.5   $ 539.7   $ 526.8   $ 552.9   $ 2,149.9  
Operating income(a):
Instrumentation $ 31.3 $ 20.0 $ 28.0 $ 30.1 $ 109.4
Digital Imaging 7.8 10.3 11.2 14.8 44.1
Aerospace and Defense Electronics 22.8 26.6 30.2 27.1 106.7
Engineered Systems 6.6 4.2 7.2 8.5 26.5
Corporate expense   (10.9 )   (10.8 )   (11.1 )   (13.4 )   (46.2 )
Operating income 57.6 50.3 65.5 67.1 240.5
Interest and debt expense, net (5.7 ) (5.9 ) (5.6 ) (6.0 ) (23.2 )
Non-service retirement benefit income 3.3 3.3 3.3 3.4 13.3
Other income/(expense), net   (1.3 )   17.2     (0.8 )   (4.4 )   10.7  
Income before income taxes $ 53.9   $ 64.9   $ 62.4   $ 60.1   $ 241.3  
 
(a) Adjusted to reflect the adoption of ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”.
 
 
As Originally Reported(a)

First
Quarter
2016

Second
Quarter
2016

Third
Quarter
2016

Fourth
Quarter
2016

Total Year
2016

Net sales:
Instrumentation $ 223.7 $ 220.1 $ 208.3 $ 224.6 $ 876.7
Digital Imaging 89.9 99.4 98.5 110.9 398.7
Aerospace and Defense Electronics 152.6 158.0 153.5 151.8 615.9
Engineered Systems   64.3       62.2       66.5       65.6       258.6  
Total net sales $ 530.5   $ 539.7   $ 526.8   $ 552.9   $ 2,149.9  
Operating income:
Instrumentation $ 31.4 $ 20.1 $ 28.1 $ 30.2 $ 109.8
Digital Imaging 8.2 10.7 11.7 15.3 45.9
Aerospace and Defense Electronics 24.1 28.0 31.5 28.5 112.1
Engineered Systems 8.0 5.6 8.6 9.9 32.1
Corporate expense   (10.8 )   (10.8 )   (11.1 )   (13.4 )   (46.1 )
Operating income 60.9 53.6 68.8 70.5 253.8
Interest and debt expense, net (5.7 ) (5.9 ) (5.6 ) (6.0 ) (23.2 )
Other income/(expense), net   (1.3 )   17.2     (0.8 )   (4.4 )   10.7  
Income before income taxes $ 53.9   $ 64.9   $ 62.4   $ 60.1   $ 241.3  
 
(a) As originally reported prior to the adoption of ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”.
 

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