Teledyne Technologies Reports First Quarter Results

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Teledyne nor FLIR assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

Additional Information and Where to Find It

In connection with the proposed transaction between Teledyne Technologies Incorporated (“Teledyne”) and FLIR, Teledyne has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 , as amended by Amendment No. 1, that includes a joint proxy statement of Teledyne and FLIR and a prospectus of Teledyne, as well as other relevant documents concerning the proposed transaction. The Registration Statement on Form S-4 became effective on April 12, 2021. The proposed transaction involving Teledyne and FLIR will be submitted to Teledyne’s stockholders and FLIR’s stockholders for their consideration. Stockholders of Teledyne and stockholders of FLIR are urged to read the registration statement and the joint proxy statement/prospectus regarding the transaction when they become available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.

Stockholders may obtain a free copy of the definitive joint proxy statement/prospectus, as well as other filings containing information about Teledyne and FLIR, without charge, at the SEC’s website ( http://www.sec.gov). Copies of the joint proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Teledyne, Attn: Investor Relations, 1049 Camino Dos Rios, Thousand Oaks, California 91360, or to FLIR, Attn: Corporate Secretary, 1201 S Joyce St, Arlington, Virginia 22202.

Participants in the Solicitation

Teledyne, FLIR and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding Teledyne’s directors and executive officers is available in its definitive proxy statement for its 2020 Annual Meeting, which was filed with the SEC on March 10, 2020, its Annual Report on Form 10-K for the year ended January 3, 2021, which was filed with the SEC on February 25, 2021, and certain of its Current Reports on Form 8-K. Information regarding FLIR’s directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 11, 2020, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of this document may be obtained as described in the preceding paragraph.

No Offer or Solicitation

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.

A live webcast of Teledyne’s first quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Wednesday, April 28, 2021. To access the call, go to www.teledyne.com/investors/events-and-presentations 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 Wednesday, April 28, 2021.

 

TELEDYNE TECHNOLOGIES INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED

APRIL 4, 2021 AND MARCH 29, 2020

(Unaudited - in millions, except per share amounts)

 

 

 

First
Quarter

 

First
Quarter

 

 

2021

 

2020

Net sales

 

$

805.7

 

 

 

$

784.6

 

 

Costs and expenses:

 

 

 

 

Costs of sales

 

492.5

 

 

 

492.6

 

 

Selling, general and administrative expenses

 

178.0

 

 

 

188.0

 

 

Total costs and expenses

 

670.5

 

 

 

680.6

 

 

Operating income

 

135.2

 

 

 

104.0

 

 

Interest and debt expense, net

 

(35.7

)

 

 

(4.1

)

 

Non-service retirement benefit income

 

2.8

 

 

 

2.5

 

 

Other expense, net

 

(1.0

)

 

 

(1.4

)

 

Income before income taxes

 

101.3

 

 

 

101.0

 

 

Provision for income taxes

 

16.6

 

 

 

18.8

 

 

Net income

 

$

84.7

 

 

 

$

82.2

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

2.23

 

 

 

$

2.17

 

 

 

 

 

 

 

Weighted average diluted common shares outstanding

 

38.0

 

 

 

37.8

 

 

 

TELEDYNE TECHNOLOGIES INCORPORATED

SUMMARY OF SEGMENT NET SALES AND OPERATING INCOME

FOR THE THREE MONTHS ENDED

APRIL 4, 2021 AND MARCH 29, 2020

(Unaudited - in millions)

 

 

 

First
Quarter

First
Quarter

 

% Change

 

 

2021

2020

 

Net sales:

 

 

 

 

 

Instrumentation

 

$

286.5

 

 

$

285.1

 

 

 

0.5

%

Digital Imaging

 

263.3

 

 

246.7

 

 

 

6.7

%

Aerospace and Defense Electronics

 

151.2

 

 

156.3

 

 

 

(3.3

)%

Engineered Systems

 

104.7

 

 

96.5

 

 

 

8.5

%

Total net sales

 

$

805.7

 

 

$

784.6

 

 

 

2.7

%

Operating income:

 

 

 

 

 

Instrumentation

 

$

59.4

 

 

$

50.8

 

 

 

16.9

%

Digital Imaging

 

52.0

 

 

43.8

 

 

 

18.7

%

Aerospace and Defense Electronics

 

28.3

 

 

13.4

 

 

 

111.2

%

Engineered Systems

 

14.9

 

 

11.4

 

 

 

30.7

%

Corporate expense

 

(19.4

)

 

(15.4

)

 

 

26.0

%

Operating income

 

135.2

 

 

104.0

 

 

 

30.0

%

Interest and debt expense, net

 

(35.7

)

 

(4.1

)

 

 

770.7

%

Non-service retirement benefit income

 

2.8

 

 

2.5

 

 

 

12.0

%

Other expense, net

 

(1.0

)

 

(1.4

)

 

 

(28.6

)%

Income before income taxes

 

101.3

 

 

101.0

 

 

 

0.3

%

Provision for income taxes

 

16.6

 

 

18.8

 

 

 

(11.7

)%

Net income

 

$

84.7

 

 

$

82.2

 

 

 

3.0

%

 

TELEDYNE TECHNOLOGIES INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited – in millions)

 

 

 

April 4, 2021

 

January 3, 2021

ASSETS

 

 

 

 

Cash and cash equivalents

 

$

3,234.2

 

 

$

673.1

 

Accounts receivable, net

 

639.2

 

 

624.1

 

Inventories, net

 

328.0

 

 

347.3

 

Prepaid expenses and other current assets

 

79.2

 

 

78.1

 

Total current assets

 

4,280.6

 

 

1,722.6

 

Property, plant and equipment, net

 

484.7

 

 

489.3

 

Goodwill and acquired intangible assets, net

 

2,537.2

 

 

2,559.7

 

Prepaid pension asset

 

74.3

 

 

67.9

 

Other assets, net

 

241.6

 

 

245.3

 

Total assets

 

$

7,618.4

 

 

$

5,084.8

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Accounts payable

 

$

249.9

 

 

$

229.1

 

Accrued liabilities

 

402.5

 

 

434.2

 

Current portion of long-term debt and other debt

 

 

 

97.6

 

Total current liabilities

 

652.4

 

 

760.9

 

Long-term debt, net of current portion

 

3,243.3

 

 

680.9

 

Other long-term liabilities

 

386.4

 

 

414.4

 

Total liabilities

 

4,282.1

 

 

1,856.2

 

Total stockholders’ equity

 

3,336.3

 

 

3,228.6

 

Total liabilities and stockholders’ equity

 

$

7,618.4

 

 

$

5,084.8

 

 

TELEDYNE TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

FOR THE THREE MONTHS ENDED APRIL 4, 2021 AND MARCH 29, 2020

(Unaudited - in millions, except per share amounts)

 

 

First Quarter 2021

 

First Quarter 2020

 

Income
before
income
taxes

 

Net income

 

Diluted
earnings per
common
share

 

Income
before
income
taxes

 

Net income

 

Diluted
earnings per
common
share

As reported - GAAP

$

101.3

 

 

$

84.7

 

 

$

2.23

 

 

$

101.0

 

 

$

82.2

 

 

$

2.17

 

Adjusted for specified items: (a)

 

 

 

 

 

 

 

 

 

 

 

Transaction costs

5.9

 

 

4.6

 

 

0.12

 

 

 

 

 

 

 

Debt issue costs and interest expense

33.1

 

 

25.6

 

 

0.67

 

 

 

 

 

 

 

As adjusted - Non-GAAP

$

140.3

 

 

$

114.9

 

 

$

3.02

 

 

$

101.0

 

 

$

82.2

 

 

$

2.17

 

 

 

First Quarter 2021

 

First Quarter 2020

 

 

Operating
income

 

Operating
margin

 

Operating
income

 

Operating
margin

As reported - GAAP

 

$

135.2

 

 

16.8

%

 

$

104.0

 

 

13.3

%

Adjusted for specified items: (a)

 

 

 

 

 

 

 

 

Transaction costs

 

5.9

 

 

 

 

 

 

 

As adjusted - Non-GAAP

 

$

141.1

 

 

17.5

%

 

$

104.0

 

 

13.3

%

 

 

April 4, 2021

 

January 3, 2021

Current portion of long-term debt and other debt - GAAP

 

$

 

 

$

97.6

 

Long-term debt - GAAP

 

3,243.3

 

 

680.9

 

Total debt - Non-GAAP (a)

 

3,243.3

 

 

778.5

 

Less cash and cash equivalents - GAAP

 

(3,234.2

)

 

(673.1

)

Net debt - Non-GAAP (a)

 

$

9.1

 

 

$

105.4

 

(a) See description below for an explanation of non-GAAP financial measures. Adjusted net income is calculated using the company’s overall estimated effective tax rate, excluding discrete income tax items.


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