Teledyne Technologies reports lower first quarter sales
Teledyne Technologies, based in Thousand Oaks, announced a drop in first quarter sales compared to the same period last year.
In a May 5 statement, the company said first quarter sales fell from $565 million in 2015 to $530.5 million in 2016. Net income fell from $43.7 million, or $1.20 per diluted share, to $38.4 million, or $1.10 per diluted share, a 12.1 percent decrease.
Sales in the instrumentation segment fell 17.2 percent to $223.7 million, for a net operating income of $31.4 million and digital imaging fell slightly to $89.9 million, with a net operating income of $8.2 million.
These losses were offset slightly by a gain of 1.9 percent in engineered systems sales to $64.3 million with an operating income of $8 million and an 8.1 percent increase in aerospace and defense sales, generating $152.6 million and $24.1 million in operating income.
The company has recorded strong bookings in 2016 for aerospace and defense, said Teledyne President and CEO Robert Mehrabian in the release. After it recently completed three acquisitions, its “acquisition pipeline remains healthy,” and could lead to further growth, he said.
“Some industrial sectors, especially energy, remain weak, but those markets appear to be stabilizing,” Mehrabian said. “Nevertheless, we are maintaining our emphasis on cost control and strong operating discipline. So while we continue to invest in research and development and focus on execution and delivery of orders, we are also implementing significant additional cost reduction actions, especially within marine instrumentation.”
Teledyne currently expects that second quarter 2016 earnings per diluted share will be $1.20 to $1.26 and full-year earnings will range from $5.05 to $5.15 for 2016.