Thousand-Oaks based Teledyne Technologies reported a drop in net income for its fiscal year 2016 over the prior year, with a 7 percent fourth quarter drop in sales to $552.9 million.
Net income from continuing operations came to $192.9 million, or $5.43 per diluted share, compared to $198 million in 2015, while total sales fell from $2.28 billion to $2.14 billion year-over-year, a 6.2 percent drop, the company said in an earnings statement Feb. 2.
Net income attributable to Teledyne came to $5.37 per diluted share, or a total of $190.9 million, a 2.5 percent decrease from the $5.44 per diluted share in 2015.
The company attributed the decline to the sale of its printed circuit technology business in the third quarter of 2016. Operating income from its digital imaging segment increased 33 percent and its aerospace and defense electronics segment increased 29.9 percent, while engineered systems and instrumentation decreased 13.8 percent and 32.3 percent, respectively, quarter over quarter.
The company had $98.6 million in cash on hand as of Jan. 1, 2017, with total debt of $617.8 million, according to the statement. It expected first quarter earnings in the range of $1.15-$1.17 per diluted share and full year earnings between $5.40 and $5.50 per diluted share, not including costs or income associated with its pending acquisition of e2v Technologies, a manufacturer of health care, aerospace and defense equipment based in England.
“We concluded 2016 with our strongest quarter of the year. Furthermore, we generated record full year cash from operations,” Robert Mehrabian, chairman, president and CEO, said in a news release. “Most of our commercial businesses are now growing, marine instrumentation comparisons will ease significantly in 2017, and our government businesses have begun to recover. Our year-end backlog was approximately $120 million greater than last year.”
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