Teledyne’s 2017 first quarter sales up but net income down
Thousand Oaks-based Teledyne Technologies on May 4 reported first quarter 2017 sales of $566.1 million, compared with sales of $530.5 million for the first quarter of 2016, an increase of 6.7 percent.
Net income was $30.5 million or 84 cents per diluted share for the first quarter of 2017, compared with $39.0 million or $1.11 per diluted share for the first quarter of 2016, a decrease of 21.8 percent.
The first quarter of 2017 includes $21.2 million in costs related to the acquisition of e2v.
“Teledyne began 2017 with a great quarter. We achieved strong organic growth in our imaging and aerospace businesses. Sales of environmental and electronic test and measurement instrumentation also increased nicely from last year,” said Chairman, President and CEO Robert Mehrabian. “In addition, total orders exceeded sales by over 15 percent driven by strong bookings in nearly all commercial businesses, as well as our government imaging business. Excluding acquisition-related charges, adjusted operating margin increased over 100 basis points and was a record for any first quarter. We were delighted to close the acquisition of Teledyne e2v, and are proud to continue the company’s 70-year legacy of innovation in specialized high technology products. Finally, following acquisition-related charges in the first half of 2017, we expect Teledyne e2v to contribute meaningfully to GAAP earnings per share.”
The company issued a full-year 2017 GAAP earnings outlook of $5.20 to $5.30 per diluted share.
Teledyne shares ended May 4 up $2.39, closing at $135.69.
• Contact Glenn Rabinowitz at email@example.com.