Teledyne reports record sales for second quarter
Thousand Oaks-based tech giant Teledyne reported record sales for its second quarter, ended July 2, reaching $671.1 million and net income of $60.1 million, or $1.66 per diluted share.
In addition to growth in all its major product lines — particularly its digital imaging segment, which saw an 89.6 percent increase to $188.5 million — Teledyne’s acquisition of e2v Technologies contributed to the strong performance, said President and CEO Robert Mehrabian.
“Over the last four years, Teledyne endured significant declines first in our defense markets and then in our offshore energy businesses,” Mehrabian said in an earnings release Aug. 3. “In the absence of major market headwinds, our second quarter results demonstrated Teledyne’s strong, and consistent, underlying business performance.”
The company continued the trend with another acquisition in mid-July of Scientific Systems, Inc.
“SSI is a great fit, both strategically and culturally, with one of Teledyne’s strongest performing environmental instrumentation businesses,” Mehrabian said.
Total costs and expenses grew 20 percent compared to the second quarter of 2016 to $584.9 million, including $4 million in pretax charges related to the e2v acquisition and a 24.4 percent increase in its costs of sales.
For the current quarter, Teledyne expects earnings of $1.55 to $1.60 per diluted share, and it increased its full-year guidance to $5.60-$5.70 per share. Shares shot up $9.12 to $147.78 as of 10:35 a.m. Aug. 3, an increase of 6.6 percent.
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