Last $102.16 USD
Change Today +2.10 / 2.10%
Volume 112.1K
As of 2:54 PM 10/30/14 All times are local (Market data is delayed by at least 15 minutes).

teledyne technologies inc (TDY) Key Developments

Teledyne Technologies Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2014

Teledyne Technologies Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net sales of $601.1 million, operating income of $74.3 million, income before income taxes of $67.9 million and net income attributable to company of $55.6 million or $1.47 per diluted share compared to net sales of $571.6 million, operating income of $53.0 million, income before income taxes of $47.2 million and net income attributable to company of $46.8 million or $1.23 per diluted share a year ago period. The third quarter 2014 sales increase resulted from higher sales in the marine instrumentation and environmental instrumentation product lines, partially offset by $1.0 million in lower sales of electronic test and measurement instrumentation. The higher sales of $15.8 million for marine instrumentation primarily reflected increased sales of interconnect systems used in offshore energy production, and also included $4.3 million in sales from recent acquisitions. The increase in operating profit reflected the impact of higher sales, as well as aggregate margin improvement from businesses acquired within the last two years. The third quarter of 2013 included $1.0 million in severance and facility consolidation expenses. Cash provided by operating activities was $79.2 million for the third quarter of 2014, compared with $49.5 million. The higher cash provided by operating activities in the third quarter of 2014 reflected the impact of higher net income, the timing of accounts receivable collections, lower payments for severance and facility consolidation expenses, partially offset by higher income tax payments. At September 28, 2014, total debt was $577.8 million, which included $100.0 million drawn on the $750.0 million credit facility. Capital expenditures for the third quarter of 2014 were $9.1 million, compared with $17.7 million. For the nine months, the company reported net sales of $1,771.7 million, operating income of $214.6 million, income before income taxes of $207.7 million and net income attributable to company of $157.5 million or $4.13 per diluted share compared to net sales of $1,742.0 million, operating income of $53.0 million, income before income taxes of $160.0 million and net income attributable to company of $130.1 million or $3.42 per diluted share a year ago period. Based on its current outlook, the company's management believes fourth quarter 2014 earnings per diluted share will be in the range of approximately $1.35 to $1.39. For the year 2014, the company expects earnings per diluted share to be in the range of approximately $5.49 to $5.53, an increase from the prior outlook of $5.31 to $5.35. The company's effective tax rate for 2014 is expected to be 28.5%, before discrete items.

Teledyne Technologies Inc. to Report Q3, 2014 Results on Oct 23, 2014

Teledyne Technologies Inc. announced that they will report Q3, 2014 results on Oct 23, 2014

Teledyne Technologies Inc., Q3 2014 Earnings Call, Oct 23, 2014

Teledyne Technologies Inc., Q3 2014 Earnings Call, Oct 23, 2014

Teledyne Technologies Inc. Announces Pricing of $125 Million Senior Unsecured Notes

Teledyne Technologies Incorporated announced that it has entered into a note purchase agreement providing for a private placement of $125 million in aggregate principal amount of senior unsecured notes to be issued on December 4, 2014. The notes will consist of $30.0 million of 2.61% senior unsecured notes due December 4, 2019, and $95.0 million of 3.09% senior unsecured notes due December 6, 2021. The interest rates for the notes were determined on September 4, 2014. Teledyne intends to use the proceeds of the private placement for general corporate purposes including acquisitions and share repurchases. The closing of the transaction contemplated by the note purchase agreement and the issuance of the notes, which are expected to take place on December 4, 2014, are subject to customary closing conditions. The notes will be sold to institutional accredited investors pursuant to an exemption from registration under the Securities Act of 1933, as amended. The notes have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act.

Teledyne Technologies Inc. Announces Resignation of Ruth E. Bruch as Member of the Board of Directors

Teledyne Technologies Inc. announced that, effective August 25, 2014, Ruth E. Bruch resigned as a member of the Board of Directors of the company for health reasons.

 

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