Record third quarter sales of $725.3 million, an increase of 9.5% compared to last year
All-time record GAAP earnings per diluted share of $2.43
Record third quarter operating margin
All-time record cash flow
Raising full year 2018 GAAP earnings outlook to $8.71 to $8.76 per diluted share, an increase from the prior outlook of $8.18 to $8.28.
Teledyne today reported third quarter 2018 net sales of $725.3 million, compared with net sales of $662.2 million for the third quarter of 2017, an increase of 9.5%. Net income was $90.3 million ($2.43 per diluted share) for the third quarter of 2018, compared with $69.0 million ($1.90 per diluted share) for the third quarter of 2017, an increase of 30.9%. The third quarter of 2018 included $4.1 million in severance and facility consolidation costs. The third quarter of 2018 also included net discrete income tax benefits of $11.4 million. The third quarter of 2017 included $2.9 million in acquisition costs related to the e2v technologies plc (“e2v”) acquisition and $2.4 million in severance and facility consolidation costs. The third quarter of 2017 also included net discrete income tax benefits of $9.9 million.
“Sales growth accelerated with overall organic growth exceeding nine percent in the third quarter. In addition, operating margin, earnings per share, and free cash flow were third quarter or all-time records,” said Robert Mehrabian, Chairman and Chief Executive Officer. “Teledyne continues to benefit from our balanced business portfolio. Each business segment and major product category experienced growth, with particularly strong sales of detectors for medical imaging and electronic test and measurement instrumentation. Across our segments, sales of defense and space electronics also increased nicely. While we are focusing on stronger business integration and simplification efforts in order to improve margins, we remain committed to our strategy of growing Teledyne both organically and through acquisitions.”
Review of Operations
Comparisons are with the third quarter of 2017, unless noted otherwise. In the second quarter of 2018, we realigned the reporting structure for certain of our microwave product groupings. These products, acquired with the acquisition of e2v, were formerly reported as part of the Aerospace and Defense Electronics segment and are now reported as part of the Digital Imaging segment. Previously reported segment data has been adjusted to reflect this change. Total sales for these products were $24.2 million for fiscal year 2017.
The following information was filed by Teledyne Technologies Inc (TDY) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: TDY CIK: 1094285 Form Type:10-Q Quarterly Report Accession Number: 0001094285-18-000152 Submitted to the SEC: Fri Oct 26 2018 11:15:38 AM EST Accepted by the SEC: Mon Oct 29 2018 Period: Sunday, September 30, 2018 Industry: Search Detection Navagation Guidance Aeronautical Sys