Teledyne Reports Third Quarter Results
Teledyne today reported third quarter 2013 sales of $571.6 million, compared with sales of $547.4 million for the third quarter of 2012, an increase of 4.4%. Net income attributable to Teledyne was $46.8 million ($1.23 per diluted share) for the third quarter of 2013, compared with $42.7 million ($1.14 per diluted share) for the third quarter of 2012, an increase of 9.6%.
“In the third quarter, our commercial industrial businesses collectively performed very well. As an example, our instrumentation segment generated organic revenue growth of 12.7 percent,” said Robert Mehrabian, chairman, president and chief executive officer. “Also in the quarter, we undertook more aggressive actions to optimize our business portfolio and lower our expenses, further reducing our exposure to weak end markets and high cost locations. Simultaneously, we continued to invest, both internally and through acquisition, in growing commercial markets. In the past several weeks, we acquired two companies within our environmental and marine instrumentation businesses. Given the ongoing transformation of our business portfolio, coupled with a substantially reduced cost structure, we believe we have positioned the company for continued success.”
The third quarter of 2013, reflected pretax charges totaling $14.3 million for severance and facility consolidation expense and environmental reserves. The charges were comprised of $5.3 million in severance related costs and $9.0 million in facility closure and relocation costs, which included $5.3 million of environmental reserves. The charges impacted each business segment as follows: Aerospace and Defense Electronics, $8.7 million; Engineered Systems, $2.7 million; Digital Imaging, $1.9 million; and Instrumentation, $1.0 million. The third quarter of 2013 also reflected net discrete tax benefits totaling $11.6 million. The tax benefits for the third quarter of 2013 are primarily due to the remeasurement of uncertain tax positions and expirations of the statute of limitations.
The full report can be read online here: http://www.teledyne.com/news/TDY%20Q3-2013%20Earnings%20Release.pdf.