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Teledyne Technologies Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 7, 2011 04:10PM

Teledyne Technologies Inc. (TDY) filed Quarterly Report for the period ended 2011-10-02. Teledyne Technologies Inc. has a market cap of $2.01 billion; its shares were traded at around $54.62 with a P/E ratio of 15.21 and P/S ratio of 1.13. Teledyne Technologies Inc. had an annual average earning growth of 22.5% over the past 10 years. GuruFocus rated Teledyne Technologies Inc. the business predictability rank of 4-star.



Highlight of Business Operations:

Teledyne’s first nine months 2011 sales were $1,467.4 million, compared with sales of $1,222.7 million for the same period of 2010, an increase of 20.0%. Net income from continuing operations was $105.3 million ($2.82 per diluted share) for the first nine months of 2011, compared with $82.9 million ($2.25 per diluted share) for the first nine months of 2010, an increase of 27.0%. Net income including discontinued operations, was $218.4 million ($5.85 per diluted share) for the first nine months of 2011, compared with $83.9 million ($2.28 per diluted share) for the first nine months of 2010. The first nine months of 2011 includes income from discontinued operations of $113.1 million.

The Instrumentation segment’s first nine months 2011 sales were $467.7 million, compared with $425.1 million, an increase of 10.0%. First nine months 2011 operating profit was $94.6 million, compared with operating profit of $83.0 million for the first nine months of 2011, an increase of 14.0%.

The Digital Imaging segment’s first nine months 2011 sales were $257.4 million, compared with $90.3 million for the first nine months of 2011, an increase of 185.0%. Operating profit increased to $13.8 million for the first nine months of 2011, compared with operating profit of $5.6 million for the first nine months of 2011, an increase of 146.4%.

The Engineered Systems segment’s first nine months 2011 sales were $234.6 million, compared with $251.5 million for the first nine months of 2010, a decrease of 6.7%. Operating profit was $21.6 million for the first nine months 2011, compared with operating profit of $22.3 million for the first nine months of 2010, a decrease of 3.1%.

The first nine months 2011 sales decrease reflected lower sales of $21.7 million from engineered products and services and lower energy systems sales of $4.6 million, partially offset by higher sales of $9.4 million of turbine engines resulting from increased sales for the JASSM program. The sales decrease from engineered products and services, primarily reflected lower sales of space and defense programs, partially offset by $6.8 million in sales from acquisitions. The lower operating profit in the first nine months of 2011 primarily reflected the impact of lower sales, partially offset by the impact of higher margins for turbine engines. Operating profit included pension expense of $2.1 million in the first nine months of 2011, compared with $1.2 million in the first nine months of 2010. Pension expense allocated to contracts pursuant to CAS was $6.6 million in the first nine months of 2011, compared with $5.3 million in the first nine months of 2010.

Read the The complete Report



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