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Teledyne Technologies Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 7, 2012 04:33PM

Teledyne Technologies Inc. (TDY) filed Quarterly Report for the period ended 2012-07-01. Teledyne Technologies Incorporated has a market cap of $2.36 billion; its shares were traded at around $64.11 with a P/E ratio of 16.6 and P/S ratio of 1.2. Teledyne Technologies Incorporated had an annual average earning growth of 17.6% over the past 10 years. GuruFocus rated Teledyne Technologies Incorporated the business predictability rank of 3-star.



Highlight of Business Operations:

Teledyne’s first six months 2012 sales were $1,012.5 million, compared with sales of $971.0 million for the same period of 2011, an increase of 4.3%. Net income from continuing operations was $75.2 million ($2.02 per diluted share) for the first six months of 2012, compared with $71.2 million ($1.91 per diluted share) for the first six months of 2011, an increase of 5.6%. Net income including discontinued operations, was $75.2 million ($2.02 per diluted share) for the first six months of 2012, compared with $184.3 million ($4.94 per diluted share) for the first six months of 2011. The first six months of 2011 includes income from discontinued operations of $113.1 million, which includes a gain on the sale of discontinued operations of $113.8 million.

The Instrumentation segment’s first six months 2012 sales were $323.0 million, compared with $310.6 million, an increase of 4.0%. First six months 2012 operating profit was $59.6 million, compared with operating profit of $62.4 million for the first six months of 2011, a decrease of 4.5%.

The first six months 2012 sales increased $42.7 million, which included $42.3 million in revenue from the February 2011 acquisition of DALSA and the acquisition of Optech. Operating profit from the Optech acquisition was breakeven and reflected $0.4 million in amortization of acquisition related intangible assets and $0.3 million in other acquisition related expenses. The incremental operating profit for the first six months of 2012 from recent acquisitions was $1.5 million. Cost of sales in total dollars increased by $29.8 million, compared with the first six months of 2011, and primarily reflected the impact of higher sales and product mix differences. The increase in the cost of sales percentage reflected the breakeven contribution from Optech partially offset by product mix differences.

The first six months 2012 sales decreased $2.9 million, which resulted from lower sales of $22.1 million for electronic manufacturing service products, partially offset by $9.7 million of higher sales from avionics products and electronic relays and $9.5 million from microwave devices and interconnects, which included $14.4 million from the 2012 acquisition of VariSystems. Operating profit in 2012 increased despite a small decrease in sales and $0.8 million in amortization of acquisition related intangible assets and $0.4 million in other acquisition expenses related to the VariSystems acquisition. The incremental operating profit for the first six months of 2012 from recent acquisitions was $1.9 million. The increase in operating profit also reflected product mix differences. The first six months of 2012 cost of sales in total dollars decreased by $9.0 million, compared with the first six months of 2011, and reflected the impact of lower sales and product mix differences. Cost of sales as a percentage of sales for the first six months of 2012 decreased to 66.4% from 68.5% in the first six months of 2011 and reflected product mix differences and the impact of the higher margin VariSystems products.

The first six months 2012 sales decreased $10.7 million, which reflected lower sales of $14.1 million from engineered products and services, partially offset by higher energy systems sales of $2.4 million and higher turbine engine sales of $1.0 million. The sales decrease from engineered products and services, primarily reflected lower sales of space and defense programs as well as nuclear programs. Operating profit in the second quarter of 2012 reflected the impact of lower sales as well as lower margins in energy systems and turbine engines The first six months of 2012 cost of sales in total dollars decreased by $7.7 million, compared with the first six months of 2011, and reflected the impact of lower sales and product mix differences. Cost of sales as a percentage of sales for the first six months of 2012 increased slightly to 81.7%, compared with 81.1% in the first six months of 2011 and reflected product mix differences.

Read the The complete Report



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