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Teledyne Technologies Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 6, 2012 05:06PM
Teledyne Technologies Inc. (TDY) filed Quarterly Report for the period ended 2012-09-30. Teledyne Technologies Inc has a market cap of $2.33 billion; its shares were traded at around $65.77 with a P/E ratio of 15.3 and P/S ratio of 1.2. Teledyne Technologies Inc had an annual average earning growth of 17.6% over the past 10 years. GuruFocus rated Teledyne Technologies Inc the business predictability rank of 3-star.
Highlight of Business Operations:Our first nine months 2012 sales were $1,559.9 million, compared with sales of $1,467.4 million for the same period of 2011, an increase of 6.3%. Net income from continuing operations was $117.9 million ($3.16 per diluted share) for the first nine months of 2012, compared with $105.3 million ($2.82 per diluted share) for the first nine months of 2011, an increase of 12.0%. Net income including discontinued operations was $117.9 million ($3.16 per diluted share) for the first nine months of 2012, compared with $218.4 million ($5.85 per diluted share) for the first nine months of 2011. The first nine 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 nine months 2012 sales were $516.8 million, compared with $467.7 million, an increase of 10.5%. Operating profit for the first nine months of 2012 was $89.5 million, compared with operating profit of $94.6 million for the first nine months of 2011, a decrease of 5.4%.
The first nine months 2012 sales increase resulted from higher sales of marine instrumentation and test and measurement instrumentation, as well as environmental instrumentation. The higher sales of $10.3 million for marine instrumentation products reflected increased sales of interconnect systems used in offshore energy production and also included a total of $3.4 million in revenue from the acquisition of PDM Neptec and BlueView. Increased sales of $34.2 million for test and measurement instrumentation resulted from the acquisition of LeCroy. The increase in sales of $4.6 million for environmental instrumentation primarily reflected higher domestic sales. The decrease in operating profit reflected $4.6 million in acquisition expenses and $1.4 million in additional intangible asset amortization related to the LeCroy, PDM Neptec and BlueView transactions, partially offset by the impact of higher sales. The incremental operating profit included in the results for the first nine months of 2012 from recent acquisitions was $1.3 million.
The Engineered Systems segment s first nine months 2012 sales were $232.1 million, compared with $234.6 million for the first nine months of 2011, a decrease of 1.1%. Operating profit was $21.9 million for the first nine months 2012, compared with operating profit of $21.6 million for the first nine months of 2011, an increase of 1.4%.
The first nine months 2012 sales decreased $2.5 million and reflected lower sales of $5.4 million from engineered products and services, partially offset by higher sales of $2.2 million for energy systems and $0.7 million for turbine engines. 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 first nine months of 2012 improved slightly despite a small decrease in sales. The first nine months of 2012 cost of sales in total dollars decreased by $1.1 million, compared with the first nine months of 2011, and largely reflected the impact of lower sales. Cost of sales as a percentage of sales for the first nine months of 2012 increased slightly to 81.3%, compared with 80.9% in the first nine months of 2011 and reflected product mix differences.
Stocks Discussed: TDY,