Teledyne Technologies Inc. (TDY, Financial) filed Quarterly Report for the period ended 2010-10-03.
Teledyne Technologies Inc. has a market cap of $1.53 billion; its shares were traded at around $42.06 with a P/E ratio of 14 and P/S ratio of 0.9. Teledyne Technologies Inc. had an annual average earning growth of 20.3% over the past 10 years.TDY is in the portfolios of John Keeley of Keeley Fund Management, Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Teledynes sales for the first nine months of 2010 were $1,325.6 million, compared with sales of $1,310.8 million for the same period of 2009, an increase of 1.1%. Net income attributable to common stockholders for the first nine months of 2010 was $83.9 million ($2.28 per diluted share) compared with net income attributable to common stockholders of $81.1 million ($2.22 per diluted share) for the first nine months of 2009, an increase of 3.5%.
The increase in net income for the first nine months of 2010, compared with the same period of 2009, reflected improved operating profit in each operating segment except the Engineered Systems segment. Operating profit reflected lower pension expense and the impact of cost reductions, partially offset by charges of $3.0 million, related to acquisition activity and by second quarter charges of $8.2 million, primarily to correct inventory valuations incorrectly recorded in previous periods at a business unit. The first nine months of 2010 and 2009 included net tax credits of $3.5 million and $9.0 million, respectively. The incremental operating loss included in the results for the first nine months of 2010 from businesses acquired in 2010 was $3.4 million and included charges of $3.0 million, related to acquisition activity, as well as, intangible asset amortization.
The Companys effective tax rate for the first nine months of 2010 was 35.5% compared with 31.3% for the first nine months of 2009. The first nine months of 2010 and 2009 included tax credits of $3.5 million and $9.0 million, respectively. Excluding the tax credits, the effective tax rates for the first nine months of 2010 and 2009, would have been 38.2% and 38.8%, respectively. The first nine months of 2010 included credits related to a research and development tax credit of $2.9 million and other tax credits of $0.6 million. The first nine months of 2009 reflected the impact of a research and development income tax credit of $8.2 million, the recognition of $1.1 million in uncertain tax benefits, and also reflects additional income tax expense of $0.3 million primarily related to the impact of California income tax law changes
The third quarter 2010 sales change resulted primarily from higher sales of electronic instrumentation and defense electronics. Revenue growth of $21.8 million in electronic instrumentation primarily reflected higher sales of marine and environmental instrumentation products. Sales of defense electronics increased by $7.5 million and included $8.5 million in sales from recent acquisitions. Sales growth of $0.7 million in other commercial electronics primarily reflected higher sales for relay products, partially offset by reduced sales from product lines which the company is exiting, such as commercial electronic manufacturing services and telecommunication subsystems. The increase in operating profit reflected the impact of higher sales, cost reductions, lower pension expense and product mix, partially offset by acquisition related charges of $3.0 million. The incremental operating loss included in the results for the third quarter of 2010 from businesses acquired in 2010 was $3.4 million and included charges of $3.0 million, related to acquisition activity, as well as, intangible asset amortization. Operating profit included pension expense of $0.8 million in the third quarter of 2010, compared with $2.3 million for the third quarter of 2009. Pension expense allocated to contracts pursuant to CAS was $0.6 million for both the third quarter of 2010 and 2009.
The first nine months 2010 sales improvement resulted from revenue growth in defense electronics and electronic instruments, partially offset by lower sales of other commercial electronics. Revenue growth of $36.5 million in electronic instrumentation primarily reflected higher sales of marine and environmental instrumentation products. Revenue growth of $19.2 million in defense electronics primarily reflected higher sales of manufacturing services, microwave subsystems and also included $8.9 million in sales from recent acquisitions. Lower sales of $6.6 million in other commercial electronics primarily reflected reduced sales from product lines which the company is exiting, such as commercial electronic manufacturing services and telecommunication subsystems partially offset by higher sales for relay products. The increase in operating profit reflected the impact of higher sales, cost reductions, lower pension expense and product mix, partially offset by charges of $8.2 million, primarily to correct inventory valuations incorrectly recorded in previous periods at a business unit and acquisition related charges of $3.0 million. The incremental operating loss included in the results for the first nine months of 2010 from businesses acquired in 2010 was $3.3 million and included charges of $3.0 million, related to acquisition activity, as well as, intangible asset amortization. Operating profit included pension expense of $2.3 million in the first nine months of 2010, compared with $7.1 million for the first nine months of 2009. Pension expense allocated to contracts pursuant to CAS was $1.9 million in the first nine months of 2010, compared with $1.8 million for the first nine months of 2009.
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Teledyne Technologies Inc. has a market cap of $1.53 billion; its shares were traded at around $42.06 with a P/E ratio of 14 and P/S ratio of 0.9. Teledyne Technologies Inc. had an annual average earning growth of 20.3% over the past 10 years.TDY is in the portfolios of John Keeley of Keeley Fund Management, Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Our third quarter 2010 sales were $443.9 million, compared with sales of $429.4 million for the same period of 2009, an increase of 3.4%. Net income attributable to common stockholders for the third quarter of 2010 was $30.3 million ($0.82 per diluted share) compared with net income attributable to common stockholders of $35.1 million ($0.96 per diluted share) for the third quarter of 2009, a decrease of 13.7%.Teledynes sales for the first nine months of 2010 were $1,325.6 million, compared with sales of $1,310.8 million for the same period of 2009, an increase of 1.1%. Net income attributable to common stockholders for the first nine months of 2010 was $83.9 million ($2.28 per diluted share) compared with net income attributable to common stockholders of $81.1 million ($2.22 per diluted share) for the first nine months of 2009, an increase of 3.5%.
The increase in net income for the first nine months of 2010, compared with the same period of 2009, reflected improved operating profit in each operating segment except the Engineered Systems segment. Operating profit reflected lower pension expense and the impact of cost reductions, partially offset by charges of $3.0 million, related to acquisition activity and by second quarter charges of $8.2 million, primarily to correct inventory valuations incorrectly recorded in previous periods at a business unit. The first nine months of 2010 and 2009 included net tax credits of $3.5 million and $9.0 million, respectively. The incremental operating loss included in the results for the first nine months of 2010 from businesses acquired in 2010 was $3.4 million and included charges of $3.0 million, related to acquisition activity, as well as, intangible asset amortization.
The Companys effective tax rate for the first nine months of 2010 was 35.5% compared with 31.3% for the first nine months of 2009. The first nine months of 2010 and 2009 included tax credits of $3.5 million and $9.0 million, respectively. Excluding the tax credits, the effective tax rates for the first nine months of 2010 and 2009, would have been 38.2% and 38.8%, respectively. The first nine months of 2010 included credits related to a research and development tax credit of $2.9 million and other tax credits of $0.6 million. The first nine months of 2009 reflected the impact of a research and development income tax credit of $8.2 million, the recognition of $1.1 million in uncertain tax benefits, and also reflects additional income tax expense of $0.3 million primarily related to the impact of California income tax law changes
The third quarter 2010 sales change resulted primarily from higher sales of electronic instrumentation and defense electronics. Revenue growth of $21.8 million in electronic instrumentation primarily reflected higher sales of marine and environmental instrumentation products. Sales of defense electronics increased by $7.5 million and included $8.5 million in sales from recent acquisitions. Sales growth of $0.7 million in other commercial electronics primarily reflected higher sales for relay products, partially offset by reduced sales from product lines which the company is exiting, such as commercial electronic manufacturing services and telecommunication subsystems. The increase in operating profit reflected the impact of higher sales, cost reductions, lower pension expense and product mix, partially offset by acquisition related charges of $3.0 million. The incremental operating loss included in the results for the third quarter of 2010 from businesses acquired in 2010 was $3.4 million and included charges of $3.0 million, related to acquisition activity, as well as, intangible asset amortization. Operating profit included pension expense of $0.8 million in the third quarter of 2010, compared with $2.3 million for the third quarter of 2009. Pension expense allocated to contracts pursuant to CAS was $0.6 million for both the third quarter of 2010 and 2009.
The first nine months 2010 sales improvement resulted from revenue growth in defense electronics and electronic instruments, partially offset by lower sales of other commercial electronics. Revenue growth of $36.5 million in electronic instrumentation primarily reflected higher sales of marine and environmental instrumentation products. Revenue growth of $19.2 million in defense electronics primarily reflected higher sales of manufacturing services, microwave subsystems and also included $8.9 million in sales from recent acquisitions. Lower sales of $6.6 million in other commercial electronics primarily reflected reduced sales from product lines which the company is exiting, such as commercial electronic manufacturing services and telecommunication subsystems partially offset by higher sales for relay products. The increase in operating profit reflected the impact of higher sales, cost reductions, lower pension expense and product mix, partially offset by charges of $8.2 million, primarily to correct inventory valuations incorrectly recorded in previous periods at a business unit and acquisition related charges of $3.0 million. The incremental operating loss included in the results for the first nine months of 2010 from businesses acquired in 2010 was $3.3 million and included charges of $3.0 million, related to acquisition activity, as well as, intangible asset amortization. Operating profit included pension expense of $2.3 million in the first nine months of 2010, compared with $7.1 million for the first nine months of 2009. Pension expense allocated to contracts pursuant to CAS was $1.9 million in the first nine months of 2010, compared with $1.8 million for the first nine months of 2009.
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