Teledyne Technologies, Inc. (TDY) Tops Q2 EPS by 20c; Raises FY Outlook

Teledyne Technologies, Inc. (NYSE: TDY) reported Q2 EPS of $1.47, $0.20 better than the analyst estimate of $1.27. Revenue for the quarter came in at $597.1 million versus the consensus estimate of $606.42 million.

Teledyne Technologies, Inc. sees FY2014 EPS of $5.31-$5.35, versus prior guidance of $5.1-$5.14 and the consensus of $5.14.

“Our results demonstrate the successful transformation of Teledyne into a higher-margin, industrial technology company,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “With record sales to the marine and offshore energy markets, instrumentation segment sales increased 7.3% in the quarter. In addition, greater sales of higher-margin commercial avionics and machine vision cameras helped offset expected declines in government sales in our digital imaging and defense electronics businesses. Given the continued mix shift across Teledyne, as well as ongoing cost reduction efforts, operating margin increased 164 basis points and was a record for any quarter. Free cash flow was almost $100 million during the first six months, enabling continued capital deployment for acquisitions and share repurchases.”

For earnings history and earnings-related data on Teledyne Technologies, Inc. (TDY) click here.

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