Teledyne Technologies (NYSE: TDY) reported Q1 EPS of $2.02, $0.10 better than the analyst estimate of $1.92. Revenue for the quarter came in at $745.2 million versus the consensus estimate of $728.3 million.

• Record first quarter sales of $745.2 million, an increase of 7.1% compared to last year
• Record first quarter GAAP earnings per diluted share of $2.02, an increase of 11.6% compared to last year
• Record first quarter operating margin and cash flow
• Raising full year 2019 GAAP earnings outlook to $9.45 to $9.55 per diluted share, an increase from the prior outlook of $9.25 to $9.35
• Acquired the Scientific Imaging businesses of Roper Technologies for $225.0 million in cash

“We began 2019 with the strongest first quarter in the company’s history,” said Robert Mehrabian, Executive Chairman. “I am very pleased with the breadth of our performance across both our shorter-cycle and longer-cycle businesses. Our strong results and continuing margin improvement efforts add confidence to our increased 2019 outlook.” Al Pichelli, President and Chief Executive Officer, added, “Sales, earnings, operating margin and cash flow were all records for any first quarter. Sales also increased in every business segment and major product category. Backlog continued to grow, as orders exceeded sales for the fifth consecutive quarter. Finally, we closed the Scientific Imaging acquisition in February, and these businesses contributed nicely in their first two months with Teledyne.”

GUIDANCE:

Teledyne Technologies sees FY2019 EPS of $9.45-$9.55, versus the consensus of $9.35.

Teledyne Technologies sees Q2 2019 EPS of $2.38-$2.43, versus the consensus of $2.43.

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