Teledyne Sees Record Earnings, Cites Machine Vision
THOUSAND OAKS, Calif., July 24, 2014 — Teledyne Technologies Inc. has posted record earnings of $56.1 million ($1.47 per diluted share) for the second quarter of 2014, up 30.8 percent from $42.9 million in the same period last year. Sales held relatively steady, thanks in part to demand for machine vision systems.
Overall sales were $597.1 million, compared with $601.0 million for the second quarter of 2013, a decrease of 0.6 percent. Teledyne’s digital imaging segment’s sales were $103.7 million, compared with $104.3 million in the second quarter last year, also a decrease of 0.6 percent.
The company said it saw increased sales of sensors and cameras for commercial machine vision applications, but lower sales of IR imaging sensors for government applications.
“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,” said Robert Mehrabian, the company’s chairman, president and CEO.
The company projects third-quarter earnings per diluted share will be in the range of approximately $1.26 to $1.30, and the full-year 2014 earnings per diluted share outlook is expected to be in the range of approximately $5.31 to $5.35.
For more information, visit www.teledyne.com