Teledyne Technologies Reports Fourth Quarter Results

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THOUSAND OAKS, Calif., Jan. 23, 2019 – 

• Record quarterly sales of $748.4 million, an increase of 6.2% compared to last year
• Record quarterly GAAP earnings per diluted share of $2.45, an increase of 33.2% compared to last year
• Record full year sales of $2.902 billion and GAAP earnings per diluted share of $9.01
• Record full year GAAP operating margin and cash flow
• Issuing full year 2019 GAAP earnings outlook of $9.25 to $9.35 per diluted share
• Announced pending acquisition of the Scientific Imaging businesses of Roper Technologies for $225.0 million in cash

Teledyne today reported fourth quarter 2018 net sales of $748.4 million, compared with net sales of $704.4 million for the fourth quarter of 2017, an increase of 6.2%. Net income was $91.1 million ($2.45 per diluted share) for the fourth quarter of 2018, compared with $67.6 million ($1.84 per diluted share) for the fourth quarter of 2017, an increase of 34.8%. The fourth quarter of 2018 included $2.5 million in severance and facility consolidation costs. The fourth quarter of 2018 also included net discrete income tax benefits of $6.9 million. The fourth quarter of 2017 included $0.7 million in severance and facility consolidation costs. The fourth quarter of 2017 also included net discrete income tax benefits of $1.3 million which included provisional charges of $4.7 million as a result of the Tax Cuts and Jobs Act of 2017 ("Tax Act").

"Fourth quarter and full year sales and earnings were all-time records," said Al Pichelli, President and Chief Executive Officer. "Fourth quarter operating margin increased 143 basis points, with particularly strong improvement in our Instrumentation segment. Sales increased in every segment and we achieved overall organic growth of 6.2% in the fourth quarter. Our full-year cash flow was the strongest in the company's history, and orders exceeded sales for the fourth consecutive quarter." Robert Mehrabian, Executive Chairman, added, "Teledyne's outstanding performance throughout 2018 is evidence of our success in building a portfolio of balanced businesses, with common underlying technologies, to enable consistent and improved financial performance in different business cycles and demand drivers. To this end, we were pleased to announce another digital imaging acquisition that will expand our offerings to life sciences and academic research."

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