US: Teledyne Technologies on Thursday reported a 6.7% increase in company’s first quarter sales that was $530.5 million for Q1 in 2016. However, the net income for the first quarter this year was $30.5 million, whereas the same for the first quarter of 2016 was $39.0 million. The first quarter of 2017 includes $21.2 million in costs related to the e2v technologies plc (“e2v”) acquisition.
“Teledyne began 2017 with a great quarter. We achieved strong organic growth in our imaging and aerospace businesses. Sales of environmental and electronic test and measurement instrumentation also increased nicely from last year,” said Robert Mehrabian, Chairman, President and Chief Executive Officer.
“In addition, total orders exceeded sales by over 15% driven by strong bookings in nearly all commercial businesses, as well as our government imaging business. Excluding acquisition-related charges, adjusted operating margin increased over 100 basis points and was a record for any first quarter. We were delighted to close the acquisition of Teledyne e2v, and are proud to continue the company’s 70-year legacy of innovation in specialized high technology products. Finally, following acquisition-related charges in the first half of 2017, we expect Teledyne e2v to contribute meaningfully to GAAP earnings per share.”