Teledyne Technologies Reports Second Quarter Results
This financial statement was prepared in accordance with U.S. generally
accepted accounting principles.
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TELEDYNE TECHNOLOGIES INCORPORATED
RECONCILIATION
OF GAAP TO NON-GAAP FINANCIAL MEASURES
FOR THE SECOND
QUARTER AND SIX MONTHS ENDED
JULY 2, 2017
(Unaudited
– in millions, except per-share amounts)
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Second Quarter
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Six Months
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2017
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2016
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2017
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2016
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Adjusted operating income:
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Operating income
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$
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86.2
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$
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53.6
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$
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144.3
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$
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114.5
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e2v transaction costs, including stamp duty, advisory, legal and
other consulting fees and other costs
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1.3
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—
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12.8
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—
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e2v inventory fair value step-up amortization expense
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2.7
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—
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4.1
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—
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Adjusted operating income
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$
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90.2
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$
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53.6
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$
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161.2
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$
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114.5
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Second Quarter
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Six Months
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2017
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2016
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2017
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2016
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Adjusted fully diluted earnings per share (a):
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Fully diluted earnings per share
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$
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1.66
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$
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1.33
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$
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2.50
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$
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2.44
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e2v transaction costs, including stamp duty, advisory, legal and
other consulting fees and other costs
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0.03
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—
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0.26
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—
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e2v inventory fair value step-up amortization expense
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0.05
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—
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0.08
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—
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e2v funds-certain bank bridge facility commitment expense
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—
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—
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0.05
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—
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Foreign currency option contract expense to hedge the e2v purchase
price
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—
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—
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0.11
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—
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Adjusted fully diluted earnings per share
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$
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1.74
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$
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1.33
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$
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3.00
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$
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2.44
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(a)
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The adjustments to the second quarter of 2017 are net of income
taxes of $0.03 per diluted share based on a 27.4% income tax rate
and the adjustments for the first six months of 2017 are net of
income taxes of $0.19 per diluted share based on a 27.7% income tax
rate.
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