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TELEDYNE TECHNOLOGIES INCORPORATED SUMMARY OF SEGMENT NET SALES AND OPERATING INCOME FOR THE THIRD QUARTER AND NINE MONTHS ENDED OCTOBER 1, 2017 AND OCTOBER 2, 2016 (Unaudited – in millions) |
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|
Third Quarter |
Third Quarter |
% |
Nine Months |
Nine Months |
% |
|||||||||||||||||||||||||||||||
|
2017 |
2016 |
Change |
2017 |
2016 |
Change |
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| Net sales: | ||||||||||||||||||||||||||||||||||||
| Instrumentation | $ | 232.5 | $ | 208.3 | 11.6 | % | $ | 699.1 | $ | 652.1 | 7.2 | % | ||||||||||||||||||||||||
| Digital Imaging | 191.5 | 98.5 | 94.4 | % | 493.8 | 287.8 | 71.6 | % | ||||||||||||||||||||||||||||
| Aerospace and Defense Electronics | 165.1 | 153.5 | 7.6 | % | 489.8 | 464.1 | 5.5 | % | ||||||||||||||||||||||||||||
| Engineered Systems | 73.1 | 66.5 | 9.9 | % | 216.7 | 193.0 | 12.3 | % | ||||||||||||||||||||||||||||
| Total net sales | $ | 662.2 | $ | 526.8 | 25.7 | % | $ | 1,899.4 | $ | 1,597.0 | 18.9 | % | ||||||||||||||||||||||||
| Operating income: | ||||||||||||||||||||||||||||||||||||
| Instrumentation | $ | 34.8 | $ | 28.1 | 23.8 | % | $ | 96.0 | $ | 79.6 | 20.6 | % | ||||||||||||||||||||||||
| Digital Imaging (a) | 31.9 | 11.7 | 172.6 | % | 73.6 | 30.6 | 140.5 | % | ||||||||||||||||||||||||||||
| Aerospace and Defense Electronics (a) | 29.4 | 31.5 | (6.7 |
) |
% |
88.0 | 83.6 | 5.3 | % | |||||||||||||||||||||||||||
| Engineered Systems | 10.0 | 8.6 | 16.3 | % | 28.0 | 22.2 | 26.1 | % | ||||||||||||||||||||||||||||
| Corporate expense (a) | (13.2 | ) | (11.1 | ) | 18.9 | % | (48.4 | ) | (32.7 | ) | 48.0 | % | ||||||||||||||||||||||||
| Operating income | 92.9 | 68.8 | 35.0 | % | 237.2 | 183.3 | 29.4 | % | ||||||||||||||||||||||||||||
| Interest and debt expense, net (a) | (8.2 | ) | (5.6 | ) | 46.4 | % | (25.5 | ) | (17.2 | ) | 48.3 | % | ||||||||||||||||||||||||
| Other income/(expense), net (a) | (3.0 | ) | (0.8 | ) |
275.0 |
% |
(13.0 | ) | 15.1 | * | ||||||||||||||||||||||||||
| Income before income taxes | 81.7 | 62.4 | 30.9 | % | 198.7 | 181.2 | 9.7 | % | ||||||||||||||||||||||||||||
| Provision for income taxes | 12.7 | 10.4 | 22.1 | % | 39.1 | 43.3 | (9.7 |
) |
% |
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| Net income | $ | 69.0 | $ | 52.0 | 32.7 | % | $ | 159.6 | $ | 137.9 | 15.7 | % | ||||||||||||||||||||||||
| (a) | The third quarter of 2017 includes pretax charges of $2.9 million related to the acquisition of e2v technologies plc, which was recorded in the Digital Imaging segment. The first nine months of 2017 includes pretax charges of $28.1 million related to the acquisition of e2v technologies plc, of which $9.1 million was recorded in the Digital Imaging segment, $0.3 million in the Aerospace and Defense Electronics segment, $10.4 million was recorded to corporate expense, $2.3 million was recorded to interest expense and $6.0 million was recorded as other expense. The first nine months of 2016 includes a second quarter gain of $17.9 million on the sale of a former operating facility recorded as other income. | ||
| * | not meaningful | ||
