No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to sell or an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.
A live webcast of Teledyne’s fourth quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Wednesday, January 27, 2021. To access the call, go to www.teledyne.com/investors/presentations approximately ten minutes before the scheduled start time. A replay will also be available for one month starting at 12:00 p.m. (Eastern) on Wednesday, January 27, 2021.
TELEDYNE TECHNOLOGIES INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED (a) JANUARY 3, 2021 AND DECEMBER 29, 2019 (Unaudited - in millions, except per share amounts) |
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Fourth Quarter |
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Fourth Quarter |
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Twelve Months |
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Twelve Months |
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2020 |
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2019 |
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2020 |
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2019 |
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Net sales |
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$ |
809.3 |
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$ |
834.2 |
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$ |
3,086.2 |
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$ |
3,163.6 |
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Costs and expenses: |
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Costs of sales |
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493.6 |
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505.1 |
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1,905.3 |
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1,920.3 |
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Selling, general and administrative expenses |
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171.9 |
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195.3 |
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700.8 |
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751.6 |
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| Total costs and expenses |
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665.5 |
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700.4 |
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2,606.1 |
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2,671.9 |
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| Operating income |
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143.8 |
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133.8 |
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480.1 |
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491.7 |
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| Interest and debt expense, net |
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(3.4 |
) |
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(4.7 |
) |
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(15.3 |
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(21.0 |
) |
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| Non-service retirement benefit income |
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3.2 |
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1.9 |
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12.1 |
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8.0 |
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| Other expense, net |
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(2.5 |
) |
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(1.5 |
) |
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(7.2 |
) |
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(5.0 |
) |
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| Income before income taxes |
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141.1 |
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129.5 |
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469.7 |
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473.7 |
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| Provision for income taxes |
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9.0 |
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13.8 |
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67.8 |
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71.4 |
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| Net income |
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$ |
132.1 |
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$ |
115.7 |
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$ |
401.9 |
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$ |
402.3 |
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| Diluted earnings per common share |
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$ |
3.48 |
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$ |
3.06 |
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$ |
10.62 |
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$ |
10.73 |
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| Weighted average diluted common shares outstanding |
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38.0 |
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37.8 |
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37.9 |
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37.5 |
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