Teledyne Technologies Incorporated (TDY) has reported 4.50 percent fall in profit for the quarter ended Jan. 01, 2017. The company has earned $53 million, or $1.48 a share in the quarter, compared with $55.50 million, or $1.57 a share for the same period last year.
Revenue during the quarter dropped 7.03 percent to $552.90 million from $594.70 million in the previous year period. Gross margin for the quarter expanded 118 basis points over the previous year period to 38.51 percent. Total expenses were 87.14 percent of quarterly revenues, up from 87.04 percent for the same period last year. That has resulted in a contraction of 11 basis points in operating margin to 12.86 percent.
Operating income for the quarter was $71.10 million, compared with $77.10 million in the previous year period.
"We concluded 2016 with our strongest quarter of the year. Furthermore, we generated record full year cash from operations," said Robert Mehrabian, chairman, president and chief executive officer. "Most of our commercial businesses are now growing, marine instrumentation comparisons will ease significantly in 2017, and our government businesses have begun to recover. Our year-end backlog was approximately $120 million greater than last year. We closed two bolt-on acquisitions in the fourth quarter, and we were pleased to announce the pending acquisition of e2v, our largest transaction to date. I am personally very excited about the pending acquisition of e2v, as every business in its portfolio is complementary to Teledyne. From industrial machine vision to space-based imaging, microwave devices spanning radar to radiotherapy, and specialty semiconductors through micro electro-mechanical systems, our respective capabilities and engineering-centric cultures are truly a great fit."
For the first-quarter, the company forecasts diluted earnings per share to be in the range of $1.15 to $1.17.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $5.40 to $5.50.
Working capital declines
Teledyne Technologies Incorporated has witnessed a decline in the working capital over the last year. It stood at $342.60 million as at Jan. 01, 2017, down 21.17 percent or $92 million from $434.60 million on Jan. 03, 2016. Current ratio was at 1.68 as on Jan. 01, 2017, down from 2.10 on Jan. 03, 2016.
Cash conversion cycle (CCC) has increased to 55 days for the quarter from 53 days for the last year period. Days sales outstanding went up to 32 days for the quarter compared with 30 days for the same period last year.
Days inventory outstanding has increased to 42 days for the quarter compared with 40 days for the previous year period. At the same time, days payable outstanding was almost stable at 19 days for the quarter, when compared with the previous year period.
Debt comes down
Teledyne Technologies Incorporated has recorded a decline in total debt over the last one year. It stood at $617.80 million as on Jan. 01, 2017, down 20.86 percent or $162.80 million from $780.60 million on Jan. 03, 2016. Total debt was 22.29 percent of total assets as on Jan. 01, 2017, compared with 28.71 percent on Jan. 03, 2016. Debt to equity ratio was at 0.40 as on Jan. 01, 2017, down from 0.58 as on Jan. 03, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
