Teledyne Technologies Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 28, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2015
For the year, the company reported net sales of $2,394.0 million compared to $2,338.6 million a year ago. Operating income was $294.5 million compared to $240.3 million a year ago. Income before income taxes was $282.1 million compared to $224.0 million a year ago. Net income attributable to the company was $217.7 million compared to $185.0 million a year ago. Diluted earnings per common share was $5.75 compared to $4.87 a year ago. Free cash flow was $240.2 million. At December 28, 2014, total debt was $705.1 million, which included $105.0 million drawn on the $750.0 million credit facility. Cash provided by operating activities was $283.7 million compared to $204.1 million a year ago. Capital expenditures for property, plant and equipment were $43.5 million compared to $72.6 million a year ago. Adjusted free cash flow (net cash used) was $240.2 million compared to $182.9 million a year ago.
Based on its current outlook, the company's management believes that first quarter 2015 earnings per diluted share will be in the range of approximately $1.16 to $1.20 and the full year 2015 earnings per diluted share outlook is expected to be in the range of approximately $5.71 to $5.76. The company's effective tax rate for 2015 is expected to be 29.5%, before discrete items. For the company's domestic pension plan, the discount rate for 2015 will decrease to 4.5% from 5.4%.