Teledyne Technologies Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 28, 2014. For the quarter, the company reported net sales of $622.3 million compared to $596.6 million a year ago. Operating income was $79.9 million compared to $63.5 million a year ago. Income before income taxes was $74.4 million compared to $64 million a year ago. Net income attributable to the company was $60.2 million compared to $54.9 million a year ago. Diluted earnings per common share was $1.62 compared to $1.44 a year ago. The fourth quarter of 2014 included $5.6 million in research and development tax credits. Cash provided by operating activities was $84.1 million for the fourth quarter of 2014, compared with $98.5 million. The lower cash provided by operating activities in the fourth quarter of 2014 reflected the impact of higher income tax payments, partially offset by higher net income and the timing of accounts receivable collections. Free cash flow (cash provided by operating activities less capital expenditures) was $70.3 million for the fourth quarter of 2014, compared with $79.9 million and reflected lower cash provided by operating activities, partially offset by lower capital expenditures. Capital expenditures for the fourth quarter of 2014 were $13.8 million, compared with $18.6 million. Adjusted free cash flow (net cash used) was $70.3 million compared to $79.9 million a year ago.

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%.