Boom year for Teledyne Technologies
Teledyne saw record quarterly sales of $1,375.7m in the last quarter of 2020, an increase of 70.0 percent on the previous year following the acquisition of thermal imaging firm FLIR.
“2021 was a defining year for Teledyne with record sales and adjusted earnings, operating margin and cash flow. Furthermore, with the successful acquisition and integration of Teledyne FLIR, Teledyne has further evolved into a global sensing and decision-support technology company,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “Organic sales growth in the fourth quarter and full year was over eight percent in each period.
Full year sales for 2021 were $4,614.3m, up 49 percent from $3,086.2m in 2020, although this includes $1,273.6m coming from the $8bn acquisition of FLIR last year. The full year turnover was $3,163.6m in 2019.
Net income for 2021 was $445.3m, up 10.8 percent from $401.9m in 2020. The cost of the pandemic was apparent in a lower operating margin for the year, falling to 13.5 percent for 2021 from 15.6 percent in 2020
Teledyne includes European space and sensor specialist e2v as well as US sensor specialist DALSA and LeCroy
The Digital Imaging division saw fourth quarter 2021 net sales were $809.5 million, compared with $262.0 million, an increase of 209.0 percent from the FLIR deal as well as strong organic sales growth from industrial and scientific sensors and cameras, x-ray products and MEMS. Operating income was $94.1m, up 66 percent from $56.7m.
The Instrumentation division, which includes oscilloscope maker LeCroy, saw fourth quarter 2021 net sales were $302.2 million, compared with $282.8 million, an increase of 6.9 percent. Operating income was $66.7 million for the fourth quarter of 2021, compared with $63.2 million, an increase of 5.5 percent.
The Aerospace and Defense Electronics segment’s fourth quarter 2021 net sales were $163.3 million, compared with $145.2 million, an increase of 12.5%. Operating income was $40.6 million for the fourth quarter of 2021, compared with $23.2 million, an increase of 75.0%. This reflected higher sales of $10.6 million for aerospace electronics and $7.5 million for defense and space electronics.
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