Example: dental hygienist

2017 Annual Report - teledyne.com

2017 Annual Report G. AAP EPS A. djusted EPS. (a). GAAP EPS. $ (c). $ $ $ $ $ $ $ (b). $ $ $ $ $ $ $ $ $ $ $ Share $ Per share $ per share $ $ $ $ $$per $ $ $ $ $ $ $ $ 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017. Year (a) Represents total GAAP earnings per diluted share for 2013 through 2017 and GAAP EPS from continuing operations for 2010 through 2012. (b) Excludes pretax charges of $ million ($ per share) related to the acquisition of e2v technologies plc ( e2v ). See page 11 for a reconciliation of GAAP to non-GAAP amounts. (c) Excluding pretax charges of $ million ($ per share) related to the acquisition of e2v, and provisional after-tax charges of $ million ($ per share) related to the estimated impact of the Tax Cuts and Jobs Act enacted on December 22, 2017. See page 11 for a reconciliation of GAAP to non-GAAP amounts. Instrumentation 2017 Sales by Segment 11% Instrumentation Test and measurement, monitoring and control instrumentation, Digital Imaging and power and communications connectivity devices for marine, 36% environmental, electronics and other applications 26% Digital Imaging Aerospacesensors, High performance & cameras and systems within the visible, infrared and X-ray spectra, used in industrial, government and medical applications Defense Electronics Aerospace and Defense Electronics Sophisticated.

Letter to Stockholders 2017 was, by any measure, a record year. Record sales, record earnings, record operating margin, record cash flow, and

Information

Domain:

Source:

Link to this page:

Please notify us if you found a problem with this document:

Other abuse

Transcription of 2017 Annual Report - teledyne.com

1 2017 Annual Report G. AAP EPS A. djusted EPS. (a). GAAP EPS. $ (c). $ $ $ $ $ $ $ (b). $ $ $ $ $ $ $ $ $ $ $ Share $ Per share $ per share $ $ $ $ $$per $ $ $ $ $ $ $ $ 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017. Year (a) Represents total GAAP earnings per diluted share for 2013 through 2017 and GAAP EPS from continuing operations for 2010 through 2012. (b) Excludes pretax charges of $ million ($ per share) related to the acquisition of e2v technologies plc ( e2v ). See page 11 for a reconciliation of GAAP to non-GAAP amounts. (c) Excluding pretax charges of $ million ($ per share) related to the acquisition of e2v, and provisional after-tax charges of $ million ($ per share) related to the estimated impact of the Tax Cuts and Jobs Act enacted on December 22, 2017. See page 11 for a reconciliation of GAAP to non-GAAP amounts. Instrumentation 2017 Sales by Segment 11% Instrumentation Test and measurement, monitoring and control instrumentation, Digital Imaging and power and communications connectivity devices for marine, 36% environmental, electronics and other applications 26% Digital Imaging Aerospacesensors, High performance & cameras and systems within the visible, infrared and X-ray spectra, used in industrial, government and medical applications Defense Electronics Aerospace and Defense Electronics Sophisticated.

2 Engineeredelectronic components, subsystems and communications 27% products, including defense electronics, commercial avionics and harsh Systems environment interconnects Engineered Systems Innovative systems engineering, manufacturing and specialized products for government, space, energy and industrial customers 2 Teledyne Technologies 2017 Annual Report Financial Highlights Selected Consolidated Financial Data (In millions, except per share data). Summary Financial Information 2017 2016 2015 2014 2013. Sales $2, $2, $2, $2, $2, Net income attributable to Teledyne Diluted earnings per common share Weighted average common shares outstanding Summary Balance Sheet Data 2017 2016 2015 2014 2013. Cash and cash equivalents $ $ $ $ $ Total assets 3, 2, 2, 2, 2, Long-term debt and 1, capital lease obligations Total equity 1, 1, 1, 1, 1, See Management's Discussion and Analysis of Financial Condition and Results of Operations and the Notes to Consolidated Financial Statements in the 2017 Form 10-K for additional information regarding Teledyne Technologies Incorporated's financial data.

3 Cumulative Total Stockholder Return 300. The graph set forth to the right shows the cumulative 250. total stockholder return ( price change plus reinvestment of dividends) on our common stock for 200. the five fiscal years ending December 31, 2017, as Russell 20. compared to the Standard & Poor's 500 Composite S&P 1500. Index, the Russell 1000 Index, the Russell 2000 Index 150. Russell 10. and the Standard & Poor's 1500 Industrials Index. S&P 500. Teledyne The graph assumes $100 was invested on December 100. 28, 2012. In accordance with the rules of the SEC, this 50. presentation is not incorporated by reference into any of our registration statements under the Securities 0. Act of 1933. 12/30/2012 12/29/13 12/28/14 01/03/2016 01/01/2017 12/31/17. 12/30/12 12/29/13 12/28/14 01/03/16 01/01/17 12/31/17. Teledyne Technologies 100 145 164 139 193 285. Russell 2000 100 141 150 142 172 198. S&P 1500 Industrials 100 143 158 152 183 221. Russell 1000 100 135 155 155 173 211.

4 S&P 500 Composite 100 134 155 155 174 212. We have included the Russell 1000 Index which will eventually replace the Russell 2000 and S&P 500 Indices in our stock price performance graph because in June 2017 Teledyne graduated from the Russell 2000 Index to the Russell 1000 Index. 3. Letter to Stockholders 2017 was, by any measure, a record year. Record sales, record earnings, record operating margin, record cash flow, and Digital Imaging segment, driven by Teledyne DALSA, which achieved outstanding results. the successful acquisition and integration of We are very proud of our businesses and track Teledyne e2v, our largest acquisition to date. record, and we have truly matured as a company. Teledyne Technologies began 2018 with just over 18. Specifically, sales increased percent to $ years as an independent company with a compound billion. We also achieved record GAAP earnings per Annual shareholder return of slightly over 18 percent share of $ despite significant non-recurring for a total return of approximately 2000 percent.

5 Charges of $ associated with the acquisition of e2v and $ per share due to tax reform. Our current portfolio of businesses best represents Excluding these charges, 2017 EPS increased the original ethos of our predecessor, Teledyne, Inc., percent from last year to $ and its founder Henry Singleton. Penned in 1960, the name Teledyne means distant force or alternatively Organic revenue growth, which excludes acquisitions, power from afar. Across the globe, in deep space accelerated in each quarter of 2017, and was over and on the ocean floor, Teledyne businesses seven percent for the full year. Furthermore, every manufacture enabling technologies that provide segment achieved organic growth, but it was our power or derive information from distant environments. The Sentinel-5P satellite, launched October 2017, measures air pollution from Teledyne operates highly specialized space via Teledyne e2v detectors. Instruments from Teledyne API measure semiconductor fabrication and similar pollutants from the ground.

6 Packaging facilities in four countries. 4 Teledyne Technologies 2017 Annual Report The world's largest telescope, under construction in Chile by the European Southern Observatory, will use CMOS. image sensors from Teledyne e2v. Credit: European Southern Observatory (ESO)/L. Cal ada Teledyne Webb Research autonomous underwater vehicle (AUV) near Antarctica with Adelaide Island in the distance. 5. Teledyne e2v magnetrons power vital cancer radiotherapy machines around the world. Researchers made what was described as a major breakthrough in Maya archaeology using Teledyne Optech multispectral lidar to reveal vast ruins hidden under the Guatemalan jungle. Credit: Wild Blue Media/National Geographic 6 Teledyne Technologies 2017 Annual Report For example, imaging sensors from Teledyne have leader in digitally processing specialized information, detected galaxies so remote their very faint light to and from, our analog world. For example, across has taken billion years to travel toward Earth the electromagnetic spectrum, our imaging detectors which in turn provides astronomers the earliest derive and distribute digital information obtained views of the universe.

7 Over 34 million miles from from X-rays, ultraviolet radiation, visible light and Earth, the Curiosity Rover has been exploring Mars infrared photons. Our sonars generate and receive for the past five and a half years with its engine and acoustic signals which then, using our software, many of its eyes provided by Teledyne. produce digital maps of the ocean floor and electronic nautical navigation charts. Our test and measurement On a much smaller scale, our machine vision systems detect and digitally analyze minute changes sensors automate manufacturing, finding micron- in complex waveforms within electronic circuits. sized defects in clear glass, flat panel displays, used in consumer electronics. Our highly specialized Many of our own systems, as well as those of our microelectromechanical systems (or MEMS) help customers, require ever-more advanced analog to analyze the DNA of the human genome. digital or digital to analog converters, and Teledyne remains a leader in the highest performance Teledyne magnetrons drive powerful X-ray segment of this market.

8 In fact, in December 2017, generators in cancer radiotherapy equipment. On Teledyne e2v's Ka-band Digital-to-Analog Converter the other hand, we provide high resolution medical (or DAC) was announced the winner of Semiconductor and dental image sensors which utilize the lowest Product of the Year Analog at the Elektra Awards amount of X-rays possible. Our infrared detectors in London. and microwave devices assist national security, helping detect threats invisible to the human eye. Looking back, 2017 was a fantastic year for Teledyne. Finally, we provide power to, and data acquisition While end markets were more cooperative, years of from, systems on the ocean floor, and we send increased research and development helped generate critical flight operations data wirelessly from strong organic sales growth. Furthermore, our 2017. commercial air transport aircraft. performance also reflected difficult cost reductions in prior years, and disciplined execution to remain The original Teledyne was founded to capitalize on lean.

9 I want to express my sincere gratitude to our early semiconductor technology and the power of employees for delivering our results, our Board of digital information. While much has evolved in the Directors for their guidance and our stockholders for semiconductor industry, Teledyne has become a their continued support. Teledyne DALSA CMOS detectors provide better images NASA's James Webb Space Telescope, the successor to the at lower x-ray dose in panoramic dental radiography. Hubble Space Telescope, will use infrared detectors from Teledyne Imaging Sensors. 7. Laboratory instrumentation from Teledyne assists with life sciences research, drug discovery and pharmaceutical quality control. Finally, we were deeply saddened upon the passing of Frank V. Cahouet in June 2017. Frank served as a Director of Teledyne for 22 years, first with Dr. Henry Singleton and then continuing through April 2016. with Teledyne Technologies, including 14 years as Chairman of our Audit Committee.

10 Having had the benefit of Frank's advice for over two decades, Teledyne will miss his experience and wisdom. Kind regards, Robert Mehrabian Chairman, President and Chief Executive Officer February 27, 2018. Automated inspection systems using Teledyne image sensors, cameras and vision components are vital to modern production lines. 8 Teledyne Technologies 2017 Annual Report Board of Directors Left to Right: CHARLES CROCKER (2)(3)(4) ROBERT MEHRABIAN. Chairman and CEO, Crocker Capital Chairman, President and Retired Chairman and CEO, CEO, Teledyne Technologies Incorporated BEI Technologies, Inc. PAUL D. MILLER (1)(2). ROBERT A. MALONE (1)(3) Retired Chairman and CEO, Executive Chairman, President and CEO Alliant Techsystems, Inc. First Sonora Bancshares, Inc. Commander-in-Chief, Atlantic Command Retired Chairman of the Board and President, and NATO Supreme Allied Commander Atlantic BP America Inc. (Retired). JANE C. SHERBURNE (1)(3) ROXANNE S.


Related search queries