Teledyne Technologies Inc. (TDY) reported that its net income attributable to the company for the fourth quarter of 2014 increased to $60.2 million or $1.62 per share from $54.9 million or $1.44 per share in the fourth quarter of 2013.
The fourth quarters of 2014 and 2013 reflected pretax charges of $1.8 million and $5.3 million for severance and facility consolidation expenses, respectively. The fourth quarters of 2014 and 2013 also reflected net discrete tax benefits totaling $0.7 million and $6.1 million, respectively. The fourth quarter of 2014 included $5.6 million in research and development tax credits.
Net sales were $622.3 million, compared with sales of $596.6 million for the fourth quarter of 2013, an increase of 4.3%.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.38 per share and revenues of $624.13 million for the quarter. Analysts' estimates typically exclude special items.
The company expects that first quarter 2015 earnings per share to be in the range of approximately $1.16 to $1.20 and the full year 2015 earnings per share to be in the range of approximately $5.71 to $5.76. Analysts expect the company to report earnings of $1.34 per share for the first-quarter, and earnings of $5.73 per share for full year 2015.
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