Teledyne Technologies Inc. (TDY) reported that its fourth-quarter net income attributable to the company was $32.2 million or $0.88 per share, compared to net income of $19.9 million or $0.54 per share in the fourth quarter of 2008.
The company said that the fourth quarters of 2009 and 2008 included research and development tax credits of $6.1 million and $1.2 million, respectively. The fourth quarter of 2009, also included certain pretax charges totaling $2.5 million for the net impact of product recall and replacement costs, acquisition related expenses and inventory write-downs. The fourth quarter of 2008, included a pretax charge of $18.0 million for the impact of product recall and replacement costs.
Net sales were $454.4 million, compared to $464.8 million for the same period of 2008.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share on revenues of $449.21 million for the quarter. Analysts' estimates typically exclude special items.
For the first quarter, the company expects earnings per share will be in the range of approximately $0.57 to $0.61. Analysts expect the company to report earnings of $0.71 per share for the first-quarter.
The full year 2010 earnings per share outlook is expected to be in the range of approximately $2.80 to $2.90. Analysts expect the company to report earnings of $3.13 per share for fiscal 2010.
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