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NEWSRELEASE TELEDYNE TECHNOLOGIES Everywhereyoulook ™ 1049 Camino Dos Rios Thousand Oaks , CA 91360-2362 TELEDYNE TECHNOLOGIES REPORTS FIRST QUARTER RESULTS THOUSAND OAKS , Calif . – April 28 , 2021 – Teledyne Technologies Incorporated ( NYSE : TDY ) • Record first quarter sales of $ 805.7 million • Record first quarter GAAP diluted earnings per share of $ 2.23 • • First quarter adjusted diluted earnings per share of $ 3.02 increased 39.2 % and excluded pretax charges of $ 39.0 million ( $ 0.79 per share ) related to the pending acquisition of FLIR Systems , Inc. , compared to prior outlook of $ 2.55 to $ 2.60 , which also excluded FLIR Record first quarter GAAP operating margin of 16.8 % and adjusted operating margin of 17.5 % , excluding pretax charges of $ 5.9 million related to the FLIR acquisition • Record first quarter cash flow from operations • • Raising full year 2021 adjusted earnings outlook to $ 12.00 to $ 12.20 per share , which excludes charges and income related to FLIR , compared to the prior outlook of $ 11.25 to $ 11.45 , which also excluded FLIR Expect to complete the acquisition of FLIR on May 14 , 2021 Teledyne today reported first quarter 2021 net sales of $ 805.7 million , compared with net sales of $ 784.6 million for the first quarter of 2020 , an increase of 2.7 % . Net income was $ 84.7 million ( $ 2.23 diluted earnings per share ) for the first quarter of 2021 , compared with $ 82.2 million ( $ 2.17 diluted earnings per share ) for the first quarter of 2020 , an increase of 3.0 % . In connection with the pending acquisition of FLIR Systems , Inc. ( " FLIR ” ) , Teledyne incurred pretax charges of $ 39.0 million in the first quarter of 2021 which included $ 33.1 million in interest and debt expense related to obtaining permanent financing for the pending acquisition and $ 5.9 million in corporate expense for related transaction costs . Excluding these charges adjusted net income for the first quarter of 2021 was $ 114.9 ( $ 3.02 per share ) . The first quarter of 2021 included $ 1.0 million in severance and facility consolidation costs , compared with $ 10.4 million in severance , facility consolidation , acquisition and certain changes in contract cost estimates for the first quarter of 2020. Operating margin was 16.8 % for the first quarter of 2021 , compared with 13.3 % for the first quarter of 2020. Excluding the expenses related to the FLIR acquisition , adjusted operating margin for the first quarter of 2021 was 17.5 % . The first quarter of 2021 reflected net discrete income tax benefits of $ 6.3 million compared with net discrete income tax benefits of $ 4.2 million for the first quarter of 2020 .