Revenue during the quarter grew 6.71 percent to $566.10 million from $530.50 million in the previous year period. Gross margin for the quarter contracted 134 basis points over the previous year period to 37.43 percent. Total expenses were 89.74 percent of quarterly revenues, up from 88.52 percent for the same period last year. That has resulted in a contraction of 122 basis points in operating margin to 10.26 percent.

Operating income for the quarter was $58.10 million, compared with $60.90 million in the previous year period.

“Teledyne began 2017 with a great quarter. We achieved strong organic growth in our imaging and aerospace businesses. Sales of environmental and electronic test and measurement instrumentation also increased nicely from last year,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “In addition, total orders exceeded sales by over 15% driven by strong bookings in nearly all commercial businesses, as well as our government imaging business. Excluding acquisition-related charges, adjusted operating margin increased over 100 basis points and was a record for any first quarter. We were delighted to close the acquisition of Teledyne e2v, and are proud to continue the company’s 70-year legacy of innovation in specialized high technology products. Finally, following acquisition-related charges in the first half of 2017, we expect Teledyne e2v to contribute meaningfully to GAAP earnings per share.”

For the second-quarter 2017, Teledyne Technologies Incorporated expects diluted earnings per share to be in the range of $1.20 to $1.25 and its adjusted diluted earnings per share to be in the range of $1.27 to $1.32.

For fiscal year 2017, the company expects diluted earnings per share to be in the range of $5.20 to $5.30 and its adjusted diluted earnings per share to be in the range of $5.76 to $5.86.