Teledyne Technologies Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 29, 2013. For the quarter, the company announced net sales of $596.6 million compared to $567.4 million for the same period a year ago. Income before other income and income taxes was $63.5 million compared to $67.6 million for the same period a year ago. Income from continuing operations before income taxes was $64.0 million compared to $63.1 million for the same period a year ago. Net income was $54.5 million compared to $46.8 million for the same period a year ago. Net income attributable to the company was $54.9 million compared to $46.2 million for the same period a year ago. Diluted earnings per common share were $1.44 compared to $1.23 for the same period a year ago. Cash provided by operating activities was $98.5 million compared to $121.9 million for the same period a year ago. Capital expenditures for property, plant and equipment was $18.6 million compared to $22.3 million for the same period a year ago. Free cash flow was $79.9 million compared to $99.6 million for the same period a year ago. The lower cash provided by operating activities in the fourth quarter of 2013 reflected severance and legal settlement payments in the fourth quarter of 2013.

For the full year, the company announced net sales of $2,338.6 million compared to $2,127.3 million for the same period a year ago. Income before other income and income taxes was $240.3 million compared to $243.1 million for the same period a year ago. Income from continuing operations before income taxes was $224.0 million compared to $228.2 million for the same period a year ago. Net income was $184.5 million compared to $165.1 million for the same period a year ago. Net income attributable to the company was $185.0 million compared to $164.1 million for the same period a year ago. Diluted earnings per common share were $4.87 compared to $4.39 for the same period a year ago. Cash provided by operating activities was $204.1 million compared to $189.5 million for the same period a year ago. Capital expenditures for property, plant and equipment was $72.6 million compared to $65.3 million for the same period a year ago. Free cash flow was $131.5 million compared to $124.2 million for the same period a year ago.

The company provided earnings guidance for the first quarter and full year of fiscal 2014. Based on its current outlook, the company's management believes that first quarter 2014 earnings per diluted share will be in the range of approximately $1.08 to $1.14.

Based on its current outlook, the company's management believes that the full year 2014 earnings per diluted share outlook is expected to be in the range of approximately $5.06 to $5.12. The company's effective tax rate for 2014 is expected to be 30.0%, before discrete items. For the company's domestic pension plan, the discount rate for 2014 will increase to 5.4% from 4.4%.