​​THOUSAND OAKS, Calif. - April 26, 2023 - Teledyne Technologies Incorporated (NYSE:TDY)

• Record first quarter sales of $1,383.3 million, an increase of 4.7% compared with last year
• First quarter GAAP diluted earnings per share of $3.73
• Record first quarter non-GAAP diluted earnings per share of $4.53
• Record first quarter GAAP operating margin of 17.5% and non-GAAP operating margin of 21.1%
• Record first quarter cash from operations of $203.0 million
• Completed the acquisition of ChartWorld International
• Full year 2023 GAAP diluted earnings outlook of $15.80 to $16.05 per share and reiterating full year 2023 non-GAAP earnings outlook of $19.00 to $19.20 per share
• Reduced gross debt by $400 million, including a $300 million debt maturity payment after quarter-end on April 3, 2023

Teledyne today reported first quarter 2023 net sales of $1,383.3 million, compared with net sales of $1,321.0 million for the first quarter of 2022, an increase of 4.7%. Net income attributable to Teledyne was $178.7 million ($3.73 diluted earnings per share) for the first quarter of 2023, compared with $212.6 million ($4.46 diluted earnings per share) for the first quarter of 2022, a decrease of 15.9%. The first quarter of 2023 included $49.7 million of pretax acquired intangible asset amortization expense as well as $0.3 million of acquisition related discrete income tax expense. Excluding these items, non-GAAP net income attributable to Teledyne for the first quarter of 2023 was $217.2 million ($4.53 diluted earnings per share). The first quarter of 2022 included $53.6 million of pretax acquired intangible asset amortization expense as well as $50.0 million of acquisition related discrete income tax benefits. Excluding these items, non-GAAP net income attributable to Teledyne for the first quarter of 2022 was $203.9 million ($4.27 diluted earnings per share). Operating margin was 17.5% for the first quarter of 2023, compared with 16.9% for the first quarter of 2022. Excluding acquisition-related transaction and purchase accounting expenses, non-GAAP operating margin for the first quarter of 2023 was 21.1%, compared with 21.0% for the first quarter of 2022.

"We began 2023 with record first quarter sales, operating margin and non-GAAP earnings. Overall sales increased 4.7% with revenue and operating profit growing in every segment," said Robert Mehrabian, Chairman, President and Chief Executive Officer. "Our healthcare-focused imaging businesses achieved all-time record sales and even stronger orders, while our longer-cycle marine, aerospace and government businesses, collectively, also performed well. Our shorter-cycle commercial imaging and instruments businesses remained resilient with sales in the majority of product families increasing compared with last year. Supply chain challenges improved and premiums paid for scarce electronic components declined. Finally, given record first quarter cash flow, our consolidated leverage ratio declined to 2.3x even after completing the ChartWorld acquisition."

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