THOUSAND OAKS, Calif. - January 24, 2024 - Teledyne Technologies Incorporated (NYSE:TDY)
- All-time record orders of $1,519.4 million
- All-time record sales of $1,425.0 million
- Fourth quarter GAAP operating margin of 19.1% and record fourth quarter non-GAAP operating margin of 22.7%
- All-time record GAAP and non-GAAP diluted earnings per share of $6.75 and $5.44, respectively
- Record full year GAAP and non-GAAP operating margin of 18.4% and 22.0%, respectively
- Record full year GAAP and non-GAAP diluted earnings per share of $18.49 and $19.69, respectively
- Issuing full year 2024 GAAP diluted earnings per share outlook of $17.15 to $17.53 and full year 2024 non-GAAP earnings per share outlook of $20.35 to $20.68
- Consolidated Leverage Ratio improved to 1.9x
Teledyne today reported fourth quarter 2023 net sales of $1,425.0 million, compared with net sales of $1,418.2 million for the fourth quarter of 2022, an increase of 0.5%. Net income attributable to Teledyne was $323.1 million ($6.75 diluted earnings per share) for the fourth quarter of 2023, compared with $226.4 million ($4.74 diluted earnings per share) for the fourth quarter of 2022, an increase of 42.7%. The fourth quarter of 2023included $48.6 million of pretax acquired intangible asset amortization expense, $3.0 million of pretax FLIR integration costs and $102.2 million of acquisition related discrete income tax benefits. Excluding these items, non-GAAP net income attributable to Teledyne for the fourth quarter of 2023 was $260.5 million ($5.44 diluted earnings per share). The fourth quarter of 2022 included $47.9 million of pretax acquired intangible asset amortization expense, $4.0 million of pretax income related to the favorable resolution of certain pretax FLIR integration costs, and $24.1 million of acquisition related discrete income tax expense benefits. Excluding these items, non-GAAP net income attributable to Teledyne for the fourth quarter of 2022 was $236.1 million ($4.94 diluted earnings per share). Operating margin was 19.1% for the fourth quarter of 2023, compared with 19.3% for the fourth quarter of 2022. Excluding the non-GAAP items discussed above, non-GAAP operating margin for the fourth quarter of 2023 was 22.7%, compared with 22.4% for the fourth quarter of 2022.
"In the fourth quarter, we achieved record sales and GAAP and non-GAAP earnings per share," said Robert Mehrabian, Executive Chairman. "Sales increased primarily due to the performance of our marine, medical and aerospace businesses, which were more than able to compensate for the previously announced headwind in the industrial automation and laboratory instrumentation markets. Furthermore, overall record orders exceeded sales in every business segment but were particularly strong in our marine and defense businesses. Leverage declined further and our balance sheet remains very healthy. Finally, we continue to acquire complementary businesses as shown by the acquisition of Xena Networks in the fourth quarter."
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