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

• Record quarterly sales of $1,424.7 million, an increase of 5.1% compared with last year
• Record second quarter GAAP diluted earnings per share of $3.87
• Record second quarter non-GAAP diluted earnings per share of $4.67
• Record second quarter GAAP operating margin of 18.0%
• Second quarter non-GAAP operating margin of 21.4%
• Full year 2023 GAAP diluted earnings outlook of $15.60 to $15.88 per share
• Reiterating full year 2023 non-GAAP earnings outlook of $19.00 to $19.20 per share, excluding further FLIR-related pretax integration costs of $10.0 million to $12.0 million in the second half of 2023
• Reduced gross debt $620 million year-to-​date through July 26

Teledyne today reported second quarter 2023 net sales of $1,424.7 million, compared with net sales of $1,355.8 million for the second quarter of 2022, an increase of 5.1%. Net income attributable to Teledyne was $185.3 million ($3.87 diluted earnings per share) for the second quarter of 2023, compared with $171.3 million ($3.59 diluted earnings per share) for the second quarter of 2022, an increase of 8.2%. The second quarter of 2023 included $49.3 million of pretax acquired intangible asset amortization expense as well as $0.4 million of acquisition related discrete income tax expense. Excluding these items, non-GAAP net income attributable to Teledyne for the second quarter of 2023 was $223.7 million ($4.67 diluted earnings per share). The second quarter of 2022 included $51.3 million of pretax acquired intangible asset amortization expense as well as $0.6 million of acquisition related discrete income tax expense. Excluding these items, non-GAAP net income attributable to Teledyne for the second quarter of 2022 was $211.3 million ($4.43 diluted earnings per share). Operating margin was 18.0% for the second quarter of 2023, compared with 16.9% for the second quarter of 2022. Excluding pretax acquired intangible asset amortization expense, non-GAAP operating margin for the second quarter of 2023 was 21.4%, compared with 20.7% for the second quarter of 2022.

"In the second quarter, we achieved all-time record quarterly sales. Furthermore, sales as well as GAAP and non-GAAP operating margins increased year-over-year in every segment," said Robert Mehrabian, Chairman, President and Chief Executive Officer. "Both orders and quarter-end backlog were nearly records driven by our Digital Imaging segment especially Teledyne FLIR. Nevertheless, we have begun further integration and facility consolidation activities, as we accelerate the relocation of select Teledyne FLIR operations to existing sites. Including continued debt repayment through July, our consolidated leverage ratio declined to 2.1x, and we continue to seek disciplined capital deployment including acquisitions."

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