THOUSAND OAKS, Calif. - July 23, 2025 – Teledyne Technologies Incorporated (NYSE:TDY)
- Record quarterly net sales of $1,513.7 million, an increase of 10.2% compared with last year
- Record second quarter GAAP diluted earnings per share of $4.43 and non-GAAP diluted earnings per share of $5.20
- Second quarter GAAP operating margin of 18.4% and second quarter non-GAAP operating margin of 22.2%
- Second quarter cash from operations of $226.6 million and free cash flow of $196.3 million
- Raising full year 2025 GAAP diluted earnings per share outlook to $17.59 to $17.97, compared with the prior outlook of $17.35 to $17.83, and narrowing full year 2025 non-GAAP earnings per share outlook to $21.20 to $21.50, compared with the prior outlook of $21.10 to $21.50
- Quarter-end consolidated leverage ratio of 1.6x
- Increasing stock repurchase authorization to $2.0 billion replacing previous authorization of which $896 million remained
Teledyne today reported second quarter 2025 net sales of $1,513.7 million compared with net sales of $1,374.1 million for the second quarter of 2024, an increase of 10.2%. The second quarter of 2025 net sales included $70.1 million in incremental sales from current and prior year acquisitions. Net income attributable to Teledyne was $209.9 million ($4.43 diluted earnings per share) for the second quarter of 2025 compared with $180.2 million ($3.77 diluted earnings per share) for the second quarter of 2024, an increase of 16.5%. The second quarter of 2025 included $54.6 million of pretax acquired intangible asset amortization expense, $1.9 million of pretax transaction and integration costs, $1.2 million of pretax inventory step-up expense and $7.7 million of income tax benefits from FLIR acquisition-related tax matters. Excluding those items, non-GAAP net income attributable to Teledyne for the second quarter of 2025 was $246.3 million ($5.20 diluted earnings per share). The second quarter of 2024 included $49.1 million of pretax acquired intangible asset amortization expense, $1.0 million of pretax transaction and integration costs and $0.2 million of income tax expense from FLIR acquisition-related tax matters. Excluding those items, non-GAAP net income attributable to Teledyne for the second quarter of 2024 was $218.7 million ($4.58 diluted earnings per share). Operating margin was 18.4% for the second quarter of 2025 compared with 18.0% for the second quarter of 2024. Excluding the items discussed above, non-GAAP operating margin for the second quarter of 2025 was 22.2% compared with 21.6% for the second quarter of 2024.
"Today we reported record quarterly sales, having achieved the greatest total and organic sales growth in three years," said Robert Mehrabian, Executive Chairman. "Furthermore, sales grew organically in every segment, and orders exceeded sales for the seventh consecutive quarter. Both GAAP and non-GAAP earnings per share increased at double-digit rates. Given our strong second quarter results, we are raising the low end of our full year non-GAAP earnings outlook. However, we are exercising some caution regarding the third quarter, as our second quarter likely benefited from a degree of accelerated demand given uncertain global trade policies. While we are pursuing a number of acquisitions, we will continue to consider stock repurchases when we believe Teledyne is the best value acquisition available."
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