THOUSAND OAKS, Calif. - October 23, 2024 - Teledyne Technologies Incorporated (NYSE:TDY)
- Orders exceeded sales for the fourth consecutive quarter
- All-time record quarterly sales of $1,443.5 million, an increase of 2.9% compared with last year
- Third quarter GAAP operating margin of 18.8% and third quarter non-GAAP operating margin of 22.5%
- Record third quarter GAAP diluted earnings per share of $5.54 and non-GAAP diluted earnings per share of $5.10
- Third quarter cash from operations of $249.8 million and free cash flow of $228.7 million
- Raising full year 2024 GAAP diluted earnings per share outlook to $17.28 to $17.42, compared with the prior outlook of $15.87 to $16.13, and narrowing full year 2024 non-GAAP earnings per share outlook to $19.35 to $19.45, compared with the prior outlook of $19.25 to $19.45
- Capital deployment year-to-date through October 2024 includes estimated stock repurchases of approximately $354 million
- Quarter-end Consolidated Leverage Ratio of 1.7x
Teledyne today reported third quarter 2024 net sales of $1,443.5 million, compared with net sales of $1,402.5 million for the third quarter of 2023, an increase of 2.9%. Net income attributable to Teledyne was $262.0 million ($5.54 diluted earnings per share) for the third quarter of 2024, compared with $198.6 million ($4.15 diluted earnings per share) for the third quarter of 2023, an increase of 31.9%. The third quarter of 2024 included $49.8 million of pretax acquired intangible asset amortization expense, $3.7 million of pretax FLIR integration costs and $61.7 million of FLIR acquisition-related discrete income tax benefits. Excluding these items, non-GAAP net income attributable to Teledyne for the third quarter of 2024 was $241.3 million ($5.10 diluted earnings per share). The third quarter of 2023 included $49.1 million of pretax acquired intangible asset amortization expense, $5.8 million of pretax FLIR integration costs and $1.0 million of FLIR acquisition-related discrete income tax expense. Excluding these items, non-GAAP net income attributable to Teledyne for the third quarter of 2023 was $241.9 million ($5.05 diluted earnings per share). Operating margin was 18.8% for both the third quarter of 2024 and 2023. Excluding pretax acquired intangible asset amortization expense and pretax FLIR integration costs, non-GAAP operating margin for the third quarter of 2024 was 22.5%, compared with 22.8% for the third quarter of 2023.
"Teledyne achieved all-time record orders and sales in the third quarter," said Robert Mehrabian, Executive Chairman. "Revenue was sequentially greater in each segment, allowing us to report overall year-over-year growth as we expected. We continue to see robust demand in our longer cycle defense, space, and energy businesses. Furthermore, sales for most of our shorter cycle commercial businesses have stabilized or are recovering, and year-over-year comparisons have just begun to ease. We opportunistically repurchased $354 million of stock over the last several months, and we will continue to evaluate share repurchases against acquisitions, for which the pipeline has recently improved."
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