THOUSAND OAKS, Calif. - April 27, 2022 - Teledyne Technologies Incorporated (NYSE:TDY)
- Record first quarter sales of $1,321.0 million, an increase of 64.0% compared with last year
- Record first quarter GAAP diluted earnings per share of $4.46 and non-GAAP diluted earnings per share of $4.27
- First quarter GAAP operating margin of 16.9% and non-GAAP operating margin of 21.0%
- Increasing full year 2022 GAAP earnings outlook to $15.34 to $15.66 per share, compared with the prior outlook of $14.10 to $14.55 per share, and narrowing full year non-GAAP earnings outlook to $17.75 to $18.00 per share, compared with $17.60 to $18.00 per share
- Quarter-end Consolidated Leverage Ratio declined to 2.8x
- Published inaugural Corporate Social Responsibility Report
- Teledyne FLIR successfully fulfills terms of Consent Agreement with the U.S. Department of State
Teledyne today reported first quarter 2022 net sales of $1,321.0 million, compared with net sales of $805.7 million for the first quarter of 2021, an increase of 64.0%. Net income was $212.6 million ($4.46 diluted earnings per share) for the first quarter of 2022, compared with $84.7 million ($2.23 diluted earnings per share) for the first quarter of 2021, an increase of 151.0%. The first quarter of 2022 net sales included $452.6 million in incremental net sales from the acquisition of FLIR Systems, Inc. ("FLIR"). The first quarter of 2022 also reflected net discrete income tax benefits of $56.5 million compared with net discrete income tax benefits of $6.3 million for the first quarter of 2021. The first quarter 2022 amount included $50.0 million of net discrete income tax benefits primarily related to the resolution of certain FLIR tax reserves. In connection with the FLIR acquisition, in the first quarter of 2022, Teledyne incurred pretax acquired intangible asset amortization expense of $44.1 million. The first quarter of 2022 also included $9.5 million of pretax acquired intangible asset amortization expense for transactions completed in prior periods. Excluding these charges, non-GAAP net income for the first quarter of 2022 was $203.9 million ($4.27 per share). In the first quarter of 2021, in connection with the then pending acquisition of FLIR, Teledyne incurred pretax charges of $36.5 million which included $30.6 million in interest and debt expense related to financing for the pending acquisition and $5.9 million in corporate expense for related transaction costs. The first quarter of 2021 also included $9.8 million of pretax acquired intangible asset amortization expense for transactions completed in prior periods. Excluding these charges, non-GAAP net income for the first quarter of 2021 was $121.3 million ($3.19 per share). Operating margin was 16.9% for the first quarter of 2022, compared with 16.8% for the first quarter of 2021. Excluding acquisition-related transaction and purchase accounting expenses, non-GAAP operating margin for the first quarter of 2022 was 21.0%, compared with 18.7% for the first quarter of 2021.
"We began 2022 with the greatest first quarter sales, earnings and adjusted operating margin in the company's history," said Robert Mehrabian, Chairman, President and Chief Executive Officer. "Our results and operational execution also reflected our exceptionally well-balanced business portfolio, across both end markets and geographies. Demand throughout our shorter-cycle instrumentation and imaging businesses remained very robust, resulting in total company organic sales growth of 7.8%. For example, we achieved record orders for electronic test & measurement instrumentation and industrial imaging sensors and systems, even in a typically weaker first quarter. However, with such demand, supply chain constraints remained intense and impacted working capital and cash flow. Sales from our longer-cycle commercial aerospace and marine businesses increased considerably from last year and backlog also grew. Finally, after consuming backlog over the last six months in several of our U.S. Government focused businesses, we have seen a recent increase in bookings and future opportunities."
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