THOUSAND OAKS, Calif. - April 23, 2025 - Teledyne Technologies Incorporated (NYSE:TDY)
- Record first quarter net sales of $1,449.9 million, an increase of 7.4% compared with last year
- First quarter GAAP diluted earnings per share of $3.99 and record first quarter non-GAAP diluted earnings per share of $4.95
- Record first quarter GAAP operating margin of 17.9% and record first quarter non-GAAP operating margin of 22.0%
- First quarter cash from operations of $242.6 million and free cash flow of $224.6 million
- Full year 2025 GAAP diluted earnings per share outlook of $17.35 to $17.83, and maintaining full year 2025 non-GAAP earnings per share outlook of $21.10 to $21.50
- First quarter capital deployment of $757.6 million for the acquisitions of Micropac and Qioptiq
- Quarter-end consolidated leverage ratio of 1.8x
Teledyne today reported first quarter 2025 net sales of $1,449.9 million compared with net sales of $1,350.1 million for the first quarter of 2024, an increase of 7.4%. The first quarter of 2025 net sales included $55.6 million in incremental sales from current and prior year acquisitions. Net income attributable to Teledyne was $188.6 million ($3.99 diluted earnings per share) for the first quarter of 2025 compared with $178.5 million ($3.72 diluted earnings per share) for the first quarter of 2024, an increase of 5.7%. The first quarter of 2025 included $52.0 million of pretax acquired intangible asset amortization expense, $6.8 million of pretax transaction and integration costs, and $0.6 million of pretax inventory step-up expense. Excluding those items, non-GAAP net income attributable to Teledyne for the first quarter of 2025 was $234.0 million ($4.95 diluted earnings per share). The first quarter of 2024 included $49.4 million of pretax acquired intangible asset amortization expense, $2.2 million of pretax transaction and integration costs, and $0.3 million of FLIR acquisition-related discrete income tax expense. Excluding those items, non-GAAP net income attributable to Teledyne for the first quarter of 2024 was $218.3 million ($4.55 diluted earnings per share). Operating margin was 17.9% for the first quarter of 2025 compared with 17.4% for the first quarter of 2024. Excluding the items discussed above, non-GAAP operating margin for the first quarter of 2025 was 22.0%, compared with 21.2% for the first quarter of 2024.
"We achieved record first quarter sales, non-GAAP operating margin, and adjusted earnings per share," said Robert Mehrabian, Executive Chairman. "First quarter sales reflected organic growth in every segment, coupled with the contribution from recent acquisitions. In addition, quarter-end backlog was an all-time record, as orders exceeded sales for the sixth consecutive quarter. We continue to execute our strategy, which has delivered long-term results regardless of economic and political uncertainty. That is, maintain a balanced and resilient mix of commercial and government businesses across a broad range of geographies and markets, continue to improve margins in existing businesses, and acquire and integrate complementary companies. For example, Qioptiq, acquired on January 31, is off to a great start, and we expect Qioptiq to contribute to our 2025 non-GAAP earnings. Nevertheless, we are choosing to maintain our prior earnings outlook given the current very unpredictable environment."
Click Here to read the report
