THOUSAND OAKS, Calif. - January 22, 2025 - Teledyne Technologies Incorporated (NYSE:TDY)
- Record quarterly sales of $1,502.3 million, an increase of 5.4% compared with last year
- Fourth quarter GAAP diluted earnings per share of $4.20 and record non-GAAP diluted earnings per share of $5.52
- Fourth quarter GAAP operating margin of 15.8% and fourth quarter non-GAAP operating margin of 22.7%
- Full year GAAP diluted earnings per share of $17.21 and record non-GAAP diluted earnings per share of $19.73
- Full year GAAP operating margin of 17.4% and full year non-GAAP operating margin of 22.0%
- Record full year cash from operations of $1,191.9 million and record free cash flow of $1,108.2 million
- Full year capital deployment of $1.1 billion for debt repayments, stock repurchases and acquisitions. Expect to deploy approximately $770 million on acquisitions in the first quarter of 2025
- Quarter-end Consolidated Leverage Ratio of 1.5x
- Recently completed acquisition of Micropac Industries, Inc. on December 30, 2024
- Announced pending acquisition of select aerospace and defense electronics businesses from Excelitas Technologies Corp.
- Issuing full year 2025 GAAP diluted earnings per share outlook of $17.70 to $18.20 and full year 2025 non-GAAP earnings per share outlook of $21.10 to $21.50, which includes Micropac but excludes Excelitas
Teledyne today reported fourth quarter 2024 net sales of $1,502.3 million, compared with net sales of $1,425.0 million for the fourth quarter of 2023, an increase of 5.4%. The fourth quarter of 2024 net sales included $17.3 million in incremental net sales from acquisitions. Net income attributable to Teledyne was $198.5 million ($4.20 diluted earnings per share) for the fourth quarter of 2024, compared with $323.1 million ($6.75 diluted earnings per share) for the fourth quarter of 2023, a decrease of 38.6%. The fourth quarter of 2024 included $49.7 million of pretax acquired intangible asset amortization expense, $52.5 million of pretax, non-cash trademark impairments, $1.5 million of pretax transaction and integration costs and $16.6 million of income tax benefits from FLIR acquisition-related tax matters. Excluding these items, non-GAAP net income attributable to Teledyne for the fourth quarter of 2024 was $260.9 million ($5.52 diluted earnings per share). The fourth quarter of 2023 included $48.6 million of pretax acquired intangible asset amortization expense, $3.0 million of pretax transaction and integration costs and $102.2 million of income tax benefits from FLIR acquisition-related tax matters. Excluding these items, non-GAAP net income attributable to Teledyne for the fourth quarter of 2023 was $260.5 million ($5.44 diluted earnings per share). Operating margin was 15.8% for the fourth quarter of 2024 compared with 19.1% for the fourth quarter of 2023. Excluding the items discussed above, non-GAAP operating margin was 22.7% for both the fourth quarter of 2024 and 2023.
"In the fourth quarter, we achieved all-time record sales and non-GAAP earnings per share," said Robert Mehrabian, Executive Chairman. "Year-over-year growth accelerated, as our shorter-cycle businesses improved throughout 2024 coupled with strong demand in our longer cycle defense, space, and energy businesses. Given our record free cash flow in 2024, we ended the year with very low leverage despite $1.1 billion of capital deployment. We successfully closed the Micropac acquisition at the beginning of fiscal 2025, and we expect the completion of the Excelitas carve-out transaction in the first quarter. We begin 2025 optimistic about our performance and business portfolio; nevertheless, we remain vigilant given the strong U.S. dollar and unpredictable geopolitical environment."
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