[Third Quarter 2024 Financial Highlights](index=1&type=section&id=Third%20Quarter%20Results) The company reported strong Q3 2024 financial performance with increased net sales and diluted EPS, driven by robust demand, and raised its full-year earnings outlook - Orders exceeded sales for the fourth consecutive quarter, indicating **strong demand** and future revenue potential[1](index=1&type=chunk) - The company raised its full-year 2024 GAAP diluted EPS outlook to **$17.28-$17.42** and narrowed its non-GAAP EPS outlook to **$19.35-$19.45**[1](index=1&type=chunk) - Capital deployment included approximately **$354 million** in stock repurchases year-to-date through October 2024, with a consolidated leverage ratio of **1.7x** at quarter-end[1](index=1&type=chunk) Q3 2024 Key Financial Metrics (in millions, except percentages and EPS) | Metric | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,443.5 | $1,402.5 | +2.9% | | GAAP Diluted EPS | $5.54 | $4.15 | +33.5% | | Non-GAAP Diluted EPS | $5.10 | $5.05 | +1.0% | | GAAP Operating Margin | 18.8% | 18.8% | 0.0% | | Non-GAAP Operating Margin | 22.5% | 22.8% | -0.3 p.p. | | Cash from Operations | $249.8 | $278.2 | -10.2% | | Free Cash Flow | $228.7 | $255.2 | -10.4% | [Review of Operations](index=2&type=section&id=Review%20of%20Operations) This section details the varied financial performance across the company's four operational segments, with most showing growth except Digital Imaging [Digital Imaging](index=2&type=section&id=Digital%20Imaging) Net sales decreased by **1.0%** to **$768.4 million**, and non-GAAP operating income fell by **7.4%** to **$173.6 million**, driven by lower industrial automation and X-ray product sales Digital Imaging Q3 Performance (YoY, in millions, except percentages) | Metric | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $768.4 | $775.8 | -1.0% | | Operating Income | $123.9 | $136.3 | -9.1% | | Non-GAAP Operating Income | $173.6 | $187.5 | -7.4% | - The decrease in operating income was primarily due to **lower sales** and unfavorable product mix, particularly from lower sales of industrial automation imaging systems[3](index=3&type=chunk) [Instrumentation](index=2&type=section&id=Instrumentation) Net sales grew **6.3%** to **$349.8 million**, with operating income increasing **12.6%** to **$96.3 million**, primarily driven by strong marine instrumentation sales Instrumentation Q3 Performance (YoY, in millions, except percentages) | Metric | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $349.8 | $329.1 | +6.3% | | Operating Income | $96.3 | $85.5 | +12.6% | - The increase in operating income was attributed to **higher sales**, favorable product mix, and improved margins in marine instrumentation[4](index=4&type=chunk) [Aerospace and Defense Electronics](index=2&type=section&id=Aerospace%20and%20Defense%20Electronics) Net sales increased by **9.2%** to **$200.2 million**, and operating income rose **14.0%** to **$56.3 million**, driven by higher sales in both defense and aerospace electronics Aerospace and Defense Electronics Q3 Performance (YoY, in millions, except percentages) | Metric | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $200.2 | $183.3 | +9.2% | | Operating Income | $56.3 | $49.4 | +14.0% | - The increase in operating income primarily reflected the impact of **higher sales** and favorable product mix[5](index=5&type=chunk) [Engineered Systems](index=2&type=section&id=Engineered%20Systems) Net sales increased by **9.4%** to **$125.1 million**, with operating income up **18.3%** to **$12.9 million**, primarily driven by higher sales of engineered products Engineered Systems Q3 Performance (YoY, in millions, except percentages) | Metric | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $125.1 | $114.3 | +9.4% | | Operating Income | $12.9 | $10.9 | +18.3% | [Additional Financial Information and Outlook](index=3&type=section&id=Additional%20Financial%20Information%20and%20Outlook) This section details the company's cash flow, capital allocation strategies, tax impacts, and updated financial outlook for the remainder of the year [Cash Flow and Capital Allocation](index=3&type=section&id=Cash%20Flow%20and%20Capital%20Allocation) The company generated **$249.8 million** in cash from operations and **$228.7 million** in free cash flow, while reducing net debt and repurchasing **$138.8 million** in stock Free Cash Flow (Q3 2024 vs Q3 2023, in millions) | Item | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Cash provided by operating activities | $249.8 | $278.2 | | Capital expenditures | ($21.1) | ($23.0) | | **Free cash flow** | **$228.7** | **$255.2** | - The company repurchased approximately **0.3 million shares** for **$138.8 million** in Q3 2024, bringing year-to-date repurchases to **$332.6 million**[8](index=8&type=chunk) - Net debt decreased from **$2,596.6 million** at the end of 2023 to **$2,237.0 million** as of September 29, 2024[8](index=8&type=chunk) [Income Taxes and Other Items](index=3&type=section&id=Income%20Taxes%20and%20Other%20Items) The effective tax rate was **-2.8%** due to a **$62.3 million** tax benefit from a FLIR matter, while net interest expense decreased to **$15.7 million** due to lower debt - The effective tax rate was **-2.8%** in Q3 2024, compared with **19.2%** in Q3 2023, mainly due to a **$62.3 million** net discrete income tax benefit from a pre-acquisition FLIR tax matter[10](index=10&type=chunk) - Net interest expense decreased by **14.7%** YoY to **$15.7 million**, driven by reduced outstanding borrowings[11](index=11&type=chunk) [Financial Outlook](index=3&type=section&id=Outlook) Teledyne raised its full-year 2024 GAAP diluted EPS outlook to **$17.28-$17.42** and narrowed its non-GAAP EPS outlook to **$19.35-$19.45**, with Q4 projections also provided Q4 and Full Year 2024 Diluted EPS Outlook | Period | Metric | Low Estimate | High Estimate | | :--- | :--- | :--- | :--- | | **Q4 2024** | GAAP EPS | $4.27 | $4.41 | | | Non-GAAP EPS | $5.13 | $5.23 | | **Full Year 2024** | GAAP EPS | $17.28 | $17.42 | | | Non-GAAP EPS | $19.35 | $19.45 | [Financial Statements and Reconciliations](index=6&type=section&id=Financial%20Statements%20and%20Reconciliations) This section presents the company's condensed consolidated financial statements, including income statements, balance sheets, and reconciliations of GAAP to non-GAAP measures [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For Q3 2024, Teledyne reported net sales of **$1,443.5 million** (+**2.9%** YoY) and net income of **$262.0 million** (+**31.9%**), with diluted EPS of **$5.54** Income Statement Summary (in millions, except per share) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $1,443.5 | $1,402.5 | $4,167.7 | $4,210.5 | | Operating Income | $270.7 | $264.3 | $752.0 | $762.9 | | Net Income (to Teledyne) | $262.0 | $198.6 | $620.7 | $562.6 | | Diluted EPS | $5.54 | $4.15 | $13.01 | $11.75 | [Summary of Segment Performance](index=7&type=section&id=Summary%20of%20Segment%20Net%20Sales%20and%20Operating%20Income) In Q3 2024, revenue growth was led by Engineered Systems, Aerospace and Defense Electronics, and Instrumentation, while Digital Imaging saw a slight decline Q3 2024 vs Q3 2023 Segment Performance (% Change) | Segment | Net Sales % Change | Operating Income % Change | | :--- | :--- | :--- | | Digital Imaging | (1.0)% | (9.1)% | | Instrumentation | 6.3% | 12.6% | | Aerospace and Defense Electronics | 9.2% | 14.0% | | Engineered Systems | 9.4% | 18.3% | | **Total** | **2.9%** | **2.4%** | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 29, 2024, total assets were **$14.53 billion**, with total liabilities decreasing to **$4.93 billion**, leading to increased stockholders' equity of **$9.59 billion** Balance Sheet Summary (in millions) | Item | Sep 29, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total current assets | $2,990.2 | $2,981.4 | | Total assets | $14,530.9 | $14,527.9 | | Total current liabilities | $1,496.4 | $1,766.1 | | Total liabilities | $4,931.2 | $5,302.1 | | Total stockholders' equity | $9,594.2 | $9,221.2 | [Reconciliation of GAAP to Non-GAAP Measures](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) For Q3 2024, GAAP diluted EPS of **$5.54** was adjusted to non-GAAP EPS of **$5.10**, with similar adjustments for operating margin, primarily due to FLIR-related items Q3 2024 GAAP to Non-GAAP EPS Reconciliation | Item | Per Share Amount | | :--- | :--- | | **GAAP Diluted EPS** | **$5.54** | | FLIR integration costs | $0.06 | | Acquired intangible asset amortization | $0.80 | | FLIR acquisition-related tax matters | ($1.30) | | **Non-GAAP Diluted EPS** | **$5.10** | Q3 2024 GAAP to Non-GAAP Operating Margin Reconciliation (in millions, except percentages) | Item | Amount | Margin | | :--- | :--- | :--- | | **GAAP Operating Income** | **$270.7** | **18.8%** | | FLIR integration costs | $3.7 | | | Acquired intangible asset amortization | $49.8 | | | **Non-GAAP Operating Income** | **$324.2** | **22.5%** | [Explanation of Non-GAAP Financial Measures](index=12&type=section&id=Explanation%20of%20Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures to offer a supplemental view of performance by excluding infrequent items, aiding investors in evaluating ongoing operating trends - Management believes non-GAAP measures provide a better understanding of short-term and long-term financial and operational trends by adjusting for items that have an **infrequent or non-recurring impact**[36](index=36&type=chunk) - Key adjustments to derive non-GAAP figures include acquired intangible asset amortization, FLIR integration costs, and FLIR acquisition-related tax matters[41](index=41&type=chunk) [Disclosures](index=4&type=section&id=Forward-Looking%20Statements%20Cautionary%20Notice) This section contains important cautionary notices regarding forward-looking statements and associated risks [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements subject to numerous risks, including supply chain issues, geopolitical conflicts, and economic tensions, which could impact actual results - The forward-looking statements are based on current management expectations and are not a **guarantee of future performance**[15](index=15&type=chunk) - Key risk factors include supply chain shortages, inflation, geopolitical conflicts, changes in defense spending, trade sanctions, cybersecurity threats, and risks related to integrating acquisitions[15](index=15&type=chunk)

Analysts on Wall Street project that Teledyne Technologies (TDY) will announce quarterly earnings of $4.97 per share in its forthcoming report, representing a decline of 1.6% year over year. Revenues are projected to reach $1.42 billion, increasing 1.6% from the same quarter last year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Prior to a company's ...

BOSTON, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Teledyne DALSA, a Teledyne Technologies [NYSE:TDY] company and global leader in machine vision technology, is pleased to announce its next generation AIpowered BOA™3 smart camera for industrial automation and inspection. The new BOA3 smart camera is designed to leverage the best features from previous BOA generations and combine them with new sensor and AI (Artificial Intelligence) inspection technologies developed by Teledyne. BOA3 is a highly integrated vision sy ...

Teledyne DALSA's BOA3 smart camera BOA3智能相机为快速、经济高效的机器视觉部署提供无与伦比的灵活性和功能 马萨诸塞州波士顿, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Teledyne科技[纽交所代码：TDY]旗下公司、机器视觉技术全球领导者Teledyne DALSA宣布推出面向工业自动化和检测的新一代人工智能BOA™3智能相机。 新型BOA3智能相机旨在利用前几代BOA的最佳功能，并将其与Teledyne开发的新型传感器和AI（人工智能）检测技术相结合。BOA3是一个高度集成的视觉系统，采用紧凑、坚固的智能相机格式，旨在满足最复杂、最苛刻的机器视觉应用的需求。 “新型BOA3是我们智能相机开发中的新步伐。” Vision Systems产品线经理Szymon Chawarski表示， “其模块化的灵活架构将使我们能够为嵌入式机器视觉检测提供新的强大解决方案。” BOA3提供120万像素至1200万像素传感器分辨率、集成或C卡口镜头选项、板载I/O，包含易于使用的机器视觉软件，所有这些都位于一个通用平台中。BOA3智能相机具有灵活性和 ...

Teledyne DALSA's Linea HS2 TDI line scan camera , Sept. 19, 2024 (GLOBE NEWSWIRE) -- Teledyne\[TDY]Teledyne DALSALinea™ HS2 TDITDI16k/5 µm11616G Linea HS2BSITDI CMOS16k/5 µmTDICamera Link HS CX4EMI Linea HS2TeledyneLinea HS2.5 Linea HS2CLHSTeledyneXtium2 CLHSCLHS CX41616G12PC Linea HS22024108108 B10Teledyne Teledyne DALSATeledyneTeledyne DALSA www.teledynedalsa.com/imaging Teledyne DALSA Yuki Chan yuki.chan@teledyne.com :Â https://www.globenewswire.com/NewsRoom/AttachmentNg/1c67c8c8-fc99-4589-989e-390de5538 ...

WATERLOO, Canada, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Teledyne DALSA, a Teledyne Technologies [NYSE:TDY] company, is pleased to introduce the Linea™ HS2 TDI line scan camera family. Drawing on over four decades of industry leading expertise, this innovative camera series represents a significant breakthrough in next generation TDI technology. Designed for ultra-high-speed imaging in light starved conditions, it delivers exceptional image quality with 16k/5 µm resolution and boasts an industry leading maximum ...

Teledyne Technologies, Inc.'s (TDY) business unit, Teledyne FLIR Defense, recently won a $20.8 million contract to supply its Star SAFIRE 380-HLD multi-spectral imaging systems. The award has been offered by the Japan Maritime Self-Defense Force . Within the next three years, Teledyne is expected to supply 10 Star SAFIRE 380-HLD systems as part of the agreement. The company has already shipped one spare unit and two systems to JMSDF for testing and assessment. Significance of TDY's Star SAFIRE 380-HLD The S ...

Teledyne Technologies, Inc. (TDY) , with its strategic buyouts, rising earnings estimates and low debt, offers a great investment opportunity in the Zacks Aerospace sector. Let's focus on the factors that make this Zacks Rank #2 (Buy) company a strong investment pick at the moment. TDY's Growth Projections & Surprise History The Zacks Consensus Estimate for TDY's 2024 earnings per share (EPS) has increased 0.3% to $19.40 per share in the past 60 days. The Zacks Consensus Estimate for Teledyne Technologies' ...

Teledyne Technologies, Inc.'s (TDY) subsidiary, Teledyne Brown Engineering, recently received a $114- million contract from the U.S. Army Space and Missile Defense Command. Teledyne Brown Engineering will be in charge of designing, producing and launching realistic-threat ballistic target missiles under this contract, which are essential for testing cutting-edge missile defense systems. What's Favoring TDY? Rapidly increasing geopolitical tensions worldwide, along with heightened regional conflicts in diffe ...

Maliflower73 In the third quarter of 2022, I covered Teledyne (NYSE:TDY). Teledyne is a perfectly run company, but at the time I thought the stock was overvalued while its growth prospects were mediocre. Since then, the share price has risen only 8.6%, while the prospects now look much better. VAL Teledyne Technologies Inc (TDY) Total Return 39.59% S&P 500 (*SPX) Total Return 50.00% 0.00% -50.00% 2020 2022 2021 2024 2023 Seeking AlphaQ Aug 24, 2024, 10:34 AM EDT Powered by YC H A R T S Data by Y Charts Tele ...