Core Insights - The company is increasingly relying on international markets for revenue, which serves as a hedge against domestic economic downturns and allows engagement with faster-growing economies [1][3][7] Revenue Breakdown - Total revenue for the last fiscal quarter was $1.37 billion, a decline of 3.6% year over year [4] - Revenue from "All other countries" was $120 million, accounting for 8.7% of total revenue, exceeding analyst expectations by 6% [2] - Asia contributed $218.8 million, or 15.9% of total revenue, which was a surprise decline of 4.85% compared to expectations [5] - Europe generated $317.7 million, representing 23.1% of total revenue, also falling short of analyst projections by 5.55% [14] Future Projections - For the full year, total revenue is projected to reach $5.64 billion, a slight increase of 0.1% from the previous year [6] - Expected revenue contributions from various regions include: All other countries at 8.1% ($459.08 million), Asia at 16.3% ($919.38 million), and Europe at 24.3% ($1.37 billion) [6] Stock Performance - Over the past month, the company's stock increased by 10.5%, outperforming the S&P 500's 0.1% increase [10] - In the last three months, the stock price rose by 8.4%, compared to a 7.2% increase in the S&P 500 index [10] Analyst Insights - Analysts emphasize the importance of monitoring international revenue trends to assess the company's financial strength and growth potential [11][12] - The company currently holds a Zacks Rank 3 (Hold), indicating that its near-term performance may align with overall market movements [18]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________ FORM 10-Q _____________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-15295 _____________________________________ TEL ...

Financial Data and Key Metrics Changes - In Q2 2024, Teledyne achieved record free cash flow of approximately $852 million, allowing for significant debt repayment, acquisitions, and stock repurchases [11] - Non-GAAP operating margin increased from the previous year, with improvements across the three largest segments [11] - Cash flow from operating activities was $318.7 million compared to $190.5 million in 2023, while free cash flow was $301 million compared to $163.2 million in 2023 [33] Business Line Data and Key Metrics Changes - Digital Imaging segment, representing 54% of the portfolio, saw a 6.8% decline in sales year-over-year, primarily due to a 30% drop in industrial machine vision markets, offset by increased sales from FLIR defense and space-based infrared imaging [27][13] - Instrumentation segment sales increased by 1.6% year-over-year, with marine instruments up 60% due to strong offshore energy and subsea defense [29] - Aerospace and Defense Electronics segment sales increased by 4.5%, driven by growth in commercial aerospace and defense microwave products [32] Market Data and Key Metrics Changes - The overall book-to-bill ratio for the company was 1.07, with aerospace and defense at 1.41 and engineered systems at 1.25, indicating strong order growth in these areas [43] - The company expects year-over-year comparisons to improve in the second half of 2024, particularly in defense, energy, and aerospace markets [16] Company Strategy and Development Direction - Teledyne continues to focus on margin improvement in growing businesses while protecting margins in more challenging markets [15] - The company is actively reviewing acquisition opportunities while also planning to continue stock repurchases under a $1.25 billion authorization [16] - Management is optimistic about the second half of 2024, expecting a return to year-over-year sales growth supported by a record backlog [12] Management's Comments on Operating Environment and Future Outlook - Management noted that while certain markets remain difficult, such as industrial automation and electronic test and measurement, the outlook for global defense, energy, and aerospace businesses remains strong [16] - There are early signs of recovery in the semiconductor industry, which is expected to positively impact digital imaging and inspection systems [66] Other Important Information - Capital expenditures in Q2 2024 were $17.7 million, down from $27.3 million in 2023, while depreciation and amortization expenses were $77.8 million compared to $80 million in 2023 [18] - The company ended the quarter with approximately $2.35 billion of net debt, with a leverage ratio of 1.7 [18] Q&A Session Summary Question: Can you elaborate on the bookings and book-to-bill ratio? - Management indicated that the positive book-to-bill was largely driven by aerospace and defense, with a ratio of 1.41 for that segment [43] Question: What is the outlook for the backlog and longer cycle business? - Management expects the backlog to convert mainly into defense revenue, with positive growth anticipated in the second half [44] Question: How is the test and measurement segment performing? - The segment is expected to decline about 10% for the year, with some recovery anticipated in the second half [68][73] Question: What is the impact of potential U.S. restrictions on ASML and Tokyo Electron? - Management does not expect significant impact as they supply products to ASML's customers, which is a profitable but small business [76] Question: What are the margin expectations for the digital imaging segment? - Margins are expected to improve in the second half, with a forecast of around 22.2% by year-end despite a weak first half [79]

Teledyne Technologies Inc. (TDY) reported second-quarter 2024 adjusted earnings of $4.58 per share, which surpassed the Zacks Consensus Estimate of $4.49 by 2%. However, the bottom line declined 1.9% from $4.67 recorded in the year-ago quarter. Total sales were $1.37 billion, which missed the Zacks Consensus Estimate of $1.38 billion by 0.2%. The top line also dropped 3.6% from $1.42 billion reported in the year-ago quarter. This decline can be attributed to lower year-over-year sales recorded in its Digita ...

The reported revenue compares to the Zacks Consensus Estimate of $1.38 billion, representing a surprise of -0.18%. The company delivered an EPS surprise of +2.00%, with the consensus EPS estimate being $4.49. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Teledyne performed in the just reported quarter in terms of the me ...

This quarterly report represents an earnings surprise of 2%. A quarter ago, it was expected that this defense and aerospace industry supplier would post earnings of $4.64 per share when it actually produced earnings of $4.55, delivering a surprise of -1.94%. Teledyne, which belongs to the Zacks Aerospace - Defense Equipment industry, posted revenues of $1.37 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.18%. This compares to year-ago revenues of $1.42 billion. The compan ...

Additional Financial Information | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------|---------------|-------|----------------| | Free Cash Flow | | Second \n2024 | | Quarter \n2023 | | Cash provided by operating activities | $ | 318.7 | $ | 190.5 | | Capital expenditures for property, plant and equipment | | (17.7) | | (27.3) | | Free cash flow | $ | 301.0 | $ | 163.2 | Outlook Forward-Looking Statements Cautionary Notice | --- | --- | --- | --- | -- ...

Teledyne Technologies Incorporated (TDY) is slated to report second-quarter 2024 results on Jul 24, before market open. Digital Imaging Sales to Reflect a Bump The Zacks Consensus Estimate for the Digital Imaging segment's second-quarter revenues is pegged at $755.9 million. This indicates a decline of 4.7% from the top line reported in the year-ago quarter. The Instrumentation unit's revenue performance in the second quarter is likely to have benefited from marine electronics and unmanned underwater system ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Teledyne Technologies (TDY) reports results for the quarter ended June 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of busi ...

Teledyne has already started the delivery of the aforementioned weapon systems this spring and the remaining shipments will continue through 2024. Significance of ThermoSight HISS-XLR Teledyne's Take on Military Thermal Sights Its product portfolio includes a wide variety of military thermal weapon sights, such as THERMOSIGHT HISSHD, ThermoSight V4000, ThermoSight T75 and MILSIGHT S140-D. Such significant products in its portfolio enable Teledyne to witness a stream of order flow like the latest one, which ...