24/07/2024 | Press release | Distributed by Public on 24/07/2024 18:17
THOUSAND OAKS, Calif. - July 24, 2024 - Teledyne Technologies Incorporated (NYSE:TDY)
Teledyne today reported second quarter 2024 net sales of $1,374.1 million, compared with net sales of $1,424.7 million for the second quarter of 2023, a decrease of 3.6%. Net income attributable to Teledyne was $180.2 million ($3.77 diluted earnings per share) for the second quarter of 2024, compared with $185.3 million ($3.87 diluted earnings per share) for the second quarter of 2023, a decrease of 2.8%. The second quarter of 2024 included $49.1 million of pretax acquired intangible asset amortization expense, $1.0 million of pretax FLIR integration costs and $0.2 million of FLIR acquisition-related discrete income tax expense. Excluding these items, non-GAAP net income attributable to Teledyne for the second quarter of 2024 was $218.7 million ($4.58 diluted earnings per share). The second quarter of 2023 included $49.3 million of pretax acquired intangible asset amortization expense and $0.4 million of FLIR acquisition-related discrete income tax expense. Excluding these items, non-GAAP net income attributable to Teledyne for the second quarter of 2023 was $223.7 million ($4.67 diluted earnings per share). Operating margin was 18.0% for the both the second quarter of 2024 and the second quarter of 2023. Excluding the non-GAAP items discussed above, non-GAAP operating margin for the second quarter of 2024 was 21.6%, compared with 21.4% for the second quarter of 2023.
"In the second quarter, Teledyne achieved all-time record free cash flow, allowing us to deploy approximately $852 million on debt repayment, acquisitions and stock repurchases through July," said Robert Mehrabian, Executive Chairman. "Our earnings exceeded expectations, orders were greater than sales for the third consecutive quarter, and we ended the period with record backlog. Therefore, we are reasonably confident that quarterly sales will again increase sequentially, and we will return to year-over-year growth in the second half of 2024."
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