Teledyne Technologies Reports First Quarter Results

While the company’s growth strategy includes possible acquisitions, we cannot provide any assurance as to when, if or on what terms any acquisitions will be made. Acquisitions involve various inherent risks, such as, among others, our ability to integrate acquired businesses, retain key management and customers and achieve identified financial and operating synergies. There are additional risks associated with acquiring, owning and operating businesses internationally, including those arising from U.S. and foreign government policy changes or actions and exchange rate fluctuations.

Additional factors that could cause results to differ materially from those described above can be found in Teledyne’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are on file with the SEC and available in the “Investors” section of Teledyne’s website, teledyne.com, under the heading “Investor Information” and in other documents Teledyne files with the SEC.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Teledyne assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

A live webcast of Teledyne’s first quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Wednesday, April 24, 2024. To access the call, go to www.teledyne.com/investors/events-and-presentations approximately ten minutes before the scheduled start time. A replay will also be available for one month starting at 12:00 p.m. (Eastern) on Wednesday, April 24, 2024.

TELEDYNE TECHNOLOGIES INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE FIRST QUARTER ENDED

MARCH 31, 2024 AND APRIL 2, 2023

(Unaudited - in millions, except per share amounts)

 

 

 

First Quarter

 

First Quarter

 

 

 

2024

 

 

 

2023

 

Net sales

 

$

1,350.1

 

 

$

1,383.3

 

Costs and expenses:

 

 

 

 

Costs of sales

 

 

770.2

 

 

 

790.7

 

Selling, general and administrative

 

 

296.2

 

 

 

300.4

 

Acquired intangible asset amortization

 

 

49.4

 

 

 

49.7

 

Total costs and expenses

 

 

1,115.8

 

 

 

1,140.8

 

Operating income (loss)

 

 

234.3

 

 

 

242.5

 

Interest and debt income (expense), net

 

 

(12.7

)

 

 

(21.0

)

Non-service retirement benefit income (expense), net

 

 

2.7

 

 

 

3.3

 

Other income (expense), net

 

 

1.2

 

 

 

(1.1

)

Income (loss) before income taxes

 

 

225.5

 

 

 

223.7

 

Provision (benefit) for income taxes

 

 

46.4

 

 

 

44.9

 

Net income (loss) including noncontrolling interest

 

 

179.1

 

 

 

178.8

 

Less: Net income (loss) attributable to noncontrolling interest

 

 

0.6

 

 

 

0.1

 

Net income (loss) attributable to Teledyne

 

$

178.5

 

 

$

178.7

 

 

 

 

 

 

Diluted earnings per common share

 

$

3.72

 

 

$

3.73

 

 

 

 

 

 

Weighted average diluted common shares outstanding

 

 

48.0

 

 

 

47.9

 


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