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Teledyne Technologies 8-K Report, Financial Results (Apr 24, 2024)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed April 24, 2024
Period End
April 23, 2024
Security
TDY
In the record · 2016–202610-K1210-Q338-K120

TDY filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 120 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’19Mar ’19
  2. Deal closed8-K · May ’21May ’21
  3. Leadership change8-K · Jan ’23Jan ’23
  4. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed April 24, 2024. Cited figures are marked; the original filing is the authoritative source.

Teledyne Technologies Incorporated reported first quarter 2024 net sales of $1,350.1 milliona, down 2.4% from $1,383.3 million a year earlier, while orders rose 7.8% to $1,433.2 million.

Net income attributable to Teledyne was $178.5 millionb, or $3.72 per diluted share, compared with $178.7 million, or $3.73, in the prior-year quarter. Non-GAAP diluted EPS was a record first-quarter $4.55, GAAP operating margin was 17.4%, and non-GAAP operating margin was a record 21.2%. Cash from operations of $291.0 million and free cash flow of $275.1 million were, respectively, a first-quarter record and an all-time record, per the filing.

Management said sales were hurt by weaker shorter-cycle imaging and instrumentation markets. It now expects full-year 2024 sales in industrial automation and test and measurement to decline meaningfully, offset by marine, aviation and certain defense businesses, leaving full-year sales flat versus 2023. It also expects overall operating margin to stay flat.

Full-year 2024 GAAP diluted EPS guidance was lowered to $16.02 to $16.27c from $17.15 to $17.53, and non-GAAP EPS guidance was lowered to $19.25 to $19.45 from $20.35 to $20.68. Balance sheet and capital allocation were also highlighted. Consolidated Leverage Ratio improved to 1.7x, net debt fell to $2,333.9 million from $2,596.6 million at December 31, 2023, and a $450 million debt maturity was paid on April 1, 2024.

On April 23, 2024, the Board authorized a new stock repurchase program of up to $1.25 billiond, superseding prior programs, and the company plans approximately $250.0 to $300.0 million of repurchases under it. The filing also notes the completed acquisition of Valeport on April 10, 2024 and a pending acquisition of Adimec Holdings B.V.

02—Key points

Key Highlights

  1. Net sales of $1,350.1 million fell 2.4%, with Digital Imaging down 4.1%, Instrumentation down 0.9%, Engineered Systems down 10.5%, and Aerospace and Defense Electronics up 7.2%.
  2. Orders of $1,433.2 million rose 7.8% year over year.
  3. GAAP diluted EPS of $3.72 compared with $3.73; non-GAAP diluted EPS of a record $4.55 compared with $4.53.
  4. Full-year 2024 GAAP diluted EPS outlook was cut to $16.02 to $16.27 from $17.15 to $17.53; non-GAAP outlook was cut to $19.25 to $19.45 from $20.35 to $20.68.
  5. Management expects full-year 2024 sales to decline in industrial automation and test and measurement, offset by marine, aviation and certain defense businesses, for flat total sales versus 2023.
  6. Record first-quarter cash from operations of $291.0 million and all-time record free cash flow of $275.1 million.
  7. Board authorized a new stock repurchase program of up to $1.25 billion, with approximately $250.0 to $300.0 million of planned repurchases; Consolidated Leverage Ratio improved to 1.7x.

03—Questions

Frequently Asked Questions

  1. Why were full-year 2024 earnings outlooks lowered?

    Management said industrial automation and test and measurement markets weakened more than planned in the first quarter and are now forecast to decline meaningfully in 2024. The filing lists these lower GAAP and non-GAAP EPS ranges as the revised outlook.

  2. How did Teledyne perform on profitability in the first quarter?

    GAAP operating margin was 17.4%, compared with 17.5% a year earlier, while non-GAAP operating margin was a record 21.2%, compared with 21.1%. Net income attributable to Teledyne was $178.5 million, versus $178.7 million in the prior-year quarter.

  3. What is the new share repurchase program?

    On April 23, 2024, the Board authorized repurchases of up to $1.25 billion of common stock, superseding prior programs. The company plans approximately $250.0 to $300.0 million of repurchases under the new authorization.

  4. How strong is the balance sheet after the quarter?

    Net debt was $2,333.9 million at March 31, 2024, down from $2,596.6 million at December 31, 2023. The Consolidated Leverage Ratio improved to 1.7x, and a $450 million debt maturity was paid on April 1, 2024.

04—Continue

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