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Teledyne Technologies 8-K Report, Financial Results (Apr 23, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 23, 2025
Period End
April 23, 2025
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 23, 2025. Cited figures are marked; the original filing is the authoritative source.

Teledyne Technologies Incorporated (NYSE:TDY) reported first quarter 2025 net sales of $1,449.9 milliona, up 7.4% from $1,350.1 million a year earlier, with net income attributable to Teledyne of $188.6 million, or $3.99 per diluted share, compared with $178.5 million ($3.72 per diluted share) in the first quarter of 2024.

Non-GAAP diluted earnings per share was $4.95b, against $4.55 a year earlier. GAAP operating margin was 17.9% and non-GAAP operating margin was 22.0%. Cash provided by operating activities was $242.6 million and free cash flow was $224.6 million.

Growth was led by the Aerospace and Defense Electronics segment, where sales rose 30.6% to $242.5 millionc, including $42.3 million of incremental defense electronics sales from recent acquisitions. The company spent $757.6 million on the acquisitions of Micropac and Qioptiq, financed from cash on hand and credit facility borrowings. Net debt rose to $2,503.3 million as of March 30, 2025, from $1,999.2 million at December 29, 2024.

The company cited a quarter-end consolidated leverage ratio of 1.8x. Management said quarter-end backlog was an all-time record and that orders exceeded sales for the sixth consecutive quarter. Teledyne maintained its full-year 2025 non-GAAP diluted EPS outlook of $21.10 to $21.50d, and its GAAP diluted EPS outlook of $17.35 to $17.83.

For the second quarter, it expects GAAP diluted EPS of $4.00 to $4.15 and non-GAAP diluted EPS of $4.95 to $5.05. Management said it chose to maintain the prior earnings outlook given the current very unpredictable environment, and the filing cites tariffs, government spending and geopolitical risks as key uncertainties.

02—Key points

Key Highlights

  1. Net sales of $1,449.9 million, up 7.4% from $1,350.1 million in the first quarter of 2024, including $55.6 million of incremental sales from acquisitions.
  2. GAAP diluted EPS of $3.99 versus $3.72 a year earlier; non-GAAP diluted EPS of $4.95 versus $4.55.
  3. Aerospace and Defense Electronics sales rose 30.6% to $242.5 million, and the segment's operating income rose 7.3% to $55.7 million.
  4. Operating cash flow was $242.6 million and free cash flow was $224.6 million, compared with $291.0 million and $275.1 million in the prior-year quarter.
  5. Net debt increased to $2,503.3 million from $1,999.2 million at year-end 2024, after $757.6 million of acquisition spending for Micropac and Qioptiq.
  6. Full-year 2025 non-GAAP EPS outlook of $21.10 to $21.50 was maintained; second-quarter non-GAAP EPS outlook is $4.95 to $5.05.
  7. Quarter-end backlog was an all-time record, with orders exceeding sales for the sixth consecutive quarter.

03—Questions

Frequently Asked Questions

  1. How did Teledyne perform in the first quarter of 2025?

    Net sales were $1,449.9 million, up 7.4%, and net income attributable to Teledyne was $188.6 million, or $3.99 per diluted share, compared with $3.72 a year earlier. Non-GAAP diluted EPS was $4.95, and GAAP operating margin was 17.9%.

  2. Did Teledyne change its 2025 earnings guidance?

    No. Management maintained its full-year 2025 non-GAAP diluted EPS outlook of $21.10 to $21.50 and its GAAP diluted EPS outlook of $17.35 to $17.83, citing a very unpredictable environment.

  3. What acquisitions did Teledyne complete, and how were they funded?

    Teledyne completed the acquisitions of Micropac and Qioptiq for aggregate consideration of $757.6 million, financed from cash on hand and borrowings under its credit facility. Qioptiq was acquired on January 31, and management expects it to contribute to 2025 non-GAAP earnings.

  4. How did Teledyne's debt and liquidity change?

    Net debt was $2,503.3 million as of March 30, 2025, up from $1,999.2 million at December 29, 2024. As of March 30, 2025, $855.5 million was available under the $1.20 billion credit facility, and the quarter-end consolidated leverage ratio was 1.8x.

  5. Which segment drove growth?

    Aerospace and Defense Electronics had the largest increase, with net sales up 30.6% to $242.5 million, including $42.3 million of incremental defense electronics sales from recent acquisitions. Digital Imaging sales rose 2.2%, Instrumentation rose 3.9%, and Engineered Systems rose 14.9%.

04—Continue

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