TDY · Teledyne Technologies

363 filings

TDY SEC Filings

Teledyne Technologies - 363 total filings

Filing record · 2016–202610-K1210-Q338-K120

Showing 1–50 of 363 filings

Teledyne Technologies Quarterly Report for Q3 Ended Sep 27, 2026

Teledyne Technologies Incorporated (TDY) reported third-quarter 2026 net sales of $1,684.9 million, up 9.4% from $1,539.5 million a year earlier, and net income attributable to Teledyne of $272.8 million, up 23.6%. Diluted earnings per share were $5.82 versus $4.65. For the first nine months of 2026, net sales were $4,907.5 million (up 9.0%), operating income was $974.6 million (up 18.8%), and diluted EPS was $16.02 versus $13.06. Digital Imaging drove much of the growth, with third-quarter segment operating income up 48.1%, and the company noted tariff refunds recorded in the second quarter of 2026 that benefited that segment's results. The balance sheet strengthened over the period. Cash and cash equivalents rose to $562.4 million from $352.4 million at December 28, 2025, and total debt, net fell to $2,027.8 million from $2,475.4 million after the company repaid $450.0 million of 1.60% senior notes due April 2026. Operating cash flow for the nine months was $901.7 million, and the company repurchased shares for $94.8 million in the third quarter, with $1.5 billion remaining under its $2.0 billion authorization. Subsequent to quarter end, it repurchased additional shares for $139.0 million. The key pending event is the agreement announced August 10, 2026 to acquire Varex Imaging Corporation in a cash transaction valued at approximately $1.1 billion, expected to close in early 2027 subject to regulatory and Varex stockholder approvals. The company plans to fund it from cash on hand and its credit facility, and Varex will be included in the Digital Imaging segment. The filing also discloses a February 2026 settlement with the Bureau of Industry and Security involving a $1.0 million civil penalty related to export control matters.

Oct 23, 2026 8-K

Teledyne Technologies 8-K Report, Financial Results (Oct 21, 2026)

Teledyne Technologies Incorporated (NYSE: TDY) furnished a press release with its third quarter 2026 financial results, dated October 21, 2026, as Exhibit 99.1 to this Item 2.02 Current Report. The company reported all-time record quarterly sales, operating profit and non-GAAP diluted earnings per share. Third quarter net sales were $1,684.9 million, up 9.4% from $1,539.5 million, while GAAP diluted EPS was $5.82 (up 25.2% as stated in the release headline) and non-GAAP diluted EPS was $6.72 (up 20.6%). Digital Imaging drove the results, with segment net sales of $903.0 million (up 15.0%) and operating income of $182.7 million (up 48.1%). Third quarter cash from operations was $352.5 million and free cash flow was $319.5 million. The company raised its full-year 2026 GAAP diluted EPS outlook to $21.71 to $21.87 (from $20.73 to $20.99) and its non-GAAP diluted EPS outlook to $25.40 to $25.50 (from $24.45 to $24.65). Fourth quarter 2026 outlook calls for GAAP diluted EPS of $5.68 to $5.83 and non-GAAP diluted EPS of $6.60 to $6.70. Management also disclosed a pending cash acquisition of Varex Imaging Corporation for approximately $1.1 billion, expected to close in early 2027 subject to regulatory and Varex stockholder approvals, and $224.6 million of stock repurchases in September through October 19, 2026. Balance sheet metrics remained solid, with net debt of $1,465.4 million as of September 27, 2026, down from $2,123.0 million at December 28, 2025, and a quarter-end consolidated leverage ratio of 0.9x. Cash and cash equivalents were $562.4 million, and $1,158.4 million was available under the $1.20 billion credit facility.

Oct 21, 2026 8-K

Teledyne Technologies 8-K/A Report, Executive Changes (Oct 2, 2026)

Teledyne Technologies Incorporated filed this Amendment to its October 2, 2026 Form 8-K to disclose compensation arrangements that were not finally determined or available when the Original Filing was made on September 28, 2026. The Original Filing reported that Jason VanWees will retire as Vice Chairman of Teledyne effective February 1, 2027. This amendment adds the terms of the Separation, Cooperation and General Release Agreement that Teledyne and Mr. VanWees entered into on September 25, 2026, which becomes effective October 3, 2026 after a seven-day revocation period. Under the Separation Agreement, Mr. VanWees retires as Vice Chairman on February 1, 2027 and then serves as strategic advisor to the Executive Chairman through his Separation Date of May 3, 2027. During that advisory period he will receive his regular base salary and may take remaining accrued vacation. Through December 31, 2027, he will also provide reasonable assistance and cooperation to Teledyne and its affiliates on matters tied to his employment. In exchange for these commitments, including cooperation and non-solicitation provisions, Teledyne will pay him a lump sum of $170,000, less standard deductions and withholding, within 30 days after the Separation Date. The agreement also contains a general release of claims, limited non-solicitation and non-disparagement provisions, non-disclosure agreements, and other customary terms. The full agreement is filed as Exhibit 10.1 and incorporated by reference.

Oct 2, 2026 8-K

Teledyne Technologies 8-K Report, Executive Changes (Sep 28, 2026)

Teledyne Technologies Incorporated (NYSE: TDY) filed an 8-K on September 28, 2026 under Item 5.02 to report that Jason VanWees, Vice Chairman, will retire from his position effective February 1, 2027, when he will be age 55. The filing attaches a press release (Exhibit 99.1) that also announces Mary Grace DeForest's appointment as Corporate Vice President of Investor Relations and Mergers and Acquisitions, effective November 1, 2026. DeForest is currently Senior Vice President and General Manager of Teledyne Microwave. The press release credits VanWees with leading the identification and acquisition of 75 complementary businesses for cumulative consideration of $12.8 billion, and with leading Teledyne's discussions with the investment community for decades. It also cites a compound annual shareholder return greater than 17% over nearly 27 years as an independent company, with sales and market capitalization growing approximately 8x and over 100x, respectively, over the same period. Robert Mehrabian, Executive Chairman, states that he and VanWees have been equal partners overseeing growth strategy and capital allocation. The filing describes a planned, overlapping transition: VanWees's retirement and DeForest's appointment are structured to ensure continuity in the investor relations and M&A role. No financial results or guidance are included in this filing.

Sep 28, 2026 8-K

Teledyne Technologies 8-K Report, Regulation FD Disclosure (Aug 10, 2026)

On August 10, 2026, Teledyne Technologies Incorporated (TDY) and Varex Imaging Corporation (VREX) announced a definitive merger agreement under which Teledyne will acquire all outstanding Varex common shares for $18.90 per share in cash. The filing states the aggregate transaction value is approximately $1.1 billion, taking into account Varex's equity awards and net debt as of April 3, 2026. The transaction was unanimously approved by both companies' Boards of Directors. According to the joint press release, Varex makes X-ray tubes, flat panel and photon counting detectors, and connect and control accessories used in medical diagnostic imaging, non-destructive inspection, security and vehicle inspection, and analysis and measurement applications. Teledyne's Executive Chairman Robert Mehrabian characterized the products as complementary with minimal overlap, noting Varex provides detectors suited for high-radiation environments such as oncology and advanced photon counting detectors that Teledyne does not offer. Varex's CEO Sunny Sanyal described the deal as providing a substantial premium for Varex shareholders. The transaction is expected to close in early 2027, subject to customary closing conditions including regulatory approvals and Varex stockholder approval. Varex will file a proxy statement for a special stockholder meeting. The filing is announced under Regulation FD, and the press release is furnished as Exhibit 99.1.

Aug 10, 2026 10-Q

Teledyne Technologies Quarterly Report for Q2 Ended Jun 28, 2026

Teledyne Technologies Incorporated (TDY) reported second-quarter 2026 net sales of $1,662.5 million, up 9.8% from $1,513.7 million a year earlier, and net income attributable to Teledyne of $251.7 million, up 19.9% from $209.9 million. Diluted earnings per share were $5.37 versus $4.43. Operating income rose 19.8% to $333.2 million, with the filing citing higher sales and an increase in overall operating margin. Digital Imaging was the main driver, with operating income up 42.3% to $170.2 million, helped by favorable product mix and tariff refunds, while Instrumentation operating income was roughly flat at $101.4 million. For the first six months, net sales were $3,222.6 million (up 8.7%) and net income attributable to Teledyne was $478.5 million (up 20.1%), with diluted EPS of $10.20 versus $8.41. Cash flow from operations for the first six months was $549.2 million, compared with $469.2 million. The company repaid $450.0 million of its 1.60% Fixed Rate Senior Notes due April 2026, reducing total debt, net, to $2,027.0 million from $2,475.4 million at year-end 2025. Cash and cash equivalents were $340.1 million, and $1,160.7 million was available under the $1.2 billion credit facility. Remaining stock repurchase authorization was $1.6 billion, and no repurchases were made in the quarter or the first six months. The filing also highlights ongoing risks: tariffs and trade restrictions with China, rare earth supply constraints, and the Middle East conflict, which the company says has not yet materially affected it. The company received refunds of IEEPA tariffs after a February 2026 Supreme Court ruling. A settlement with the Bureau of Industry and Security involved a $1.0 million civil penalty. Goodwill stood at $8,661.9 million and acquired intangibles at $1,984.2 million, and the company is evaluating the new expense disaggregation standard, ASU 2024-03.

Jul 24, 2026 8-K

Teledyne Technologies 8-K Report, Financial Results (Jul 22, 2026)

Teledyne Technologies Incorporated (NYSE:TDY) reported second quarter 2026 results in Exhibit 99.1, describing the quarter as the strongest in the company's history for orders, sales and operating profit. Net sales were $1,662.5 million, up 9.8% from $1,513.7 million a year earlier. GAAP net income attributable to Teledyne was $251.7 million, or $5.37 per diluted share, compared with $209.9 million, or $4.43, in the prior-year quarter. Non-GAAP diluted EPS was $6.28, compared with $5.20 a year earlier, an increase of 20.8%. Operating margin was 20.0% on a GAAP basis and 23.4% on a non-GAAP basis. Digital Imaging drove the results, with net sales of $868.7 million (up 12.7%) and operating income of $170.2 million (up 42.3%), supported by infrared detectors and systems for defense and commercial uses. Instrumentation sales rose 5.5% to $387.8 million while its operating income was roughly flat at $101.4 million, reflecting unfavorable product mix. Aerospace and Defense Electronics and Engineered Systems also grew sales, to $286.4 million and $119.6 million respectively. Management reported approximately $5.0 billion of funded backlog and repaid $450 million of gross debt at the beginning of the quarter, leaving net debt at $1,686.9 million versus $2,123.0 million at December 28, 2025. The company raised its full-year 2026 outlook, with GAAP diluted EPS now expected at $20.73 to $20.99 (previously $20.08 to $20.44) and non-GAAP diluted EPS at $24.45 to $24.65 (previously $23.85 to $24.15). Third-quarter 2026 guidance is GAAP EPS of $5.10 to $5.25 and non-GAAP EPS of $6.05 to $6.15. The filing also notes management's continued review of acquisitions and a list of risk factors, including the 2026 conflict involving the United States and Iran, tariffs, and supply chain constraints.

Jul 22, 2026 10-Q

Teledyne Technologies Quarterly Report for Q1 Ended Mar 29, 2026

Teledyne Technologies Incorporated (TDY) reported first-quarter 2026 net sales of $1.56 billion, up 7.6% from $1.45 billion in the first quarter of 2025. Operating income rose 13.5% to $294.2 million, and net income attributable to Teledyne increased 20.3% to $226.8 million, or $4.85 per diluted share versus $3.99 a year earlier. Growth was led by Digital Imaging (sales up 7.9%) and Aerospace and Defense Electronics (up 14.4%), partly offset by lower Engineered Systems sales. Instrumentation operating income declined 4.6% on unfavorable product mix. The filing notes $33.3 million of incremental sales from recent acquisitions. Cash and cash equivalents increased to $521.4 million from $352.4 million at December 28, 2025, driven by $234.0 million of operating cash flow, partly offset by $53.4 million for the DD-Scientific acquisition and $29.7 million of capital expenditures. Total debt, net was $2,476.3 million. Subsequent to quarter-end, the company repaid $450.0 million of 1.60% senior notes due April 2026, primarily from cash on hand. No share repurchases were made in the quarter, and $1.6 billion remained under the $2.0 billion authorization. The filing also discloses a February 2026 settlement in which Teledyne FLIR LLC paid a $1.0 million civil penalty to the Bureau of Industry and Security over export control matters, and management reports that the Middle East conflict and tariff developments are being monitored. Remaining performance obligations totaled $4,867.4 million, with approximately 71% expected to be recognized within 12 months.

Apr 24, 2026 8-K

Teledyne Technologies 8-K Report, Executive Changes (Apr 23, 2026)

Teledyne Technologies Incorporated (TDY) filed this Form 8-K on April 23, 2026 to report several governance and compensation actions following its 2026 Annual Meeting of Stockholders held April 22, 2026. The Personnel and Compensation Committee, on April 21, 2026, approved effective April 1, 2026 base salary increases for three named executive officers: Stephen F. Blackwood (Executive Vice President and Chief Financial Officer) from $640,000 to $660,000, Jason VanWees (Vice Chairman) from $595,000 to $613,000, and Melanie S. Cibik (Executive Vice President, General Counsel, Chief Compliance Officer and Secretary) from $585,000 to $603,000. Starting in 2026, Mr. Blackwood and Ms. Cibik become eligible for stock option grants with grant-date fair value equal to 95% and 90% of base salary, respectively. Stockholders approved the Amended and Restated 2014 Incentive Award Plan, which adds 4,000,000 shares, reduces the share-counting ratio for full value awards from 2.93 to 2.45 shares, extends the plan term to 2036, and removes the performance-based cash bonus option. Stockholders also approved a Restated Certificate of Incorporation allowing holders of at least 25% of combined voting power to call special meetings, and the Board adopted related Sixth Amended and Restated Bylaws setting procedural requirements for such requests. Non-employee director annual aggregate compensation limit under the plan rises from $750,000 to $1,000,000. At the meeting, Michelle A. Kumbier and Robert A. Malone were elected as Class III directors, Deloitte & Touche LLP was ratified as independent registered public accounting firm for 2026, and the non-binding say-on-pay advisory resolution passed, with 38,895,426 votes for and 1,717,586 against.

Apr 23, 2026 8-K

Teledyne Technologies 8-K Report, Financial Results (Apr 22, 2026)

Teledyne Technologies Incorporated (NYSE: TDY) reported record first quarter 2026 sales, non-GAAP diluted earnings per share and operating margin in an 8-K furnished under Item 2.02 on April 22, 2026. First quarter net sales were $1,560.1 million, up 7.6% from $1,449.9 million a year earlier. GAAP net income attributable to Teledyne was $226.8 million, or $4.85 per diluted share, compared with $3.99 a year earlier, while non-GAAP diluted earnings per share were $5.80, up 17.2% from $4.95. GAAP operating margin was 18.9% versus 17.9%, and non-GAAP operating margin was 22.6% versus 22.0%. Management raised its full-year 2026 outlook. GAAP diluted EPS is now expected at $20.08 to $20.44, up from $19.76 to $20.22, and non-GAAP diluted EPS at $23.85 to $24.15, up from $23.45 to $23.85. Second quarter 2026 guidance calls for GAAP diluted EPS of $4.75 to $4.90 and non-GAAP diluted EPS of $5.70 to $5.80. Digital Imaging was the largest contributor, with net sales of $816.9 million and operating income of $141.7 million, while Aerospace and Defense Electronics posted the strongest segment growth. Balance sheet metrics improved over the quarter. Net debt fell to $1,954.9 million at March 29, 2026, from $2,123.0 million at December 28, 2025, and cash rose to $521.4 million. Free cash flow was $204.3 million, versus $224.6 million a year earlier, as operating cash flow fell to $234.0 million and capital expenditures rose to $29.7 million. After quarter-end, the company made a $450.0 million debt maturity payment, and the filing states a quarter-end consolidated leverage ratio of 1.3x. The company also completed the DD-Scientific acquisition during the quarter.

Apr 22, 2026 8-K

Teledyne Technologies 8-K Report, Material Agreement (Feb 26, 2026)

Teledyne Technologies Incorporated (TDY) filed a Current Report on Form 8-K disclosing an amendment to its existing credit facility. Teledyne is a party to a Second Amended and Restated Credit Agreement dated June 10, 2024, with Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer. On February 25, 2026, Teledyne and the other parties entered into a First Amendment to that agreement. The First Amendment eliminates the Secured Overnight Financing Rate (SOFR) adjustment feature of the Credit Agreement and removes all references to it. The filing states that the SOFR adjustment in the original Credit Agreement was 0.10% (ten basis points). The filing does not describe any change to borrowing capacity, pricing other than the removal of this adjustment, or other financial terms. The full text of the First Amendment is filed as Exhibit 10.1 and incorporated by reference, along with an Inline XBRL cover page file (Exhibit 104).

Feb 26, 2026 10-K

Teledyne Technologies Annual Report, Year Ended Dec 28, 2025

Teledyne Technologies Incorporated (TDY) reported fiscal 2025 net sales of $6,115.4 million, up 7.9% from $5,670.0 million in 2024, and net income attributable to Teledyne of $894.8 million, up 9.2%. Diluted earnings per share rose to $18.88 from $17.21, a 9.7% increase. Operating income grew 16.2% to $1,149.8 million, helped by acquisitions and by the absence of the $52.5 million trademark impairment recorded in 2024. Aerospace and Defense Electronics was the fastest-growing segment, with net sales up 36.3%, largely from the Qioptiq acquisition completed in February 2025 and other 2025 deals. U.S. Government sales were $1,559.4 million, or 25.5% of net sales. Cash flow from operations was $1,191.3 million, roughly flat with 2024, and free cash flow was $1,074.0 million. Cash and cash equivalents fell to $352.4 million from $649.8 million, as the company spent $821.4 million on business acquisitions and $402.9 million on share repurchases, and repaid $162.0 million of senior notes. Total debt was $2,475.4 million at year end, and the $1.20 billion credit facility was undrawn. In July 2025 the Board authorized a new $2.0 billion repurchase program, and the company does not expect to pay cash dividends. The filing also flags material risks. Management cites exposure to tariffs and Chinese export restrictions, U.S. Government shutdowns (one lasting 43 days in fall 2025), NASA budget cuts, and a January 2026 executive order that could restrict stock buybacks and dividends for major defense contractors. The FLIR reporting unit had goodwill of $5,193.4 million, and its estimated fair value exceeded carrying value by approximately $619.2 million, or 8%.

Feb 20, 2026 8-K

Teledyne Technologies 8-K Report, Financial Results (Jan 21, 2026)

Teledyne Technologies Incorporated (NYSE: TDY) reported record fourth quarter and full year 2025 results in a press release furnished as Exhibit 99.1 to this Item 2.02 Form 8-K. Fourth quarter net sales were $1,612.3 million, up 7.3% from $1,502.3 million, and GAAP net income attributable to Teledyne was $275.6 million, or $5.84 per diluted share, compared with $4.20 a year earlier. Non-GAAP diluted EPS was $6.30, an increase of 14.1% from $5.52. For the full year, net sales were $6,115.4 million, up 7.9%, and GAAP diluted EPS was $18.88 versus $17.21, while non-GAAP diluted EPS was $21.99 versus $19.73. Operating margin was 18.8% for 2025 and non-GAAP operating margin was 22.6%. Cash generation and balance sheet highlights include fourth quarter cash from operations of $379.0 million and free cash flow of $339.2 million, with full year free cash flow of $1,074.0 million. The company repurchased about 0.8 million shares for $400.0 million in the fourth quarter at a weighted average price of $507.52, and full-year acquisition spending was approximately $850.0 million. Net debt was $2,123.0 million at year-end, and the consolidated leverage ratio was 1.4x. For 2026, management guided to full-year GAAP diluted EPS of $19.76 to $20.22 and non-GAAP diluted EPS of $23.45 to $23.85, with first quarter GAAP EPS of $4.45 to $4.59 and non-GAAP EPS of $5.40 to $5.50. The release also notes the completed carve-out acquisition of TransponderTech and the January 14, 2026 acquisition of DD-Scientific.

Jan 21, 2026 8-K

Teledyne Technologies 8-K Report, Executive Changes (Jan 21, 2026)

Teledyne Technologies Incorporated (TDY) reported in this 8-K that director Kenneth C. Dahlberg will retire at the end of his term, which expires at the 2026 Annual Meeting of Stockholders, currently planned for April 22, 2026. The Board fixed the number of directors at 10 effective immediately before that meeting, with Class III directors reduced from three to two. At its January 20, 2026 meeting, the Personnel and Compensation Committee authorized 2025 Annual Incentive Plan cash bonuses, ranging from $499,900 to $1,611,100 for the named executive officers, and 2023-2025 Performance Plan payments, after performance goals were achieved at 50.9% of target. Restrictions on 69% of the 2023 performance-based restricted stock award will lapse on January 24, 2026, because Teledyne's stock performance was 69% of the S&P 500 Index over the three-year period ended December 31, 2025. The Committee also set 2026 compensation opportunities, including AIP targets of 130% of base salary for CEO George C. Bobb III and 150% for Executive Chairman Robert Mehrabian. It approved 2026-2028 restricted stock unit and Performance Plan opportunities, and a one-time $3.3 million special retention performance-based restricted stock unit grant to Dr. Mehrabian under his Ninth Amended and Restated Employment Agreement dated December 16, 2025.

Jan 21, 2026 8-K

Teledyne Technologies 8-K Report, Executive Changes (Jan 2, 2026)

Teledyne Technologies Incorporated (TDY), listed on the New York Stock Exchange, filed this Form 8-K dated December 30, 2025 (signed January 2, 2026) to report a board change under Item 5.02. Director Denise R. Singleton informed the Board of Directors of her decision to retire, effective January 1, 2026, citing potential meeting conflicts. The filing does not disclose any financial results, operational developments, or transaction terms. Following Ms. Singleton's retirement, the Board has fixed the number of directors at 11, effective January 1, 2026, and the number of Class 1 directors has been reduced from four to three. The filing contains no details on successor appointments, compensatory arrangements, or the reasons for the board size change beyond the stated scheduling conflicts. For investors, this is a routine governance update with no stated effect on Teledyne's financial position or operations. The filing is signed by Melanie S. Cibik, Executive Vice President, General Counsel, Chief Compliance Officer and Secretary.

Jan 2, 2026 8-K

Teledyne Technologies 8-K Report, Executive Changes (Dec 18, 2025)

Teledyne Technologies Incorporated (TDY) reported in this Form 8-K, filed December 18, 2025, that on December 16, 2025 its Personnel and Compensation Committee and Board approved new employment and compensation terms for Executive Chairman Dr. Robert Mehrabian and President and CEO George C. Bobb III. Dr. Mehrabian's Ninth Amended and Restated Employment Agreement runs through December 31, 2028, with a base salary of $1,300,000 effective January 1, 2026, a 150% AIP target, a 110% performance plan target, annual restricted stock grants of at least 110% of base salary, and a one-time special retention performance-based restricted stock award of $3.3 million granted in 2026. Mr. Bobb's base salary will be $1,000,000 effective January 1, 2026, with a 130% AIP target, a 140% performance plan target, restricted stock grants of at least 140% of base salary, and stock option grants with a fair value equal to 140% of base salary beginning in 2026. In a separate Item 8.01 disclosure, the Board approved a revised Sixth Amended and Restated Bylaws that would allow stockholders holding, in the aggregate, at least 25% of the combined voting power to call a special meeting of stockholders. The bylaws are conditioned on stockholder approval, at the 2026 annual meeting, of a corresponding amendment to the Restated Certificate of Incorporation, and the current bylaws remain in effect until then. For investors, the filing mainly points to a governance change that would expand shareholder rights if approved, alongside compensation terms that tie a large share of executive pay to performance-based equity and set out the Executive Chairman's responsibilities for M&A, strategic planning, and technology and margin expansion initiatives.

Dec 18, 2025 10-Q

Teledyne Technologies Quarterly Report for Q3 Ended Sep 28, 2025

Teledyne Technologies Incorporated (TDY) reported third-quarter 2025 net sales of $1,539.5 million, up 6.7% from $1,443.5 million a year earlier, and nine-month net sales of $4,503.1 million, up 8.0%. Third-quarter net income attributable to Teledyne decreased 15.8% to $220.7 million, mainly because the prior-year quarter benefited from the favorable resolution of an uncertain tax position tied to FLIR subsidiaries. Diluted EPS was $4.65 versus $5.54. Nine-month diluted EPS was $13.06 versus $13.01, and operating income rose 9.1% to $820.3 million. Growth was driven largely by the Aerospace and Defense Electronics segment, where net sales rose 37.6% in the quarter to $275.5 million, including $69.0 million of incremental sales from recent acquisitions. The company's balance sheet reflects significant 2025 acquisition activity. Purchases of businesses totaled $764.2 million in the nine months, including the Qioptiq (Excelitas aerospace and defense electronics) acquisition for $702.8 million net of cash acquired. Goodwill rose to $8,651.7 million from $7,990.5 million at December 29, 2024. Cash and cash equivalents declined to $528.6 million, and total debt, net, fell to $2,533.4 million from $2,649.0 million after the company repurchased $118.2 million of senior notes principal. Operating cash flow was $812.3 million for the nine months, compared with $859.5 million a year earlier, mainly due to higher income tax payments. Management cited tariffs, U.S. Government shutdown effects, and foreign currency movements as ongoing risks. In July 2025 the Board authorized a $2.0 billion share repurchase program, but no repurchases were made in the third quarter or first nine months of 2025. The filing also discloses ongoing trade compliance voluntary disclosures and a civil investigation by the U.S. Department of Justice, with management not believing the outcome is likely to be materially adverse. A pending acquisition of the TransponderTech business from Saab AB is expected to close in the fourth quarter of 2025.

Oct 24, 2025 8-K

Teledyne Technologies 8-K Report, Financial Results (Oct 22, 2025)

Teledyne Technologies Incorporated (NYSE: TDY) reported record third quarter 2025 net sales of $1,539.5 million, up 6.7% from $1,443.5 million a year earlier, and record quarterly non-GAAP diluted earnings per share of $5.57 (versus $5.10 in the prior-year quarter, a 9.2% increase). GAAP diluted EPS was $4.65, compared with $5.54 in the third quarter of 2024, as net income attributable to Teledyne fell to $220.7 million from $262.0 million. The prior-year GAAP results were boosted by $61.7 million of FLIR-related tax benefits, and the current quarter absorbed $55.1 million of acquired intangible amortization. Record quarterly cash from operations of $343.1 million and free cash flow of $313.9 million were reported, and the company ended the quarter with a consolidated leverage ratio of 1.4x and net debt of $2,004.8 million. Management raised its full-year 2025 outlook, with GAAP diluted EPS now expected at $17.83 to $18.05 (previously $17.59 to $17.97) and non-GAAP diluted EPS at $21.45 to $21.60 (previously $21.20 to $21.50). Fourth-quarter 2025 GAAP diluted EPS is guided to $4.76 to $4.98 and non-GAAP to $5.73 to $5.88. Executive Chairman Robert Mehrabian noted that defense-related businesses and new acquisitions performed strongly, but said management was measured on near-term award and shipment expectations because of the ongoing U.S. Government shutdown. The release also announced a pending carve-out acquisition of TransponderTech. Separately, the board was expanded to 12 directors with the appointment of George C. Bobb III, the company's President and CEO since April 28, 2025, as a Class II director, and Laura A. Black, a Managing Director of Needham & Company, LLC, as a Class I director. Both terms expire at the 2027 Annual Meeting. Ms. Black will join the Audit Committee and the Nominating and Governance Committee.

Oct 22, 2025 10-Q

Teledyne Technologies Quarterly Report for Q2 Ended Jun 29, 2025

Teledyne Technologies Incorporated (TDY) reported second-quarter 2025 net sales of $1,513.7 million, up 10.2% from $1,374.1 million, and net income attributable to Teledyne of $209.9 million, up 16.5% from $180.2 million. Diluted earnings per share were $4.43 versus $3.77. For the first six months, net sales were $2,963.6 million, up 8.8%, and diluted EPS was $8.41 versus $7.49. Operating income rose 12.6% in the quarter to $278.2 million. Growth was led by Aerospace and Defense Electronics, where sales rose 36.2% in the quarter, and the company cited $70.1 million of incremental quarterly sales from recent acquisitions, primarily in that segment. Cash flow and balance sheet activity were shaped by acquisitions. Net cash from operating activities was $469.2 million for the first six months of 2025, down from $609.7 million, which the company attributed mainly to higher income tax payments and the timing of receivable collections. Purchases of businesses totaled $757.6 million, including the Qioptiq (OS and AES businesses) acquisition for $706.4 million net of cash acquired. Cash and cash equivalents fell to $310.9 million from $649.8 million at year-end 2024, while total debt, net, was $2,617.4 million, with $450.2 million classified as current. The company disclosed a new $2.0 billion stock repurchase authorization approved in July 2025, which superseded prior programs. No repurchases were made in the second quarter or first six months of 2025. The filing also flags ongoing trade and tariff pressures, a Department of Justice civil investigation related to an ejection seat sequencer program, and voluntary export-control disclosures involving Teledyne FLIR shipments. Management stated that no material adverse effect on financial condition is expected from pending matters.

Jul 28, 2025 8-K

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

Teledyne Technologies Incorporated (NYSE:TDY) reported record second quarter 2025 net sales of $1,513.7 million, an increase of 10.2% compared with the second quarter of 2024, and filed this 8-K to furnish its earnings press release (Exhibit 99.1) under Item 2.02. GAAP net income attributable to Teledyne was $209.9 million, or $4.43 per diluted share, compared with $180.2 million, or $3.77 per diluted share, a year earlier. Non-GAAP diluted earnings per share were $5.20 versus $4.58 in the prior-year quarter. Management said sales grew organically in every segment and orders exceeded sales for the seventh consecutive quarter, while cautioning that the second quarter likely benefited from accelerated demand amid uncertain global trade policies and that it is exercising caution regarding the third quarter. The company raised the low end of its full-year 2025 non-GAAP EPS outlook to $21.20 to $21.50 (from $21.10 to $21.50) and raised its GAAP EPS outlook to $17.59 to $17.97 (from $17.35 to $17.83). Third-quarter 2025 non-GAAP EPS is guided to $5.35 to $5.45 and GAAP EPS to $4.39 to $4.54. Net debt was $2,306.5 million as of June 29, 2025, up from $1,999.2 million at December 29, 2024, and the quarter-end consolidated leverage ratio was 1.6x. Free cash flow was $196.3 million, down from $301.0 million, mainly reflecting higher income tax payments. Under Item 8.01, the Board authorized a new stock repurchase program of up to $2.0 billion of common stock on July 22, 2025, superseding prior open programs. The press release states that this replaces a previous authorization of which $896 million remained, and that management will continue to consider repurchases when it believes Teledyne is the best value acquisition available, while it also pursues acquisitions.

Jul 23, 2025 8-K

Teledyne Technologies 8-K/A Report, Executive Changes (Jul 23, 2025)

Teledyne Technologies Incorporated (TDY) filed Amendment No. 2 to its April 28, 2025 Form 8-K to disclose compensation arrangements for George C. Bobb III, who was appointed President and Chief Executive Officer effective April 28, 2025. The original filing reported the appointment, but the compensation terms were not yet determined or available at that time. This amendment supplies those terms. On July 22, 2025, the Personnel and Compensation Committee of the Board of Directors, after consulting its independent compensation consultant, approved a one-time grant of 4,660 stock options to Mr. Bobb with a grant date fair value of $1.0 million. The Board subsequently ratified the grant. The filing describes this as a one-time award tied to his promotion to CEO. For investors, the disclosure is narrow: it fills in the equity compensation element of the CEO transition and does not report changes to other executive pay, the company's financial results, or any other corporate actions.

Jul 23, 2025 8-K

Teledyne Technologies 8-K/A Report, Executive Changes (May 5, 2025)

Teledyne Technologies Incorporated (TDY) filed this amendment to its April 28, 2025 Current Report to disclose compensation arrangements that were not determined or available when the original report was filed. The original report announced that Edwin Roks retired as Chief Executive Officer effective April 28, 2025. Under a Retirement, Severance and General Release Agreement dated April 30, 2025, Dr. Roks remains employed at current compensation through August 31, 2025 (the Separation Date) as strategic advisor to the Executive Chairman. Teledyne will pay him an aggregate cash severance of $1,800,000, paid in equal installments of $100,000 over 18 months from September 1, 2025 through February 1, 2027. He is also eligible for a prorated 2025 Annual Incentive Plan payment, to the extent one is payable. The agreement also includes continued health insurance contributions through December 31, 2026, followed by COBRA eligibility for eighteen months at his cost. Teledyne will provide tax advisory and immigration-related assistance, reimburse up to $100,000 in outplacement services and up to $100,000 in relocation costs, and provide price protection on the sale of his primary California residence. The agreement includes a general release of claims, limited non-solicitation and non-disparagement provisions, and other customary terms.

May 5, 2025 10-Q

Teledyne Technologies Quarterly Report for Q1 Ended Mar 30, 2025

Teledyne Technologies Incorporated (TDY) reported first-quarter 2025 net sales of $1,449.9 million, up 7.4% from $1,350.1 million a year earlier. Operating income rose 10.7% to $259.3 million, and net income attributable to Teledyne increased 5.7% to $188.6 million, or $3.99 per diluted share versus $3.72. The filing attributes the sales growth to higher sales in every segment, including $55.6 million of incremental sales from recent acquisitions. Aerospace and Defense Electronics was the fastest-growing segment, with net sales up 30.6% to $242.5 million, driven by defense electronics and the 2025 acquisitions. The balance sheet and cash flow changed materially because of acquisitions. Teledyne spent $757.6 million on businesses in the quarter, mainly the Optical Systems and Advanced Electronic Systems businesses of Excelitas Technologies Corp. for $706.4 million, funded partly by $315.0 million of borrowings under its $1.20 billion credit facility. Total debt rose to $2,964.8 million from $2,649.0 million, and cash and cash equivalents fell to $461.5 million from $649.8 million. Goodwill increased to $8,534.0 million from $7,990.5 million. Operating cash flow was $242.6 million, compared with $291.0 million a year earlier. The filing flags ongoing risks. Management cites new U.S. tariffs and retaliatory measures, including tariffs and trade sanctions between the United States and China, as a potential source of revenue reductions and cost increases. Teledyne has made voluntary disclosures to U.S. and non-U.S. export authorities regarding Teledyne FLIR shipments, and the company cannot estimate the potential penalties. The company also disclosed a civil investigation by the U.S. Department of Justice relating to an ejection seat sequencer program. Management believes these matters are not likely to have a material adverse effect on financial condition, though the export matters could be material if resolved unfavorably.

Apr 28, 2025 8-K

Teledyne Technologies 8-K Report, Executive Changes (Apr 28, 2025)

Teledyne Technologies Incorporated (NYSE: TDY) reported in this Form 8-K filed April 28, 2025 that Edwin Roks has retired as Chief Executive Officer, effective April 28, 2025, and will continue as a special advisor to Executive Chairman Robert Mehrabian through August 31, 2025. George C. Bobb III, previously President and Chief Operating Officer since January 1, 2024, was named President and Chief Executive Officer effective immediately, with George reporting directly to Dr. Mehrabian. In connection with his promotion, the Board of Directors increased Mr. Bobb's annual base salary from $665,000 to $900,000 and raised his target opportunity for the 2025 AIP from 100% to 120% (on a prorated basis). Mr. Bobb, age 50, joined Teledyne in 2008 and previously led the Aerospace and Defense Electronics Segment, with executive responsibility for Marine Instrumentation, the Engineered Systems Segment, Teledyne Scientific & Imaging, LLC, and Information Technology functions. The press release attached as Exhibit 99.1 states that Mr. Mehrabian and Mr. Bobb will continue the development and execution of Teledyne's growth strategy, and it credits Mr. Roks with contributions to growth in digital imaging and technology advancement across the portfolio, following 20 years of service.

Apr 28, 2025 8-K

Teledyne Technologies 8-K Report, Executive Changes (Apr 24, 2025)

Teledyne Technologies Incorporated (TDY) filed this Form 8-K on April 24, 2025, reporting four matters: compensation changes for named executive officers, amendments to its charter adopting majority voting provisions, the results of its 2025 Annual Meeting of Stockholders held April 23, 2025, and a stockholder proposal on calling special meetings. Effective April 1, 2025, the Personnel and Compensation Committee, with Board ratification, increased annual base salaries for George C. Bobb III (President and Chief Operating Officer) from $640,000 to $665,000, Jason VanWees (Vice Chairman) from $575,000 to $595,000, and Stephen F. Blackwood (Executive Vice President and Chief Financial Officer) from $520,000 to $640,000. Stockholders approved amendments to the Restated Certificate of Incorporation that replace several supermajority thresholds with a majority-of-outstanding-shares standard. The changes cover adopting, amending or repealing bylaws (previously 75%), removing a director for cause (previously 75%), adopting or authorizing a Fundamental Change (previously two-thirds), and altering or repealing charter provisions (previously 75%). The Certificate of Amendment is filed as Exhibit 3.1. At the annual meeting, Robert Mehrabian, Jane C. Sherburne and Michael T. Smith were elected as Class II directors for two-year terms expiring in 2027. Stockholders also ratified Deloitte & Touche LLP as the independent registered public accounting firm for 2025 (42,500,876 for, 475,165 against) and approved the non-binding advisory resolution on executive compensation (38,532,145 for, 1,768,219 against). A stockholder proposal to support the ability to call a special shareholder meeting received 23,804,387 votes for and 16,492,022 against. Charles Crocker retired from the Board immediately before the meeting.

Apr 24, 2025 8-K

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

Teledyne Technologies Incorporated (NYSE:TDY) reported first quarter 2025 net sales of $1,449.9 million, 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 $4.95, 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 million, 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 $21.50, 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.

Apr 23, 2025 10-K

Teledyne Technologies Annual Report, Year Ended Dec 29, 2024

Teledyne Technologies Incorporated reported fiscal 2024 net sales of $5.67 billion, up 0.6% from $5.64 billion in 2023, while operating income declined 4.4% to $989.1 million. The decline was driven primarily by $52.5 million of pretax, non-cash trademark impairments recorded in 2024 in the Digital Imaging and Instrumentation segments. Net income attributable to Teledyne was $819.2 million, or $17.21 diluted earnings per share, down from $885.7 million and $18.49 in 2023. Digital Imaging, the largest segment at $3.07 billion in net sales, saw sales decline 2.3% and operating income fall 14.6%, while Instrumentation, Aerospace and Defense Electronics, and Engineered Systems sales all increased or were flat. Cash generation strengthened materially. Net cash provided by operating activities was $1,191.9 million, compared with $836.1 million in 2023, and free cash flow (operating cash flow less capital expenditures) was $1,108.2 million. The company used cash to reduce debt, repaying $450.0 million of senior notes and a $150.0 million term loan, and repurchased $354.0 million of stock. Long-term debt, including unamortized issuance costs, declined to $2,649.0 million from $3,244.9 million at year-end 2023. Total goodwill of $7,990.5 million, of which $5,827.1 million relates to the FLIR reporting unit, remains a significant balance sheet item. Looking ahead, the filing notes two acquisitions completed after year-end: Micropac Industries for approximately $57.6 million on December 30, 2024, and select aerospace and defense electronics businesses of Excelitas Technologies for approximately $700.3 million on February 3, 2025. The company describes an uncertain tariff environment, U.S. government funding risks, and export control matters, including voluntary disclosures related to Teledyne FLIR shipments, and plans approximately $130 million of capital expenditures in 2025.

Feb 21, 2025 8-K

Teledyne Technologies 8-K Report, Executive Changes (Jan 22, 2025)

Teledyne Technologies Incorporated's Personnel and Compensation Committee, at its January 21, 2025 meeting, authorized payment of 2024 fiscal year Annual Incentive Plan (AIP) cash bonuses to five Named Executive Officers identified in the company's 2024 Proxy Statement. The largest AIP award was $1,176,100 for Executive Chairman Robert Mehrabian, followed by $769,800 for CEO Edwin Roks, $584,200 for President and COO George C. Bobb III, $438,600 for Vice Chairman Jason VanWees, and $317,300 for Senior Vice President and CFO Stephen F. Blackwood. The Board ratified these actions. The Committee also authorized payment of cash Performance Plan awards for the 2022-2024 performance period, finding that performance goals were achieved at 70.3% of target. Payments ranged from $126,540 (Blackwood) to $1,237,280 (Mehrabian). The Committee set 2025 AIP goals and established a 2025-2027 Performance-Based Restricted Stock Unit Award Program and a 2025-2027 cash Performance Plan. AIP awards are weighted 40% to operating profit, 25% to revenue, 15% to managed working capital as a percentage of revenue, and 20% to individual objectives, with up to 200% of target payable for significant over-achievement and an AIP pool not to exceed 11% of operating profit. The 2025-2027 restricted stock units vest based on Teledyne's three-year total shareholder return relative to the S&P 500 Index, with no vesting below the 25th percentile. The 2025-2027 Performance Plan is weighted 40% to operating profit, 30% to revenue and 30% to total shareholder return against the S&P 500 Index.

Jan 22, 2025 8-K

Teledyne Technologies 8-K Report, Financial Results (Jan 22, 2025)

Teledyne Technologies Incorporated reported record fourth-quarter 2024 net sales of $1,502.3 million, up 5.4% from $1,425.0 million a year earlier, and record non-GAAP diluted earnings per share of $5.52. GAAP diluted EPS fell to $4.20 from $6.75, reflecting $52.5 million of non-cash trademark impairments, $49.7 million of acquired intangible amortization, and lower FLIR-related tax benefits ($16.6 million versus $102.2 million). For full year 2024, net sales were $5,670.0 million, up 0.6%, with GAAP diluted EPS of $17.21 (versus $18.49) and non-GAAP diluted EPS of $19.73. Record cash from operations of $1,191.9 million and free cash flow of $1,108.2 million supported $1.1 billion of capital deployment across debt repayment, share repurchases and acquisitions, with the quarter-end Consolidated Leverage Ratio at 1.5x. The company guided to full-year 2025 GAAP diluted EPS of $17.70 to $18.20 and non-GAAP diluted EPS of $21.10 to $21.50, with first-quarter 2025 GAAP EPS of $3.90 to $4.04 and non-GAAP EPS of $4.80 to $4.90. The outlook includes the recently completed Micropac acquisition but excludes the pending purchase of select aerospace and defense electronics businesses from Excelitas Technologies Corp. Management expects to deploy approximately $770 million on acquisitions in the first quarter of 2025. Management also cited a strong U.S. dollar and an unpredictable geopolitical environment as reasons for continued vigilance. Segment results were mixed. Digital Imaging operating income fell to $90.8 million from $134.3 million, mainly due to the $49.5 million trademark impairment, while Instrumentation operating income rose 11.1% and Aerospace and Defense Electronics rose 12.8%. Engineered Systems operating income declined 20.3%. The filing also reports that director Charles Crocker will retire at the end of his term at the 2025 Annual Meeting of Stockholders, and that the Board will reduce its size from 11 to 10 directors effective immediately before that meeting.

Jan 22, 2025 10-Q

Teledyne Technologies Quarterly Report for Q3 Ended Sep 29, 2024

Teledyne Technologies Incorporated (TDY) reported third-quarter 2024 net sales of $1,443.5 million, up 2.9% from $1,402.5 million a year earlier, and nine-month net sales of $4,167.7 million, down 1.0% from $4,210.5 million. Third-quarter net income attributable to Teledyne rose 31.9% to $262.0 million, and diluted EPS was $5.54 versus $4.15. The filing states that the increase was driven primarily by the favorable resolution of an uncertain tax position with foreign tax authorities around transfer pricing between certain FLIR subsidiaries, which produced net discrete income tax benefits of $62.3 million in the quarter. Nine-month net income attributable to Teledyne rose 10.3% to $620.7 million, with diluted EPS of $13.01 versus $11.75. Operating income was $270.7 million in the third quarter, up 2.4%, and $752.0 million for the nine months, down 1.4%. Digital Imaging, the largest segment at $768.4 million of third-quarter sales, saw operating income fall 9.1%, while Instrumentation, Aerospace and Defense Electronics, and Engineered Systems (in the quarter) improved. The company stated that Test and Measurement and industrial automation markets weakened more than planned in the first half but are believed to have stabilized or are beginning to recover. Cash flow from operations was $859.5 million for the first nine months, up from $671.7 million, and the company repurchased $332.6 million of stock during the period under a $1.25 billion authorization. Balance-sheet items included cash and equivalents of $561.0 million, total debt of $2,798.0 million after a $450 million senior note repayment in April 2024, and $1,171.1 million available under the $1.20 billion credit facility. The company disclosed voluntary export-control disclosures to U.S. and foreign authorities related to Teledyne FLIR shipments, whose outcome it cannot reasonably estimate, and a Department of Justice civil investigation concerning an ejection seat sequencer program.

Oct 28, 2024 8-K

Teledyne Technologies 8-K Report, Financial Results (Oct 23, 2024)

Teledyne Technologies Incorporated (NYSE:TDY) reported third quarter 2024 results in Exhibit 99.1, a press release dated October 23, 2024. Third quarter net sales were $1,443.5 million, up from $1,402.5 million, an increase of 2.9%, described as an all-time record quarterly sales figure. GAAP net income attributable to Teledyne was $262.0 million, or $5.54 per diluted share, versus $198.6 million ($4.15) a year earlier, while non-GAAP diluted EPS was $5.10 compared with $5.05. The quarter's GAAP results were lifted by $62.3 million of net discrete income tax benefits, primarily from resolving an uncertain tax position tied to a pre-acquisition FLIR tax matter. Management said orders exceeded sales for the fourth consecutive quarter, and that demand remained robust in defense, space and energy, while commercial businesses have stabilized or are recovering. Segment results were mixed. Digital Imaging net sales fell 1.0% and operating income fell 9.1%, driven by lower industrial automation imaging and X-ray sales. Instrumentation sales rose 6.3% and operating income rose 12.6%, led by marine instrumentation, while Aerospace and Defense Electronics sales rose 9.2% and Engineered Systems sales rose 9.4%. Year-to-date, the company repurchased $332.6 million of stock through September 2024, and management cited estimated repurchases of approximately $354 million through October 2024. Net debt was $2,237.0 million at September 29, 2024, down from $2,596.6 million at December 31, 2023. For full year 2024, the company raised its GAAP diluted EPS outlook to $17.28 to $17.42, from $15.87 to $16.13, and narrowed its non-GAAP diluted EPS outlook to $19.35 to $19.45, from $19.25 to $19.45. Fourth quarter 2024 non-GAAP diluted EPS is expected to be in the range of $5.13 to $5.23.

Oct 23, 2024 10-Q

Teledyne Technologies Quarterly Report for Q2 Ended Jun 30, 2024

Teledyne Technologies Incorporated (TDY) reported second-quarter 2024 net sales of $1,374.1 million, down 3.6% from $1,424.7 million in the second quarter of 2023. Net income attributable to Teledyne was $180.2 million, down 2.8%, and diluted earnings per share were $3.77 versus $3.87. For the first six months, net sales were $2,724.2 million (down 3.0%), operating income was $481.3 million (down 3.5%), and diluted EPS was $7.49 versus $7.60. Management stated that industrial automation and electronic test and measurement markets weakened more than planned in the first half of the year. Digital Imaging, the largest segment, saw net sales fall 6.8% in the quarter, while Aerospace and Defense Electronics grew 4.5% and Instrumentation grew 1.6%. Cash flow and balance sheet activity were significant in the period. Net cash provided by operating activities rose to $609.7 million for the first six months, compared with $393.5 million a year earlier, driven by stronger working capital conversion. Total debt fell to $2,797.4 million from $3,244.9 million at year-end 2023, reflecting a $450 million repayment of 0.95% senior notes due April 2024. Cash and cash equivalents declined to $443.2 million from $648.3 million. The company repurchased approximately 0.5 million shares for $193.8 million during the quarter under a new $1.25 billion authorization approved in April 2024, and made two acquisitions in the first half, Adimec and Valeport, for $123.6 million in aggregate net consideration. The filing also discloses open trade compliance matters. Teledyne has made voluntary disclosures to U.S. and non-U.S. export authorities related to Teledyne FLIR shipments, and management states it cannot reasonably estimate the time to resolve these matters or the potential loss, though an unfavorable outcome could be material. Goodwill for the FLIR reporting unit was $5,850.8 million at June 30, 2024, and the filing notes that the FLIR reporting unit's estimated fair value exceeded its carrying value by approximately 6% at the fourth-quarter 2023 assessment.

Jul 29, 2024 8-K

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

Teledyne Technologies Incorporated (NYSE:TDY) reported second quarter 2024 net sales of $1,374.1 million, compared with $1,424.7 million in the second quarter of 2023, a decrease of 3.6%. GAAP net income attributable to Teledyne was $180.2 million ($3.77 diluted earnings per share), versus $185.3 million ($3.87) a year earlier, a decrease of 2.8%. Non-GAAP diluted earnings per share was $4.58, compared with $4.67 in the prior-year quarter. Orders exceeded sales for the third consecutive quarter, and the company cited record backlog. Management said it is reasonably confident quarterly sales will increase sequentially and that year-over-year growth will return in the second half of 2024. Cash flow was a standout. Cash provided by operating activities was $318.7 million, described as an all-time record, and free cash flow was $301.0 million. The company made a $450 million debt maturity payment during the quarter and completed the Valeport and Adimec acquisitions for aggregate consideration of $123.6 million. Net debt fell to $2,354.2 million at June 30, 2024, from $2,596.6 million at December 31, 2023, and the quarter-end Consolidated Leverage Ratio was 1.7x. The company repurchased approximately 0.5 million shares for $193.8 million in the quarter and expects stock repurchases to continue under its current $1.25 billion authorization. Guidance was mixed. The company affirmed its full-year 2024 non-GAAP diluted EPS outlook of $19.25 to $19.45, while its GAAP diluted EPS outlook is $15.87 to $16.13. For the third quarter, management projects non-GAAP diluted EPS of $4.90 to $5.00 and GAAP diluted EPS of $4.02 to $4.16. Segment results were uneven: Digital Imaging sales fell 6.8%, Engineered Systems sales fell 8.7%, while Instrumentation rose 1.6% and Aerospace and Defense Electronics rose 4.5%.

Jul 24, 2024 8-K

Teledyne Technologies 8-K Report, Material Agreement (Jun 12, 2024)

On June 10, 2024, Teledyne Technologies Incorporated (TDY), as borrower and guarantor, together with certain foreign subsidiaries designated as borrowers and its subsidiary Teledyne FLIR, LLC as subsidiary guarantor, entered into a Second Amended and Restated Credit Agreement. The new agreement amends and restates in its entirety the Prior Credit Agreement dated March 4, 2021, as amended in October 2021 and April 2023. The facility provides for aggregate revolving loan commitments of up to $1,200,000,000, letters of credit with an aggregate face amount of up to $500,000,000, and swing line loans of up to $10,000,000. Loans mature on June 10, 2029. Interest accrues at variable rates, based on Term SOFR or Base Rate for U.S. dollar loans and Alternative Currency rates for other currencies, plus an applicable margin tied to Teledyne's public long-term unsecured debt ratings. Teledyne Netherlands B.V. and Teledyne Digital Imaging, Inc. are designated borrowers, and Teledyne has guaranteed their obligations. The filing states that the covenants, representations and events of default are substantially similar to those in the Prior Credit Agreement. The agreement is filed as Exhibit 10.1, and the filing also reports the related direct financial obligation under Item 2.03.

Jun 12, 2024 10-Q

Teledyne Technologies Quarterly Report for Q1 Ended Mar 31, 2024

Teledyne Technologies Incorporated (TDY) reported first-quarter 2024 net sales of $1,350.1 million, down 2.4% from $1,383.3 million in the first quarter of 2023. Operating income was $234.3 million, down 3.4% from $242.5 million, and net income attributable to Teledyne was $178.5 million, down 0.1% from $178.7 million. Diluted earnings per share were $3.72, compared with $3.73 a year earlier. Management said its industrial automation and test and measurement markets weakened more than planned in the quarter and now forecasts full-year 2024 sales for products in those markets to decline meaningfully. Digital Imaging sales fell 4.1% and Engineered Systems fell 10.5%, while Aerospace and Defense Electronics rose 7.2% and Instrumentation fell 0.9%. Cash and cash equivalents rose to $912.4 million from $648.3 million at year-end 2023, and operating cash flow was $291.0 million, compared with $203.0 million. Total debt was $3,246.3 million. Subsequent to quarter-end, the company made a $450 million payment on its April 2024 Senior Notes. On April 23, 2024, the Board authorized a stock repurchase program of up to $1.25 billion, superseding prior programs; no repurchases were made in the first quarter. The filing also discloses voluntary disclosures to U.S. and non-U.S. export authorities concerning Teledyne FLIR shipments, for which the company could not reasonably estimate the resolution timing or potential loss. Subsequent events include the April 10, 2024 acquisition of Valeport and a pending agreement to acquire Adimec, expected to close in the first half of 2024.

Apr 29, 2024 8-K

Teledyne Technologies 8-K Report, Bylaw Amendment (Apr 25, 2024)

Teledyne Technologies Incorporated (TDY) filed this Form 8-K to report results from its 2024 Annual Meeting of Stockholders, held April 24, 2024, and to disclose amendments to its Restated Certificate of Incorporation and bylaws. Stockholders approved a phased-in declassification of the Board of Directors, under which all directors will be elected annually beginning at the 2027 Annual Meeting, and approved officer exculpation from monetary damages for breach of fiduciary duty to the extent permitted under the Delaware General Corporation Law. The Fifth Amended and Restated Bylaws were updated to reflect the same board declassification provisions. At the meeting, Denise R. Singleton, Simon M. Lorne, Vincent J. Morales and Wesley W. von Schack were elected as Class I directors for three-year terms expiring at the 2027 Annual Meeting. Stockholders also ratified Deloitte & Touche LLP as the independent registered public accounting firm for 2024, approved the non-binding advisory resolution on executive compensation, and approved a stockholder proposal to adopt simple majority voting. The vote on the executive compensation resolution was 40,093,486 for and 1,736,666 against. The filing's exhibits include the Certificate of Amendment to the Restated Certificate of Incorporation, the Fifth Amended and Restated Bylaws, a blackline of those bylaws showing changes, and the cover page interactive data file.

Apr 25, 2024 8-K

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

Teledyne Technologies Incorporated reported first quarter 2024 net sales of $1,350.1 million, 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 million, 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 $16.27 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 billion, 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.

Apr 24, 2024 10-K

Teledyne Technologies Annual Report, Year Ended Dec 31, 2023

Teledyne Technologies Incorporated (NYSE: TDY) reported 2023 net sales of $5,635.5 million, up from $5,458.6 million in 2022, and net income attributable to Teledyne of $885.7 million, up from $788.6 million. Operating income rose to $1,034.4 million from $972.0 million. Diluted earnings per share were $18.49, compared with $16.53 in 2022. The filing notes that 2023 net income included net discrete tax benefits of $137.5 million, versus $86.7 million in 2022, and the effective tax rate was 7.5% compared with 13.1% in 2022. The company operates four segments: Digital Imaging (56% of 2023 net sales), Instrumentation (23%), Aerospace and Defense Electronics (13%) and Engineered Systems (8%). Digital Imaging operating income was $517.4 million, roughly flat year over year, while Instrumentation operating income rose to $338.3 million. U.S. Government sales were $1,381.7 million, or 24.5% of total net sales. Cash provided by operating activities was $836.1 million, and free cash flow was $721.2 million. Long-term debt fell to $3,244.9 million from $3,920.6 million after repayments during 2023. Risk factors highlighted in the filing include a possible recession, China economic slowdown, a cyclical semiconductor downturn affecting Digital Imaging and Instrumentation, government funding and shutdown risks, tariffs and export restrictions, and the goodwill and trademark carrying values for the FLIR reporting unit, where estimated fair value exceeded carrying value by approximately $460 million or 6%. The company completed two acquisitions in 2023 and announced an agreement on February 13, 2024 to acquire Adimec Holding B.V.

Feb 23, 2024 8-K

Teledyne Technologies 8-K Report, Executive Changes (Jan 25, 2024)

Teledyne Technologies Incorporated (TDY) filed this Form 8-K under Item 5.02 to disclose compensation actions taken by its Personnel and Compensation Committee at a meeting on January 23, 2024, which the Board of Directors ratified. The Committee authorized 2023 fiscal year Annual Incentive Plan (AIP) cash bonuses for the Named Executive Officers, with Robert Mehrabian (Executive Chairman) receiving $1,352,500, Edwin Roks (Chief Executive Officer) $335,700, George C. Bobb III (President and Chief Operating Officer) $429,100, Jason VanWees (Vice Chairman) $365,300, and Susan L. Main (former Senior Vice President and Chief Financial Officer) $362,000. The Committee also authorized payouts under the cash Performance Plan for the 2021-2023 performance period, where performance goals were achieved at 118.9% of target. Payments ranged from $237,894 for Bobb to $1,823,896 for Mehrabian, with Roks receiving $357,336, VanWees $269,455 and Main $271,415. Looking forward, the Committee set 2024 AIP goals and established a 2024-2026 Performance-Based Restricted Stock Unit Award program and a 2024-2026 three-year Performance Plan. AIP awards are weighted 40% operating profit, 25% revenue, 15% managed working capital as a percentage of revenue and 20% individual objectives, with a pool capped at 11% of operating profit. The restricted stock units vest based on three-year total shareholder return relative to the S&P 500, and the Performance Plan is weighted 40% operating profit, 30% revenue and 30% total shareholder return. Target levels for these 2024 programs are expressed as percentages of base salary, with Roks carrying the highest targets.

Jan 25, 2024 8-K

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

Teledyne Technologies Incorporated (NYSE:TDY) furnished an 8-K under Item 2.02 attaching its press release reporting fourth quarter and full fiscal year 2023 results. The company reported all-time record orders of $1,519.4 million and all-time record sales of $1,425.0 million for the fourth quarter, with fourth quarter net sales of $1,425.0 million versus $1,418.2 million a year earlier. Fourth quarter GAAP diluted earnings per share were $6.75 (non-GAAP $5.44), and full year GAAP diluted EPS was $18.49 (non-GAAP $19.69) on full year sales of $5,635.5 million. Net income attributable to Teledyne for the full year was $885.7 million, compared with $788.6 million for 2022. Fourth quarter GAAP results were boosted by $102.2 million of acquisition-related discrete income tax benefits, and the release notes that the quarter's effective tax rate was negative 27.3%. Management attributed sales growth mainly to marine, medical and aerospace businesses, offsetting headwinds in industrial automation and laboratory instrumentation. Net debt declined to $2,596.6 million at December 31, 2023 from $3,282.5 million a year earlier, and the company repaid approximately $680 million of debt during 2023. The consolidated leverage ratio improved to 1.9x. For 2024, management guided to full year GAAP diluted EPS of $17.15 to $17.53 and non-GAAP diluted EPS of $20.35 to $20.68, with first quarter 2024 GAAP diluted EPS of $3.73 to $3.86 and non-GAAP of $4.55 to $4.65. The company expects an annual tax rate of 22.5% before discrete items. The release also lists risk factors including foreign currency, interest rates, supply chain, defense spending, Boeing 737 MAX production issues and geopolitical conflicts.

Jan 24, 2024 10-Q

Teledyne Technologies Quarterly Report for Q3 Ended Oct 1, 2023

Teledyne Technologies Incorporated's third-quarter 2023 Form 10-Q reports net sales of $1,402.5 million, up 2.9% from $1,363.6 million, and net income attributable to Teledyne of $198.6 million, up 11.4%. Diluted earnings per share were $4.15 versus $3.74 a year earlier. Operating income rose 7.8% to $264.3 million, with Instrumentation operating income up 20.3% and Digital Imaging sales slightly down 0.3%. For the first nine months, net sales were $4,210.5 million (up 4.2%), while net income attributable to Teledyne was essentially flat at $562.6 million and diluted EPS was $11.75 versus $11.79, with the nine-month results affected by a lower effective tax rate comparison and foreign exchange losses in other income and expense. Cash flow improved markedly, with operating cash flow of $671.7 million for the first nine months versus $249.1 million, largely because the prior-year period included a $296.4 million payment to the Swedish Tax Authority. Total debt fell to $3,244.1 million from $3,920.6 million at January 1, 2023, as the company repaid the $300.0 million 0.65% notes due April 2023, $125.0 million on its credit facility, and the remaining $245.0 million term loan. Cash and cash equivalents were $508.6 million at quarter end. The filing notes approximately $139 million of federal tax payments were deferred into the fourth quarter of 2023 due to IRS relief related to California floods. Management disclosed $5.8 million of FLIR-related integration costs in the third quarter and expects an additional $3.0 million to $4.0 million of pretax costs over the next six months. The company completed the ChartWorld acquisition in the first quarter for $53.5 million and, after quarter end, acquired Xena Networks. The filing also discloses unresolved voluntary export-control disclosures involving Teledyne FLIR, for which management cannot estimate the potential loss or penalty.

Oct 27, 2023 8-K

Teledyne Technologies 8-K Report, Financial Results (Oct 25, 2023)

Teledyne Technologies Incorporated (NYSE: TDY) reported record third quarter 2023 results, with net sales of $1,402.5 million, up 2.9% from $1,363.6 million a year earlier. GAAP net income attributable to Teledyne was $198.6 million, or $4.15 per diluted share, versus $178.3 million ($3.74 per share) in the third quarter of 2022. Non-GAAP net income was $241.9 million, or $5.05 per diluted share, compared with $216.5 million ($4.54 per share). GAAP operating margin was a record 18.8% and non-GAAP operating margin an all-time record 22.8%. Management attributed results to growth in marine, medical, aerospace and certain defense businesses, along with cost control, while noting that a stronger U.S. dollar and weakness in industrial automation and laboratory instrumentation affected revenue. The company raised its full-year 2023 outlook, with GAAP diluted EPS now expected at $15.82 to $15.96 (previously $15.60 to $15.88) and non-GAAP diluted EPS at $19.20 to $19.30 (previously $19.00 to $19.20). Fourth-quarter 2023 guidance calls for GAAP diluted EPS of $4.07 to $4.21 and non-GAAP diluted EPS of $4.95 to $5.05. The filing also states that the Consolidated Leverage Ratio improved to slightly below 2.0x and that Teledyne acquired Xena Networks on October 13, 2023. Balance sheet deleveraging continued during the first nine months of 2023, when Teledyne repaid approximately $680 million of debt. Net debt fell to $2,735.5 million as of October 1, 2023, from $3,282.5 million at January 1, 2023. Free cash flow for the third quarter was $255.2 million, compared with $252.2 million a year earlier, and $1,130.9 million remained available under the $1.15 billion credit facility.

Oct 25, 2023 8-K

Teledyne Technologies 8-K Report, Executive Changes (Oct 25, 2023)

On October 24, 2023, Teledyne Technologies Incorporated (NYSE: TDY) announced a leadership transition effective January 1, 2024. Robert Mehrabian, currently Chairman, President and Chief Executive Officer, will become Executive Chairman, with primary responsibility for managing the Board and directing mergers and acquisitions, strategic planning, technology, and margin expansion. Edwin Roks, currently Executive Vice President, will become Chief Executive Officer, and George C. Bobb III, currently Executive Vice President, will become President and Chief Operating Officer. Melanie S. Cibik, currently Senior Vice President, General Counsel, Chief Compliance Officer and Secretary, will become Executive Vice President, General Counsel, Chief Compliance Officer and Secretary. Jason VanWees, Vice Chairman, will continue in his current role. The Mehrabian Employment Agreement was amended and extended through December 31, 2026. It sets his base salary at $1,100,000 effective January 1, 2024, a 150% annual incentive target, annual restricted stock grants equal to 100% of base salary, and a Performance Plan target equal to 100% of base salary. Compensation for Dr. Roks rises to a $900,000 base salary with a 120% target across incentive programs, and Mr. Bobb's base salary rises to $640,000 with a 100% target. Stephen F. Blackwood, who becomes Senior Vice President and Chief Financial Officer effective December 1, 2023, will see his base salary increase from $416,000 to $520,000, with his 2023 AIP target raised from 60% to 80% on a prorated basis. Separately, the Board took action to declassify itself, subject to stockholder approval at the 2024 Annual Meeting. If approved, all directors would be elected annually starting at the 2027 Annual Meeting.

Oct 25, 2023 10-Q

Teledyne Technologies Quarterly Report for Q3 Ended Jul 2, 2023

Teledyne Technologies Incorporated reported second-quarter 2023 net sales of $1,424.7 million, up 5.1% from $1,355.8 million a year earlier, and operating income of $256.1 million, up 11.6% from $229.5 million. Net income attributable to Teledyne rose 8.2% to $185.3 million for the quarter, with diluted earnings per share of $3.87 versus $3.59. For the first six months, net sales rose 4.9% to $2,808.0 million and operating income rose 10.1% to $498.6 million. Six-month net income attributable to Teledyne decreased 5.2% to $364.0 million, primarily due to higher income tax expense; the effective tax rate was 20.6% versus 9.6% a year earlier, which included a $49.4 million discrete benefit in 2022. All four segments grew net sales in the quarter: Digital Imaging ($793.3 million, up 2.3%), Instrumentation ($328.4 million, up 5.1%), Aerospace and Defense Electronics ($186.0 million, up 10.2%) and Engineered Systems ($117.0 million, up 18.5%). Operating income also rose in each segment. Cash and cash equivalents fell to $364.2 million from $638.1 million at January 1, 2023, as Teledyne repaid $570.0 million of debt in the first half, including $300.0 million of notes that matured in April 2023. Total debt declined to $3,353.3 million from $3,920.6 million, and operating cash flow improved to $393.5 million from negative $19.8 million, though the company said about $102 million of second-quarter federal tax payments were postponed to October 2023. Management expects to record $10.0 million to $12.0 million of pretax costs in the second half of 2023 related to FLIR facility consolidation, lease impairments and employee separation. The company also noted continuing supply chain constraints and cost inflation, and disclosed unresolved voluntary export-compliance disclosures tied to FLIR, for which it could not estimate the potential loss or penalty.

Jul 31, 2023 8-K

Teledyne Technologies 8-K Report, Executive Changes (Jul 31, 2023)

Teledyne Technologies Incorporated (NYSE: TDY) filed this Form 8-K under Item 5.02 to announce executive changes, disclosed through a press release dated July 31, 2023 (Exhibit 99.1). George C. Bobb III was promoted to Executive Vice President effective July 25, 2023. He remains President of the Aerospace and Defense Electronics Segment and gains additional leadership responsibility for the Marine Instrumentation group, the Engineered Systems Segment, Teledyne Scientific & Imaging, and the Information Technology function. His new annual base salary was set at $546,000 by the Personnel and Compensation Committee on July 25, 2023. Susan L. Main, Senior Vice President and Chief Financial Officer, will retire effective December 1, 2023. She joined Teledyne in 2004 and had been CFO since 2012. Stephen F. Blackwood, currently Senior Vice President, Strategic Sourcing, Tax and Treasurer, will succeed her as Senior Vice President and CFO on December 1, 2023. The press release states that Blackwood has completed over $5 billion in debt financings since joining Teledyne in 2008 and helped reduce risks tied to the company's historic pension plan. The filing also notes that Luis Arrieta, previously Executive Director and Assistant Treasurer at Amgen Inc., has joined Teledyne as Executive Director and Associate Treasurer and is expected to become Vice President and Treasurer on December 1, 2023. Chairman, President and CEO Robert Mehrabian praised Main's leadership and described the transition as expected to be smooth.

Jul 31, 2023 8-K

Teledyne Technologies 8-K Report, Financial Results (Jul 26, 2023)

Teledyne Technologies Incorporated (NYSE: TDY) reported record second quarter 2023 net sales of $1,424.7 million, up 5.1% from $1,355.8 million a year earlier, along with record second quarter GAAP diluted earnings per share of $3.87 (versus $3.59) and record GAAP operating margin of 18.0%. Non-GAAP diluted EPS was $4.67 versus $4.43, and non-GAAP operating margin was 21.4%. Net sales and GAAP and non-GAAP operating margins increased year-over-year in every segment, with Digital Imaging, which includes Teledyne FLIR, showing orders and quarter-end backlog described as nearly records. The company reiterated its full-year 2023 non-GAAP diluted EPS outlook of $19.00 to $19.20 and set full-year 2023 GAAP diluted EPS guidance of $15.60 to $15.88, with third-quarter GAAP EPS of $3.76 to $3.90. Management expects $10.0 million to $12.0 million of further pretax FLIR-related integration costs in the second half of 2023 and is accelerating relocation of select Teledyne FLIR operations to existing sites. Balance sheet deleveraging continued: total debt fell to $3,353.3 million and net debt to $2,989.1 million as of July 2, 2023, from $3,282.5 million at January 1, 2023. The company repaid $570.0 million of debt in the first half, reduced gross debt by $620 million year-to-date through July 26, and stated its consolidated leverage ratio declined to 2.1x. Free cash flow for the quarter was $163.2 million.

Jul 26, 2023 10-Q

Teledyne Technologies Quarterly Report for Q2 Ended Apr 2, 2023

Teledyne Technologies Incorporated reported first-quarter 2023 net sales of $1,383.3 million, up 4.7% from $1,321.0 million a year earlier. Operating income rose 8.5% to $242.5 million, with higher operating income in each segment. Net income attributable to Teledyne decreased 15.9% to $178.7 million, primarily because of higher income tax expense; the effective tax rate was 20.1% versus negative 4.7% in the prior-year quarter, and discrete tax benefits were $6.6 million compared with $56.5 million. Diluted earnings per share were $3.73, compared with $4.46. Management cites supply chain constraints and cost inflation as continuing pressures on backlog conversion and margins. Cash flow from operations was $203.0 million, compared with a use of $216.7 million in the prior-year quarter, which included a $296.4 million payment to the Swedish Tax Authority. During the quarter the company repaid $100.0 million on its credit facility and spent $52.5 million on the ChartWorld acquisition. Total debt declined to $3,820.4 million from $3,920.6 million, and the company repaid $300.0 million of senior notes on April 3, 2023. Cash and cash equivalents were $665.2 million at quarter end, and $1,103.9 million was available under the $1.15 billion credit facility. The filing also discloses ongoing trade compliance matters related to FLIR export allegations and voluntary disclosures to U.S. and non-U.S. authorities, for which the company could not estimate the potential loss or penalty. Management stated that the outcome could be material. Remaining performance obligations totaled $3,198.8 million, with approximately 82% expected to be recognized within twelve months.

Apr 28, 2023 8-K

Teledyne Technologies 8-K Report, Shareholder Vote Results (Apr 27, 2023)

Teledyne Technologies Incorporated held its 2023 Annual Meeting of Stockholders on April 26, 2023, and this Form 8-K reports the results of the four matters put to a stockholder vote. Stockholders elected three Class III directors, Kenneth C. Dahlberg, Michelle A. Kumbier and Robert A. Malone, to three-year terms expiring at the 2026 Annual Meeting. Each nominee received more "for" votes than "against" votes, with 2,850,894 broker non-votes recorded on the director election, the executive compensation vote and the frequency vote. Stockholders also ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for 2023, with 42,616,055 votes for and 1,295,991 against. In a non-binding advisory vote, stockholders approved Teledyne's executive compensation, with 38,743,383 votes for and 2,323,619 against. On the frequency of future advisory votes on executive compensation, "1 Year" received the most votes, at 40,503,563, compared with 502,310 for "3 Years," 15,017 for "2 Years" and 80,093 abstentions. Following this result, the Board determined that Teledyne will hold an advisory vote on executive compensation annually until the next required frequency vote.

Apr 27, 2023 8-K

Teledyne Technologies 8-K Report, Financial Results (Apr 26, 2023)

Teledyne Technologies Incorporated (NYSE: TDY) reported first quarter 2023 net sales of $1,383.3 million, up 4.7% from $1,321.0 million a year earlier, with revenue and operating profit growing in every segment. GAAP net income attributable to Teledyne was $178.7 million, or $3.73 per diluted share, compared with $212.6 million ($4.46 per diluted share) in the first quarter of 2022. Non-GAAP diluted earnings per share were $4.53, compared with $4.27 a year earlier. GAAP operating margin was 17.5% and non-GAAP operating margin was 21.1%. Operating cash flow was $203.0 million, compared with cash used in operations of $216.7 million in the prior-year quarter, which included a $296.4 million payment to the Swedish Tax Authority. The company reduced gross debt by $400 million, including a $300 million maturity repaid after quarter-end on April 3, 2023. Net debt was $3,155.2 million as of April 2, 2023, down from $3,282.5 million at January 1, 2023. Management said the consolidated leverage ratio declined to 2.3x after completing the ChartWorld International acquisition. For full year 2023, Teledyne projects GAAP diluted EPS of $15.80 to $16.05 and non-GAAP diluted EPS of $19.00 to $19.20, with the non-GAAP outlook reiterated. Second quarter 2023 GAAP diluted EPS is expected at $3.76 to $3.88 and non-GAAP at $4.56 to $4.66. The filing notes ongoing risks including supply chain constraints, interest rates, defense spending, and Russia-Ukraine conflict effects.

Apr 26, 2023 10-K

Teledyne Technologies Annual Report, Year Ended Jan 1, 2023

Teledyne Technologies Incorporated (NYSE: TDY) reported fiscal 2022 net sales of $5,458.6 million, up 18.3% from $4,614.3 million in 2021, with operating income of $972.0 million versus $624.3 million, and diluted earnings per share of $16.53 compared with $10.05. The growth was driven largely by the May 2021 acquisition of FLIR Systems, which contributed $593.7 million of incremental net sales in 2022, and the Digital Imaging segment, whose net sales rose 28.9% to $3,110.9 million. Net income attributable to Teledyne was $788.6 million, and the effective tax rate was 13.1%, which benefited from $86.7 million of net discrete tax benefits. Cash generation was weaker than earnings. Net cash provided by operating activities fell to $486.8 million from $824.6 million, mainly because of a $296.4 million payment to the Swedish Tax Authority related to a pre-acquisition FLIR tax reassessment, along with higher inventory purchases and income tax payments. Free cash flow was $394.2 million, and adjusted free cash flow, which adds back the Swedish tax payment, was $690.6 million. Total long-term debt including unamortized issuance costs was $3,920.6 million at January 1, 2023, down from $4,099.4 million, and cash and cash equivalents were $638.1 million. The company does not pay cash dividends and repurchased no shares since 2015. Investors should note the risk factors the filing emphasizes: supply chain constraints and cost inflation, U.S. Government contract dependence (about 25% of 2022 net sales), trade tensions with China, and goodwill of $7,873.0 million, which is large relative to total assets of $14,354.0 million. The filing also discloses ongoing FLIR export-control matters for which the company cannot reasonably estimate potential penalties.

Feb 24, 2023