Teledyne Technologies Inc. (TDY - Free Report) reported first-quarter 2024 adjusted earnings of $4.55 per share, which missed the Zacks Consensus Estimate of $4.64 by 1.9%. However, the bottom line improved 0.4% from $4.53 recorded in the year-ago quarter.
The company recorded GAAP earnings of $3.72 per share, down 0.3% from the prior-year period’s earnings figure of $3.73.
Operational Highlights
Total sales were $1.35 billion, which missed the Zacks Consensus Estimate of $1.40 billion by 3.6%. The top line also dropped 2.4% from $1.38 billion reported in the year-ago quarter.
This improvement can be attributed to higher year-over-year sales recorded in its Aerospace and Defense Electronics business segment.
Segmental Performance
Instrumentation: Sales in this segment slipped 0.9% year over year to $330.4 million, driven by lower sales from test and measurement instrumentation and environmental instrumentation product lines.
The adjusted operating income increased 5.9% year over year to $89.4 million.
Digital Imaging: Quarterly sales in this division declined 4.1% year over year to $740.8 million. The decrease was due to lower sales of industrial imaging cameras and micro-electro-mechanical systems.
The adjusted operating income dropped 3.7% year over year to $161.8 million.
Aerospace and Defense Electronics: Sales in this segment totaled $185.7 million, up 7.2% from that recorded in the prior-year quarter. The improvement was driven by higher sales of aerospace and defense electronics.
The adjusted operating income increased 10.4% year over year to $52.1 million.
Engineered Systems: Revenues in this division declined 10.5% year over year to $93.2 million due to lower sales of engineered products and energy systems.
This segment's operating income declined 73% to $2.7 million.
Financial Condition
Teledyne’s cash and cash equivalents totaled $912.4 million as of Mar 31, 2024 compared with $648.3 million as of Dec 31, 2023. The total long-term debt was $2.65 billion compared with $2.64 billion as of Dec 31, 2023.
Cashflow from operating activities totaled $291 million at the end of Mar 31, 2024 compared with $203 million as of Mar 31, 2023.
Capital expenditure for the fourth quarter amounted to $15.9 million, down from $24.2 million recorded in the prior-year quarter.
TDY generated free cash flow of $275.1 million at March 2024-end, indicating a 54% year-over-year increase.
Guidance
Teledyne expects to generate adjusted earnings in the band of $4.40-$4.50 per share for the second quarter of 2024. The Zacks Consensus Estimate for TDY’s second-quarter earnings is pegged at $5.07, higher than the company's guided range.
For 2024, Teledyne has lowered its expected adjusted earnings to the range of $19.25-$19.45 per share from its prior guidance range of $20.35-$20.68. The Zacks Consensus Estimate for earnings is pegged at $20.56 per share, higher than the company’s new guidance range.
Zacks Rank
Teledyne currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
RTX Corporation’s (RTX - Free Report) first-quarter 2024 adjusted earnings per share of $1.34 beat the Zacks Consensus Estimate of $1.23 by 8.9%. The bottom line also improved 9.8% from the year-ago quarter’s level of $1.22.
RTX’s first-quarter net sales were $19,305 million, which surpassed the Zacks Consensus Estimate of $18,412.6 million by 4.8%. The top line also improved 12% from $17,214 million recorded in the first quarter of 2023.
Lockheed Martin Corporation (LMT - Free Report) reported first-quarter 2024 adjusted earnings of $6.33 per share, which beat the Zacks Consensus Estimate of $5.80 by 9.1%. However, the bottom line declined 1.6% from the year-ago quarter's recorded figure of $6.43.
Its net sales were $17.20 billion, which surpassed the Zacks Consensus Estimate of $16.19 billion by 6.2%. The top line also increased 13.7% from $15.13 billion reported in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2024 adjusted earnings of 44 cents per share, which came in line with the Zacks Consensus Estimate.
In the first quarter, the company’s net sales totaled $472.3 million, which missed the Zacks Consensus Estimate of $475 million by 0.6%. However, the top line witnessed an improvement of 3.2% from the year-ago quarter’s reported figure of $457.7 million.
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Teledyne Technologies Inc. (TDY - Free Report) reported first-quarter 2024 adjusted earnings of $4.55 per share, which missed the Zacks Consensus Estimate of $4.64 by 1.9%. However, the bottom line improved 0.4% from $4.53 recorded in the year-ago quarter.
The company recorded GAAP earnings of $3.72 per share, down 0.3% from the prior-year period’s earnings figure of $3.73.
Operational Highlights
Total sales were $1.35 billion, which missed the Zacks Consensus Estimate of $1.40 billion by 3.6%. The top line also dropped 2.4% from $1.38 billion reported in the year-ago quarter.
This improvement can be attributed to higher year-over-year sales recorded in its Aerospace and Defense Electronics business segment.
Segmental Performance
Instrumentation: Sales in this segment slipped 0.9% year over year to $330.4 million, driven by lower sales from test and measurement instrumentation and environmental instrumentation product lines.
The adjusted operating income increased 5.9% year over year to $89.4 million.
Digital Imaging: Quarterly sales in this division declined 4.1% year over year to $740.8 million. The decrease was due to lower sales of industrial imaging cameras and micro-electro-mechanical systems.
The adjusted operating income dropped 3.7% year over year to $161.8 million.
Aerospace and Defense Electronics: Sales in this segment totaled $185.7 million, up 7.2% from that recorded in the prior-year quarter. The improvement was driven by higher sales of aerospace and defense electronics.
The adjusted operating income increased 10.4% year over year to $52.1 million.
Engineered Systems: Revenues in this division declined 10.5% year over year to $93.2 million due to lower sales of engineered products and energy systems.
This segment's operating income declined 73% to $2.7 million.
Financial Condition
Teledyne’s cash and cash equivalents totaled $912.4 million as of Mar 31, 2024 compared with $648.3 million as of Dec 31, 2023. The total long-term debt was $2.65 billion compared with $2.64 billion as of Dec 31, 2023.
Cashflow from operating activities totaled $291 million at the end of Mar 31, 2024 compared with $203 million as of Mar 31, 2023.
Capital expenditure for the fourth quarter amounted to $15.9 million, down from $24.2 million recorded in the prior-year quarter.
TDY generated free cash flow of $275.1 million at March 2024-end, indicating a 54% year-over-year increase.
Guidance
Teledyne expects to generate adjusted earnings in the band of $4.40-$4.50 per share for the second quarter of 2024. The Zacks Consensus Estimate for TDY’s second-quarter earnings is pegged at $5.07, higher than the company's guided range.
For 2024, Teledyne has lowered its expected adjusted earnings to the range of $19.25-$19.45 per share from its prior guidance range of $20.35-$20.68. The Zacks Consensus Estimate for earnings is pegged at $20.56 per share, higher than the company’s new guidance range.
Zacks Rank
Teledyne currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
RTX Corporation’s (RTX - Free Report) first-quarter 2024 adjusted earnings per share of $1.34 beat the Zacks Consensus Estimate of $1.23 by 8.9%. The bottom line also improved 9.8% from the year-ago quarter’s level of $1.22.
RTX’s first-quarter net sales were $19,305 million, which surpassed the Zacks Consensus Estimate of $18,412.6 million by 4.8%. The top line also improved 12% from $17,214 million recorded in the first quarter of 2023.
Lockheed Martin Corporation (LMT - Free Report) reported first-quarter 2024 adjusted earnings of $6.33 per share, which beat the Zacks Consensus Estimate of $5.80 by 9.1%. However, the bottom line declined 1.6% from the year-ago quarter's recorded figure of $6.43.
Its net sales were $17.20 billion, which surpassed the Zacks Consensus Estimate of $16.19 billion by 6.2%. The top line also increased 13.7% from $15.13 billion reported in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2024 adjusted earnings of 44 cents per share, which came in line with the Zacks Consensus Estimate.
In the first quarter, the company’s net sales totaled $472.3 million, which missed the Zacks Consensus Estimate of $475 million by 0.6%. However, the top line witnessed an improvement of 3.2% from the year-ago quarter’s reported figure of $457.7 million.
Highest Returns for Any Asset Class
It’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.
Hurry, Download Special Report – It’s FREE >>
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