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Teledyne Technologies Inc. (TDY - Free Report) reported fourth-quarter 2023 adjusted earnings of $5.44 per share, which beat the Zacks Consensus Estimate of $5.06 by 7.5%. The bottom line also improved 10.1% from $4.94 recorded in the year-ago quarter.
The company recorded GAAP earnings of $6.75 per share, up 42.4% from the prior-year period’s figure of $4.74.
TDY reported 2023 adjusted earnings of $19.69 per share, which beat the Zacks Consensus Estimate of $19.31 by 2%. The bottom line also improved 8.2% from $18.19 recorded in the year-ago quarter.
Teledyne Technologies Incorporated Price, Consensus and EPS Surprise
Total sales were $1,425 million, which missed the Zacks Consensus Estimate of $1,445.6 million by 1.4%. The top line, however, grew 0.5% from $1,418.2 million reported in the year-ago quarter.
This improvement can be attributed to higher year-over-year sales recorded across two of its four segments in the fourth quarter, except Digital Imaging and Engineered Systems.
The company generated 2023 total sales of $5.64 billion, which missed the Zacks Consensus Estimate of $5.66 billion by 0.3%. The top line, however, grew 3.2% from $5.46 billion reported in the year-ago quarter.
Segmental Performance
Instrumentation: Sales in this segment improved 2.8% year over year to $335.2 million, driven by higher sales across the marine instrumentation product line.
Adjusted operating income increased 14% year over year to $94.2 million, driven by higher sales and improved product margins.
Digital Imaging: Quarterly sales in this division slipped 0.5% year over year to $802.5 million. The decrease was on account of lower sales of industrial imaging cameras, unmanned air systems, micro-electro-mechanical systems and commercial maritime products.
The adjusted operating income dropped 5.2% year over year to $182.2 million, due to unfavorable product mix as well as higher FLIR integration costs.
Aerospace and Defense Electronics: Sales in this segment totaled $184 million, up 3.4% from that recorded in the prior-year quarter. The improvement was driven by higher sales of aerospace electronics.
Adjusted operating income declined 5.3% year over year to $50.2 million due to unfavorable impact of product mix.
Engineered Systems: Revenues in this division declined 3.8% year over year to $103.3 million, due to lower sales of engineered products.
This segment's operating income improved 32.3% to $12.3 million, driven by a favorable program mix.
Financial Condition
Teledyne’s cash and cash equivalents totaled $648.3 million as of Dec 31, 2023, compared with $638.1 million as of Jan 1, 2023. Total long-term debt was $2,644.8 million compared with $3,620.5 million as of Jan 1, 2023.
Cashflow from operating activities totaled $836.1 million at the end of 2023 compared with $486.8 million in 2022.
Capital expenditure for the fourth quarter amounted to $40.2 million, up from $34.1 million recorded in the prior-year quarter.
TDY generated an adjusted free cash flow of $721.2 million at 2023-end, indicating a 4.4% year-over-year increase.
Guidance
Teledyne expects adjusted earnings in the band of $4.55-$4.65 per share for the first quarter of 2024. The bottom-line estimate is pegged at $4.88, higher than the company's guided range.
For 2024, the company expects adjusted earnings in the range of $20.35-$20.68 per share. The Zacks Consensus Estimate for earnings is pegged at $20.50 per share, lower than the mid-point of the company’s guided range.
Zacks Rank
Teledyne currently carries a Zacks Rank #4 (Sell).
Lockheed Martin Corporation (LMT - Free Report) reported fourth-quarter 2023 adjusted earnings of $7.90 per share, which beat the Zacks Consensus Estimate of $7.26 by 8.8%. The bottom line also improved 1.4% from the year-ago quarter's recorded figure.
The company’s net sales were $18.87 billion in the reported quarter, which surpassed the Zacks Consensus Estimate of $17.98 billion by 4.9%. The top line, however, decreased 0.6% from $18.99 billion reported in the year-ago quarter.
RTX Corporation’s (RTX - Free Report) fourth-quarter 2023 adjusted earnings per share (EPS) of $1.29 beat the Zacks Consensus Estimate of $1.25 by 3.2%. The bottom line also improved 1.6% from the year-ago quarter’s level of $1.27.
RTX’s fourth-quarter adjusted sales totaled $19,824 million. The company reported GAAP sales of $19,927 million compared with $18,093 million in the fourth quarter of 2022.
Upcoming Q4 Defense Earnings
The Boeing Company (BA - Free Report) is set to release fourth-quarter 2023 results on Jan 31, before the opening bell. The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $21.23 billion, indicating a 6.2% year-over-year increase.
The bottom-line estimate for BA is pegged at a loss of 72 cents per share, indicating a significant improvement from the year-ago quarter’s reported loss of $1.75.
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Teledyne (TDY) Q4 Earnings Beat Estimates, Sales Increase Y/Y
Teledyne Technologies Inc. (TDY - Free Report) reported fourth-quarter 2023 adjusted earnings of $5.44 per share, which beat the Zacks Consensus Estimate of $5.06 by 7.5%. The bottom line also improved 10.1% from $4.94 recorded in the year-ago quarter.
The company recorded GAAP earnings of $6.75 per share, up 42.4% from the prior-year period’s figure of $4.74.
TDY reported 2023 adjusted earnings of $19.69 per share, which beat the Zacks Consensus Estimate of $19.31 by 2%. The bottom line also improved 8.2% from $18.19 recorded in the year-ago quarter.
Teledyne Technologies Incorporated Price, Consensus and EPS Surprise
Teledyne Technologies Incorporated price-consensus-eps-surprise-chart | Teledyne Technologies Incorporated Quote
Operational Highlights
Total sales were $1,425 million, which missed the Zacks Consensus Estimate of $1,445.6 million by 1.4%. The top line, however, grew 0.5% from $1,418.2 million reported in the year-ago quarter.
This improvement can be attributed to higher year-over-year sales recorded across two of its four segments in the fourth quarter, except Digital Imaging and Engineered Systems.
The company generated 2023 total sales of $5.64 billion, which missed the Zacks Consensus Estimate of $5.66 billion by 0.3%. The top line, however, grew 3.2% from $5.46 billion reported in the year-ago quarter.
Segmental Performance
Instrumentation: Sales in this segment improved 2.8% year over year to $335.2 million, driven by higher sales across the marine instrumentation product line.
Adjusted operating income increased 14% year over year to $94.2 million, driven by higher sales and improved product margins.
Digital Imaging: Quarterly sales in this division slipped 0.5% year over year to $802.5 million. The decrease was on account of lower sales of industrial imaging cameras, unmanned air systems, micro-electro-mechanical systems and commercial maritime products.
The adjusted operating income dropped 5.2% year over year to $182.2 million, due to unfavorable product mix as well as higher FLIR integration costs.
Aerospace and Defense Electronics: Sales in this segment totaled $184 million, up 3.4% from that recorded in the prior-year quarter. The improvement was driven by higher sales of aerospace electronics.
Adjusted operating income declined 5.3% year over year to $50.2 million due to unfavorable impact of product mix.
Engineered Systems: Revenues in this division declined 3.8% year over year to $103.3 million, due to lower sales of engineered products.
This segment's operating income improved 32.3% to $12.3 million, driven by a favorable program mix.
Financial Condition
Teledyne’s cash and cash equivalents totaled $648.3 million as of Dec 31, 2023, compared with $638.1 million as of Jan 1, 2023. Total long-term debt was $2,644.8 million compared with $3,620.5 million as of Jan 1, 2023.
Cashflow from operating activities totaled $836.1 million at the end of 2023 compared with $486.8 million in 2022.
Capital expenditure for the fourth quarter amounted to $40.2 million, up from $34.1 million recorded in the prior-year quarter.
TDY generated an adjusted free cash flow of $721.2 million at 2023-end, indicating a 4.4% year-over-year increase.
Guidance
Teledyne expects adjusted earnings in the band of $4.55-$4.65 per share for the first quarter of 2024. The bottom-line estimate is pegged at $4.88, higher than the company's guided range.
For 2024, the company expects adjusted earnings in the range of $20.35-$20.68 per share. The Zacks Consensus Estimate for earnings is pegged at $20.50 per share, lower than the mid-point of the company’s guided range.
Zacks Rank
Teledyne currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Q4 Defense Releases
Lockheed Martin Corporation (LMT - Free Report) reported fourth-quarter 2023 adjusted earnings of $7.90 per share, which beat the Zacks Consensus Estimate of $7.26 by 8.8%. The bottom line also improved 1.4% from the year-ago quarter's recorded figure.
The company’s net sales were $18.87 billion in the reported quarter, which surpassed the Zacks Consensus Estimate of $17.98 billion by 4.9%. The top line, however, decreased 0.6% from $18.99 billion reported in the year-ago quarter.
RTX Corporation’s (RTX - Free Report) fourth-quarter 2023 adjusted earnings per share (EPS) of $1.29 beat the Zacks Consensus Estimate of $1.25 by 3.2%. The bottom line also improved 1.6% from the year-ago quarter’s level of $1.27.
RTX’s fourth-quarter adjusted sales totaled $19,824 million. The company reported GAAP sales of $19,927 million compared with $18,093 million in the fourth quarter of 2022.
Upcoming Q4 Defense Earnings
The Boeing Company (BA - Free Report) is set to release fourth-quarter 2023 results on Jan 31, before the opening bell. The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $21.23 billion, indicating a 6.2% year-over-year increase.
The bottom-line estimate for BA is pegged at a loss of 72 cents per share, indicating a significant improvement from the year-ago quarter’s reported loss of $1.75.