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Teledyne Technologies Q4 Earnings Top Estimates, Sales Rise Y/Y
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Teledyne Technologies Inc. (TDY - Free Report) reported fourth-quarter 2024 adjusted earnings of $5.52 per share, which surpassed the Zacks Consensus Estimate of $5.23 by 5.5%. The bottom line also improved 1.5% from $5.44 recorded a year ago.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
The company recorded GAAP earnings of $4.20 per share, down 37.8% from the prior-year level of $6.75.
TDY reported 2024 adjusted earnings of $19.73 per share, which surpassed the Zacks Consensus Estimate of $19.45 by 1.4%. Full-year earnings also was higher than the year-ago figure of $19.69 per share.
The year-over-year improvement in the bottom line can be attributed to higher net sales in the fourth quarter than the year-ago reported actuals.
Teledyne Technologies Incorporated Price, Consensus and EPS Surprise
Total sales were $1.50 billion, which beat the Zacks Consensus Estimate of $1.45 billion by 3.7%. The top line also rose 5.4% from the $1.43 billion reported a year ago. This improvement can be attributed to higher year-over-year sales recorded in all of its business segments.
The company reported sales of $5.67 billion during 2024, which surpassed the Zacks consensus estimate of $5.62 billion. The full-year sales also was higher than the reported figure of $5.64 billion in 2023.
TDY’s Segmental Performance
Instrumentation: Sales in this segment increased 10.1% year over year to $368.9 million, driven by higher sales of marine instrumentation, an increase in sales of electronic test and measurement instrumentation as well as sales of environmental instrumentation.
The adjusted operating income increased 11.1% year over year to $100.8 million.
Digital Imaging: Quarterly sales in this division increased 2.5% year over year to $822.2 million. The increase was due to higher sales of unmanned air systems, surveillance systems and commercial infrared imaging systems.
The adjusted operating income dropped 32.4% year over year to $90.8 million.
Aerospace & Defense Electronics: Sales in this segment totaled $196.5 million, up 6.8% from the top line recorded in the prior-year quarter. This improvement was driven by higher sales of defense electronics.
The adjusted operating income increased 12.8% year over year to $56.4 million.
Engineered Systems: Revenues in this division improved 11% year over year to $114.7 million, driven by higher sales of engineered products, particularly electronic manufacturing services products and energy systems.
This segment's operating income dropped 20.3% year over year to $9.8 million.
Financial Condition of TDY
Teledyne’s cash and cash equivalents totaled $649.8 million as of Dec. 29, 2024, compared with $648.3 million as of Dec. 31, 2023. Its long-term debt was $2.65 billion at the end of the fourth quarter of 2024 compared with $2.64 billion as of Dec. 31, 2023.
Cashflow from operating activities totaled $1.19 billion during 2024 compared with $0.84 billion in the prior year.
Capital expenditure amounted to $29 million in the fourth quarter, down from $40.2 million in the prior-year quarter.
TDY generated free cash flow of $303.4 million, significantly up from $124.2 million in the prior-year quarter.
TDY’s Guidance
Teledyne expects to generate adjusted earnings in the band of $4.80-$4.90 per share for the first quarter of 2025. The Zacks Consensus Estimate for first-quarter earnings is pegged at $5.14, higher than the company's guided range.
For 2025, Teledyne expects its adjusted earnings to be in the range of $21.10-$21.50 per share. The Zacks Consensus Estimate for earnings is pegged at $21.62 per share, higher than the company’s guided range.
Leidos Holdings, Inc. (LDOS - Free Report) is set to report fourth-quarter 2024 earnings on Feb. 11, 2025, before market open. It has an Earnings ESP of +12.08% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for LDOS’ earnings is pegged at $2.18 per share. The consensus estimate for its sales is pegged at $4.12 billion, indicating year-over-year growth of 3.6%.
Northrop Grumman Corporation (NOC - Free Report) is set to post its fourth-quarter 2024 results on Jan. 30, before market open. It has an Earnings ESP of +1.36% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for NOC’s earnings is pegged at $6.26 per share. The consensus estimate for its sales is pegged at $11.02 billion, indicating year-over-year growth of 3.6%.
CurtissWright (CW - Free Report) is set to report its fourth-quarter results on Feb. 12, after market close. It has an Earnings ESP of +1.29% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for CW’s earnings is pegged at $3.08 per share. The consensus estimate for its sales is pegged at $785.5 million.
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Teledyne Technologies Q4 Earnings Top Estimates, Sales Rise Y/Y
Teledyne Technologies Inc. (TDY - Free Report) reported fourth-quarter 2024 adjusted earnings of $5.52 per share, which surpassed the Zacks Consensus Estimate of $5.23 by 5.5%. The bottom line also improved 1.5% from $5.44 recorded a year ago.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
The company recorded GAAP earnings of $4.20 per share, down 37.8% from the prior-year level of $6.75.
TDY reported 2024 adjusted earnings of $19.73 per share, which surpassed the Zacks Consensus Estimate of $19.45 by 1.4%. Full-year earnings also was higher than the year-ago figure of $19.69 per share.
The year-over-year improvement in the bottom line can be attributed to higher net sales in the fourth quarter than the year-ago reported actuals.
Teledyne Technologies Incorporated Price, Consensus and EPS Surprise
Teledyne Technologies Incorporated price-consensus-eps-surprise-chart | Teledyne Technologies Incorporated Quote
Operational Highlights of TDY
Total sales were $1.50 billion, which beat the Zacks Consensus Estimate of $1.45 billion by 3.7%. The top line also rose 5.4% from the $1.43 billion reported a year ago. This improvement can be attributed to higher year-over-year sales recorded in all of its business segments.
The company reported sales of $5.67 billion during 2024, which surpassed the Zacks consensus estimate of $5.62 billion. The full-year sales also was higher than the reported figure of $5.64 billion in 2023.
TDY’s Segmental Performance
Instrumentation: Sales in this segment increased 10.1% year over year to $368.9 million, driven by higher sales of marine instrumentation, an increase in sales of electronic test and measurement instrumentation as well as sales of environmental instrumentation.
The adjusted operating income increased 11.1% year over year to $100.8 million.
Digital Imaging: Quarterly sales in this division increased 2.5% year over year to $822.2 million. The increase was due to higher sales of unmanned air systems, surveillance systems and commercial infrared imaging systems.
The adjusted operating income dropped 32.4% year over year to $90.8 million.
Aerospace & Defense Electronics: Sales in this segment totaled $196.5 million, up 6.8% from the top line recorded in the prior-year quarter. This improvement was driven by higher sales of defense electronics.
The adjusted operating income increased 12.8% year over year to $56.4 million.
Engineered Systems: Revenues in this division improved 11% year over year to $114.7 million, driven by higher sales of engineered products, particularly electronic manufacturing services products and energy systems.
This segment's operating income dropped 20.3% year over year to $9.8 million.
Financial Condition of TDY
Teledyne’s cash and cash equivalents totaled $649.8 million as of Dec. 29, 2024, compared with $648.3 million as of Dec. 31, 2023. Its long-term debt was $2.65 billion at the end of the fourth quarter of 2024 compared with $2.64 billion as of Dec. 31, 2023.
Cashflow from operating activities totaled $1.19 billion during 2024 compared with $0.84 billion in the prior year.
Capital expenditure amounted to $29 million in the fourth quarter, down from $40.2 million in the prior-year quarter.
TDY generated free cash flow of $303.4 million, significantly up from $124.2 million in the prior-year quarter.
TDY’s Guidance
Teledyne expects to generate adjusted earnings in the band of $4.80-$4.90 per share for the first quarter of 2025. The Zacks Consensus Estimate for first-quarter earnings is pegged at $5.14, higher than the company's guided range.
For 2025, Teledyne expects its adjusted earnings to be in the range of $21.10-$21.50 per share. The Zacks Consensus Estimate for earnings is pegged at $21.62 per share, higher than the company’s guided range.
TDY’s 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.
Upcoming Defense Releases
Leidos Holdings, Inc. (LDOS - Free Report) is set to report fourth-quarter 2024 earnings on Feb. 11, 2025, before market open. It has an Earnings ESP of +12.08% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for LDOS’ earnings is pegged at $2.18 per share. The consensus estimate for its sales is pegged at $4.12 billion, indicating year-over-year growth of 3.6%.
Northrop Grumman Corporation (NOC - Free Report) is set to post its fourth-quarter 2024 results on Jan. 30, before market open. It has an Earnings ESP of +1.36% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for NOC’s earnings is pegged at $6.26 per share. The consensus estimate for its sales is pegged at $11.02 billion, indicating year-over-year growth of 3.6%.
CurtissWright (CW - Free Report) is set to report its fourth-quarter results on Feb. 12, after market close. It has an Earnings ESP of +1.29% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for CW’s earnings is pegged at $3.08 per share. The consensus estimate for its sales is pegged at $785.5 million.