Teledyne Technologies Reports Second Quarter Results

This condensed consolidated financial statement was prepared in accordance with U.S. GAAP.


TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2024 AND JULY 2, 2023 (Unaudited - in millions, except per share amounts)
	Second Quarter 2024						Second Quarter 2023
	Income (loss) before income taxes		Net (loss) income attributable to Teledyne		Diluted earnings per common share		Income (loss) before income taxes		Net (loss) income attributable to Teledyne		Diluted earnings per common share
GAAP	$	231.7	$	180.2	$	3.77	$	234.9	$	185.3	$	3.87
Adjusted for specified items:
FLIR integration costs		1.0		0.8		0.02		—		—		—
Acquired intangible asset amortization		49.1		37.5		0.78		49.3		38.0		0.79
FLIR acquisition-related tax matters		—		0.2		0.01		—		0.4		0.01
Non-GAAP	$	281.8	$	218.7	$	4.58	$	284.2	$	223.7	$	4.67


	Six Months 2024						Six Months 2023
	Income (loss) before income taxes		Net (loss) income attributable to Teledyne		Diluted earnings per common share		Income (loss) before income taxes		Net (loss) income attributable to Teledyne		Diluted earnings per common share
GAAP	$	457.2	$	358.7	$	7.49	$	458.6	$	364.0	$	7.60
Adjusted for specified items:
FLIR integration costs		3.2		2.5		0.05		—		—		—
Acquired intangible asset amortization		98.5		75.3		1.57		99.0		76.2		1.58
FLIR acquisition-related tax matters		—		0.5		0.01		—		0.7		0.02
Non-GAAP	$	558.9	$	437.0	$	9.12	$	557.6	$	440.9	$	9.20

	Second Quarter 2024				Second Quarter 2023
	Operating income (loss)		Operating margin		Operating income (loss)		Operating margin
GAAP	$	247.0	18.0	%	$	256.1	18.0	%
Adjusted for specified items:
FLIR integration costs		1.0				—
Acquired intangible asset amortization		49.1				49.3
Non-GAAP	$	297.1	21.6	%	$	305.4	21.4	%


	Six Months 2024				Six Months 2023
	Operating income (loss)		Operating margin		Operating income (loss)		Operating margin
GAAP	$	481.3	17.7	%	$	498.6	17.8	%
Adjusted for specified items:
FLIR integration costs		3.2				—
Acquired intangible asset amortization		98.5				99.0
Non-GAAP	$	583.0	21.4	%	$	597.6	21.3	%

TELEDYNE TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited - in millions)

Second Quarter 2024

GAAP Operating Income (loss)

Acquired intangible asset amortization

FLIR integration costs

Non-GAAP Operating Income (loss)

Digital Imaging

113.5

45.4

1.0

159.9

Instrumentation

87.2

3.5

—

90.7

Aerospace and Defense Electronics

57.1

0.2

—

57.3

Engineered Systems

7.5

—

7.5

Corporate expense

(18.3

)

—

(18.3

)

Total

247.0

49.1

1.0

297.1

	Second Quarter 2023
	GAAP Operating Income (loss)			Acquired intangible asset amortization		FLIR integration costs		Non-GAAP Operating Income (loss)

Digital Imaging	$	124.6		$	45.6	$	—	$	170.2
Instrumentation		81.4			3.5		—		84.9
Aerospace and Defense Electronics		53.2			0.2		—		53.4
Engineered Systems		11.5			—		—		11.5
Corporate expense		(14.6	)		—		—		(14.6	)
Total	$	256.1		$	49.3	$	—	$	305.4

Six Months 2024

GAAP Operating Income (loss)

Acquired intangible asset amortization

FLIR integration costs

Non-GAAP Operating Income (loss)

Digital Imaging

227.3

91.2

3.2

321.7

Instrumentation

173.2

6.9

—

180.1

Aerospace and Defense Electronics

109.0

0.4

—

109.4

Engineered Systems

10.2

—

10.2

Corporate expense

(38.4

)

—

(38.4

)

Total

481.3

98.5

3.2

583.0

	Six Months 2023
	GAAP Operating Income (loss)			Acquired intangible asset amortization		FLIR integration costs		Non-GAAP Operating Income (loss)

Digital Imaging	$	246.8		$	91.4	$	—	$	338.2
Instrumentation		162.1			7.2		—		169.3
Aerospace and Defense Electronics		100.2			0.4		—		100.6
Engineered Systems		21.5			—		—		21.5
Corporate expense		(32.0	)		—		—		(32.0	)
Total	$	498.6		$	99.0	$	—	$	597.6


TELEDYNE TECHNOLOGIES INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited - in millions)
	June 30, 2024			December 31, 2023
Current portion of long-term debt	$	150.5		$	600.1
Long-term debt		2,646.9			2,644.8
Total debt - non-GAAP		2,797.4			3,244.9
Less cash and cash equivalents		(443.2	)		(648.3	)
Net debt - non-GAAP	$	2,354.2		$	2,596.6

	Third Quarter 2024				Twelve Months 2024
	Low		High		Low		High
GAAP Diluted Earnings Per Common Share Outlook	$	4.02	$	4.16	$	15.87	$	16.13
Adjusted for specified items:
FLIR integration costs		0.06		0.04		0.16		0.14
Acquired intangible asset amortization		0.82		0.80		3.22		3.18
Non-GAAP Diluted Earnings Per Common Share Outlook	$	4.90	$	5.00	$	19.25	$	19.45

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 Next Page »