Teledyne Technologies Inc (TDY) Reports Record Q3 2023 Earnings
Teledyne Technologies Inc (NYSE:TDY) reported record Q3 2023 sales of $1,402.5 million, a 2.9% increase compared to last year.
The company also reported a record Q3 GAAP operating margin of 18.8% and diluted earnings per share of $4.15.
Teledyne's full-year 2023 GAAP earnings outlook increased to $15.82 to $15.96 diluted earnings per share.
The company acquired Xena Networks on October 13, 2023.
Teledyne Technologies Inc (NYSE:TDY) announced its Q3 2023 earnings on October 25, 2023. The company reported record net sales of $1,402.5 million, a 2.9% increase compared to Q3 2022. The GAAP operating margin reached a record 18.8%, and diluted earnings per share were $4.15. The company also reported an all-time record non-GAAP operating margin of 22.8% and diluted earnings per share of $5.05.
Financial Highlights
Teledyne's net income for Q3 2023 was $198.6 million ($4.15 diluted earnings per share), an increase of 11.4% compared to Q3 2022. The company's operating margin for Q3 2023 was 18.8%, compared to 18.0% for Q3 2022. The non-GAAP operating margin for Q3 2023 was 22.8%, compared to 21.6% for Q3 2022.
In the third quarter, we achieved record operating margin and earnings per share, said Robert Mehrabian, Chairman, President and Chief Executive Officer. The results across Teledyne were once again driven by our balanced business portfolio. Our overall performance was led by growth in our marine, medical, aerospace and certain defense businesses, coupled with vigilant cost control."
Segment Performance
The Digital Imaging segment's Q3 2023 net sales were $775.8 million, a slight decrease of 0.3% compared to Q3 2022. However, operating income increased by 1.9%. The Instrumentation segment's net sales increased by 7.4% to $329.1 million, with operating income increasing by 20.3%. The Aerospace and Defense Electronics segment's net sales increased by 8.1% to $183.3 million, with operating income increasing by 11.5%. The Engineered Systems segment's net sales increased by 4.1% to $114.3 million, but operating income decreased by 8.4%.
Outlook
Based on its current outlook, Teledyne's management expects Q4 2023 GAAP diluted earnings per share to be in the range of $4.07 to $4.21 and full-year 2023 GAAP diluted earnings per share to be in the range of $15.82 to $15.96. The company's management also expects Q4 2023 non-GAAP diluted earnings per share to be in the range of $4.95 to $5.05 and full-year 2023 non-GAAP diluted earnings per share to be in the range of $19.20 to $19.30.
This article first appeared on GuruFocus.
