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Teledyne Technologies (TDY) Q4 Earnings Beat, Sales Rise Y/Y

Zacks Equity Research
·5 min read

Teledyne Technologies Inc. TDY reported fourth-quarter 2021 adjusted earnings of $4.56 per share, which surpassed the Zacks Consensus Estimate of $4.24 by 7.6%. The bottom line also improved 23.9% from the year-ago quarter’s $3.68 per share.

Including one-time items, the company reported GAAP earnings of $3.39 per share, which declined 2.6% from the year-ago quarter’s $3.48.

The company’s 2021 adjusted earnings came in at $16.86 per share, higher than $11.41 in 2020. The full-year figure also exceeded the Zacks Consensus Estimate of $16.48.

Teledyne Technologies Incorporated Price, Consensus and EPS Surprise

Teledyne Technologies Incorporated Price, Consensus and EPS Surprise
Teledyne Technologies Incorporated Price, Consensus and EPS Surprise

Teledyne Technologies Incorporated price-consensus-eps-surprise-chart | Teledyne Technologies Incorporated Quote

Operational Highlights

Total sales in the fourth quarter amounted to $1,375.7 million, which exceeded the Zacks Consensus Estimate of $1,355.4 million by 1.5%. The top line also improved 70% from $809.3 million reported a year ago. Notably, all segments, except Engineered Systems, recorded higher year-over-year sales in the quarter.

For the full year, Teledyne reported sales of $4.61 billion, up 49.5% from $3.09 billion in the year-ago period.

The full-year top-line figure also exceeded the Zacks Consensus Estimate by 0.4%.

Segmental Performance

Instrumentation: Sales in this segment improved 6.9% year over year to $302.2 million in the fourth quarter. Higher sales of test and measurement instrumentation, marine instrumentation and environmental instrumentation led to the upside.

The segment’s operating income improved 5.5% year over year to $66.7 million, driven by higher sales.

Digital Imaging: Quarterly sales in this division surged 209% year over year to $809.5 million. The improvement was driven by incremental net sales from the FLIR acquisition as well as strong organic sales growth from industrial and scientific sensors and cameras, x-ray products and micro-electro-mechanical systems.

Moreover, the segment’s operating income rose 66% year over year to $94.1 million, driven by contribution from the FLIR acquisition and organic sales growth.

Aerospace and Defense Electronics: In this segment, sales of $163.3 million went up 12.5% from the prior-year quarter due to higher sales of aerospace electronics as well as defense and space electronics.

Operating income also improved 75% year over year to $40.6 million on account of higher sales and a lower cost structure due to actions taken in 2020.

Engineered Systems: Sales in this division declined 15.6% year over year to $100.7 million in the fourth quarter on lower sales of engineered products and turbine engines.

Operating income declined 27.3% to $11.2 million.

Financial Condition

Teledyne’s cash totaled $474.7 million as of Jan 2, 2022, compared with $673.1 million at the end of 2020. Total long-term debt was $4,009.4 million compared with $680.9 million at 2020-end.

Cash provided by operating activities was $824.6 million for 2021 compared with $618.9 million for 2020.

In the reported quarter, capital expenditures amounted to $34 million compared with $19.4 million in the year-ago quarter.

Moreover, the company generated an adjusted free cash flow of $794.6 million in 2021, reflecting 45.1% year-over-year growth.

Guidance

Teledyne expects to generate adjusted earnings of $4.02-$4.10 per share in the first quarter of 2022. The Zacks Consensus Estimate for quarterly earnings, pegged at $4.27, lies above the guided range.

For 2021, the company expects earnings of $17.60-$18.00 per share. The Zacks Consensus Estimate for Teledyne’s full-year earnings stands at $17.95 per share, higher than the mid-point of the guided range.

Zacks Rank

Teledyne currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Defense Releases

Lockheed Martin LMT reported fourth-quarter 2021 adjusted earnings of $7.24 per share, which surpassed the Zacks Consensus Estimate of $7.23 by 0.1%. Its net sales amounted to $17.73 billion, which outpaced the Zacks Consensus Estimate by 0.4%.

Lockheed Martin ended 2021 (on Dec 31, 2021) with $135.36 billion in backlog compared with $147.13 billion at the end of 2020. Its cash from operations at the end of 2021 amounted to $9.22 billion compared with $8.18 billion a year ago.

Raytheon Technologies’ RTX fourth-quarter 2021 adjusted earnings per share (EPS) of $1.08 beat the Zacks Consensus Estimate of $1.01 by 6.9%. Its sales of $17,044 million missed the Zacks Consensus Estimate of $17,215 million by 1%.

Raytheon Technologies had cash and cash equivalents of $7,832 million as of Dec 31, 2021, compared with $8,802 million as of Dec 31, 2020. The company currently projects adjusted EPS in the range of $4.60-$4.80 for 2022.

Boeing BA incurred an adjusted loss of $7.69 per share for fourth-quarter 2021, much wider than the Zacks Consensus Estimate of a loss of 9 cents. Its revenues amounted to $14.79 billion, which missed the Zacks Consensus Estimate of $16.96 billion by 12.8%.

Boeing’s backlog at the end of fourth-quarter 2021 increased to $377.50 billion from $363.40 billion at the end of 2020. The company’s operating cash outflow at the end of 2021 was $3.42 billion compared with $18.41 billion at the end of 2020.


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The Boeing Company (BA) : Free Stock Analysis Report

Lockheed Martin Corporation (LMT) : Free Stock Analysis Report

Teledyne Technologies Incorporated (TDY) : Free Stock Analysis Report

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