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Teledyne Technologies Inc. (TDY - Free Report) reported first-quarter 2023 adjusted earnings of $4.53 per share, which beat the Zacks Consensus Estimate of $4.43 by 2.3%. The bottom line improved 6.1% from $4.27 per share reported in the year-ago quarter.
The company recorded GAAP earnings of $3.73 per share, down 16.4% from the prior-year period’s $4.46.
Operational Highlights
Total sales amounted to $1,383.3 million, which beat the Zacks Consensus Estimate of $1,372 million by 0.8%. The top line improved 4.7% from $1,321 million reported in the year-ago quarter. This improvement in revenues can be attributed to higher year-over-year sales recorded across all segments in the first quarter.
Teledyne Technologies Incorporated Price, Consensus and EPS Surprise
Instrumentation: Sales in this segment improved 8% year over year to $333.5 million in the first quarter. Higher sales across all external product lines led to this unit’s improvement in revenues.
Adjusted operating income increased 10.3% year over year to $84.4 million, driven by higher sales.
Digital Imaging: Quarterly sales in this division improved 2.9% year over year to $772.5 million. The increase was driven by recent acquisitions, and greater sales of industrial, scientific cameras and x-ray detectors.
Adjusted operating income rose 2.3% year over year to $168 million. This was due to increased net sales and lower acquired intangible amortization expenses in the first quarter of 2023.
Aerospace and Defense Electronics: Sales in this segment totaled $173.2 million, up 4.2% from that recorded in the prior-year quarter. The improvement was driven by higher sales of aerospace electronics and defense electronics.
Adjusted operating income also increased 9.5% year over year to $47.2 million due to higher sales and improved product margins.
Engineered Systems: Revenues in this division improved 9.1% year over year to $104.1 million. This increase was mainly due to higher sales of energy systems and engineered products.
Adjusted operating income rose 6.4% to $10 million due to higher sales.
Financial Condition
Teledyne’s cash and cash equivalents totaled $665.2 million as of Apr 2, 2023, compared with $638.1 million as of Jan 1, 2023. Total long-term debt was $3,520.3 million compared with $3,620.5 million as of Jan 1, 2023.
Cash from operating activities was $203 million against $216.7 million cash used in the year-ago quarter. Capital expenditure amounted to $24.4 million, up from $21 million in the prior-year period.
TDY generated adjusted free cash flow of $178.6 million, indicating an impressive 204.3% year-over-year increase.
Guidance
Teledyne expects adjusted earnings of $4.56-$4.66 per share in the second quarter of 2023. The bottom-line estimate is pegged at $4.64 per share, higher than the mid-point of the company's guided range.
For 2023, Teledyne expects adjusted earnings of $19.00-$19.20 per share. The Zacks Consensus Estimate for 2023 earnings is pegged at $19.16 per share, higher than the mid-point of the company’s guided range.
Textron Inc. (TXT - Free Report) is scheduled to report first-quarter results on Apr 27, before market open. The Zacks Consensus Estimate for TXT’s sales is pegged at $3.08 billion, indicating a year-over-year increase of 2.6%.
The same for earnings is pinned at 95 cents per share, indicating a year-over-year improvement of 7.95%.
Curtiss-Wright Corp. (CW - Free Report) is scheduled to report first-quarter results on May 3, after market close. The Zacks Consensus Estimate for CW’s sales is pegged at $593.9 million, indicating a year-over-year increase of 6.15%.
The Zacks Consensus Estimate for earnings is pegged at $1.45 per share, suggesting a year-over-year improvement of 10.7%.
Leidos Holdings, Inc. (LDOS - Free Report) is scheduled to report first-quarter results on May 2, before market open. The Zacks Consensus Estimate for LDOS’s sales is pegged at $3.65 billion, implying a year-over-year increase of 4.54%.
The same for earnings is pinned at $1.58 per share. The company delivered an average earnings surprise of 6.05% in the last four quarters.
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Teledyne Technologies (TDY) Q1 Earnings Beat, Sales Rise Y/Y
Teledyne Technologies Inc. (TDY - Free Report) reported first-quarter 2023 adjusted earnings of $4.53 per share, which beat the Zacks Consensus Estimate of $4.43 by 2.3%. The bottom line improved 6.1% from $4.27 per share reported in the year-ago quarter.
The company recorded GAAP earnings of $3.73 per share, down 16.4% from the prior-year period’s $4.46.
Operational Highlights
Total sales amounted to $1,383.3 million, which beat the Zacks Consensus Estimate of $1,372 million by 0.8%. The top line improved 4.7% from $1,321 million reported in the year-ago quarter. This improvement in revenues can be attributed to higher year-over-year sales recorded across all segments in the first quarter.
Teledyne Technologies Incorporated Price, Consensus and EPS Surprise
Teledyne Technologies Incorporated price-consensus-eps-surprise-chart | Teledyne Technologies Incorporated Quote
Segmental Performance
Instrumentation: Sales in this segment improved 8% year over year to $333.5 million in the first quarter. Higher sales across all external product lines led to this unit’s improvement in revenues.
Adjusted operating income increased 10.3% year over year to $84.4 million, driven by higher sales.
Digital Imaging: Quarterly sales in this division improved 2.9% year over year to $772.5 million. The increase was driven by recent acquisitions, and greater sales of industrial, scientific cameras and x-ray detectors.
Adjusted operating income rose 2.3% year over year to $168 million. This was due to increased net sales and lower acquired intangible amortization expenses in the first quarter of 2023.
Aerospace and Defense Electronics: Sales in this segment totaled $173.2 million, up 4.2% from that recorded in the prior-year quarter. The improvement was driven by higher sales of aerospace electronics and defense electronics.
Adjusted operating income also increased 9.5% year over year to $47.2 million due to higher sales and improved product margins.
Engineered Systems: Revenues in this division improved 9.1% year over year to $104.1 million. This increase was mainly due to higher sales of energy systems and engineered products.
Adjusted operating income rose 6.4% to $10 million due to higher sales.
Financial Condition
Teledyne’s cash and cash equivalents totaled $665.2 million as of Apr 2, 2023, compared with $638.1 million as of Jan 1, 2023. Total long-term debt was $3,520.3 million compared with $3,620.5 million as of Jan 1, 2023.
Cash from operating activities was $203 million against $216.7 million cash used in the year-ago quarter. Capital expenditure amounted to $24.4 million, up from $21 million in the prior-year period.
TDY generated adjusted free cash flow of $178.6 million, indicating an impressive 204.3% year-over-year increase.
Guidance
Teledyne expects adjusted earnings of $4.56-$4.66 per share in the second quarter of 2023. The bottom-line estimate is pegged at $4.64 per share, higher than the mid-point of the company's guided range.
For 2023, Teledyne expects adjusted earnings of $19.00-$19.20 per share. The Zacks Consensus Estimate for 2023 earnings is pegged at $19.16 per share, higher than the mid-point of the company’s guided range.
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 Releases
Textron Inc. (TXT - Free Report) is scheduled to report first-quarter results on Apr 27, before market open. The Zacks Consensus Estimate for TXT’s sales is pegged at $3.08 billion, indicating a year-over-year increase of 2.6%.
The same for earnings is pinned at 95 cents per share, indicating a year-over-year improvement of 7.95%.
Curtiss-Wright Corp. (CW - Free Report) is scheduled to report first-quarter results on May 3, after market close. The Zacks Consensus Estimate for CW’s sales is pegged at $593.9 million, indicating a year-over-year increase of 6.15%.
The Zacks Consensus Estimate for earnings is pegged at $1.45 per share, suggesting a year-over-year improvement of 10.7%.
Leidos Holdings, Inc. (LDOS - Free Report) is scheduled to report first-quarter results on May 2, before market open. The Zacks Consensus Estimate for LDOS’s sales is pegged at $3.65 billion, implying a year-over-year increase of 4.54%.
The same for earnings is pinned at $1.58 per share. The company delivered an average earnings surprise of 6.05% in the last four quarters.