We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Teledyne Technologies Inc. (TDY - Free Report) reported second-quarter 2023 adjusted earnings of $4.67 per share, which beat the Zacks Consensus Estimate of $4.63 by 0.9%. The bottom line improved 5.4% from $4.43 recorded in the year-ago quarter.
The company recorded GAAP earnings of $3.87 per share, up 7.8% from the prior-year period’s $3.59.
Operational Highlights
Total sales amounted to $1,424.7 million, which beat the Zacks Consensus Estimate of $1,416.7 million by 0.6%. The top line improved 5.1% from $1,355.8 million reported in the year-ago quarter. This improvement can be attributed to higher year-over-year sales recorded across all of its four segments in the second quarter.
Teledyne Technologies Incorporated Price, Consensus and EPS Surprise
Instrumentation: Sales in this segment improved 5.1% year over year to $328.4 million, driven by higher sales across the marine instrumentation and test and measurement instrumentation product lines.
Adjusted operating income increased 8.4% year over year to $84.9 million, driven by higher sales and favorable product mix.
Digital Imaging: Quarterly sales in this division improved 2.3% year over year to $793.3 million. The increase was driven by incremental sales from recent acquisitions as well as greater sales of x-ray products, commercial infrared imaging components and solutions, and industrial and scientific cameras.
Adjusted operating income rose 3.6% year over year to $170.2 million. This was due to increased net sales and lower acquired intangible amortization expenses in the second quarter.
Aerospace and Defense Electronics: Sales in this segment totaled $186 million, up 10.2% 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 20.5% year over year to $53.4 million due to higher sales and improved product margins across most defense electronics product categories.
Engineered Systems: Revenues in this division improved 18.5% year over year to $117 million. This increase was mainly due to higher sales of energy systems and engineered products.
Adjusted operating income rose 33.7% to $11.5 million due to higher sales.
Financial Condition
Teledyne’s cash and cash equivalents totaled $364.2 million as of Jul 2, 2023, compared with $638.1 million as of Jan 1, 2023. Total long-term debt was $2,903.2 million compared with $3,620.5 million as of Jan 1, 2023.
Cashflow from operating activities totaled $190.5 million at the end of the second quarter compared with $196.9 million in the year-ago period. Capital expenditure amounted to $27.3 million, up from $20.8 million in the prior-year quarter.
TDY generated free cash flow of $163.2 million, indicating a 7.3% year-over-year increase.
Guidance
Teledyne expects adjusted earnings of $4.70-$4.80 per share in the third quarter of 2023. The bottom-line estimate is pegged at $4.76, higher than the mid-point of the company's guided range.
For 2023, the company still expects adjusted earnings of $19.00-$19.20 per share. The Zacks Consensus Estimate for earnings is pegged at $19.12 per share, higher than the mid-point of the company’s guided range.
Lockheed Martin Corporation (LMT - Free Report) reported second-quarter 2023 adjusted earnings of $6.73 per share, which surpassed the Zacks Consensus Estimate of $6.43 by 4.7%. The bottom line also improved 6.5% from the year-ago quarter's figure.
Net sales amounted to $16.69 billion, which surpassed the Zacks Consensus Estimate of $15.86 billion by 5.3%. The top line rose 8.1% from $15.45 billion recorded in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported second-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 48 cents by 4.2%. The bottom line improved 51.5% from the year-ago quarter’s level of 33 cents.
Net sales totaled $454 million, which beat the Zacks Consensus Estimate of $445 million by 2.2%. Also, the top line witnessed an improvement of 15.6% from the year-ago quarter’s figure of $393 million.
Raytheon Technologies Corporation’s (RTX - Free Report) second-quarter 2023 adjusted earnings per share of $1.29 beat the Zacks Consensus Estimate of $1.17 by 10.3%. The bottom line also improved 11% from the year-ago quarter’s level of $1.16.
Sales of $18,315 million beat the Zacks Consensus Estimate of $17,543 million by 4.4%. The figure also rose 12.3% from $16,314 million recorded in the year-ago period.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Teledyne (TDY) Q2 Earnings Beat Estimates, Sales Rise Y/Y
Teledyne Technologies Inc. (TDY - Free Report) reported second-quarter 2023 adjusted earnings of $4.67 per share, which beat the Zacks Consensus Estimate of $4.63 by 0.9%. The bottom line improved 5.4% from $4.43 recorded in the year-ago quarter.
The company recorded GAAP earnings of $3.87 per share, up 7.8% from the prior-year period’s $3.59.
Operational Highlights
Total sales amounted to $1,424.7 million, which beat the Zacks Consensus Estimate of $1,416.7 million by 0.6%. The top line improved 5.1% from $1,355.8 million reported in the year-ago quarter. This improvement can be attributed to higher year-over-year sales recorded across all of its four segments in the second 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 5.1% year over year to $328.4 million, driven by higher sales across the marine instrumentation and test and measurement instrumentation product lines.
Adjusted operating income increased 8.4% year over year to $84.9 million, driven by higher sales and favorable product mix.
Digital Imaging: Quarterly sales in this division improved 2.3% year over year to $793.3 million. The increase was driven by incremental sales from recent acquisitions as well as greater sales of x-ray products, commercial infrared imaging components and solutions, and industrial and scientific cameras.
Adjusted operating income rose 3.6% year over year to $170.2 million. This was due to increased net sales and lower acquired intangible amortization expenses in the second quarter.
Aerospace and Defense Electronics: Sales in this segment totaled $186 million, up 10.2% 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 20.5% year over year to $53.4 million due to higher sales and improved product margins across most defense electronics product categories.
Engineered Systems: Revenues in this division improved 18.5% year over year to $117 million. This increase was mainly due to higher sales of energy systems and engineered products.
Adjusted operating income rose 33.7% to $11.5 million due to higher sales.
Financial Condition
Teledyne’s cash and cash equivalents totaled $364.2 million as of Jul 2, 2023, compared with $638.1 million as of Jan 1, 2023. Total long-term debt was $2,903.2 million compared with $3,620.5 million as of Jan 1, 2023.
Cashflow from operating activities totaled $190.5 million at the end of the second quarter compared with $196.9 million in the year-ago period. Capital expenditure amounted to $27.3 million, up from $20.8 million in the prior-year quarter.
TDY generated free cash flow of $163.2 million, indicating a 7.3% year-over-year increase.
Guidance
Teledyne expects adjusted earnings of $4.70-$4.80 per share in the third quarter of 2023. The bottom-line estimate is pegged at $4.76, higher than the mid-point of the company's guided range.
For 2023, the company still expects adjusted earnings of $19.00-$19.20 per share. The Zacks Consensus Estimate for earnings is pegged at $19.12 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.
Recent Q2 Defense Earnings
Lockheed Martin Corporation (LMT - Free Report) reported second-quarter 2023 adjusted earnings of $6.73 per share, which surpassed the Zacks Consensus Estimate of $6.43 by 4.7%. The bottom line also improved 6.5% from the year-ago quarter's figure.
Net sales amounted to $16.69 billion, which surpassed the Zacks Consensus Estimate of $15.86 billion by 5.3%. The top line rose 8.1% from $15.45 billion recorded in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported second-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 48 cents by 4.2%. The bottom line improved 51.5% from the year-ago quarter’s level of 33 cents.
Net sales totaled $454 million, which beat the Zacks Consensus Estimate of $445 million by 2.2%. Also, the top line witnessed an improvement of 15.6% from the year-ago quarter’s figure of $393 million.
Raytheon Technologies Corporation’s (RTX - Free Report) second-quarter 2023 adjusted earnings per share of $1.29 beat the Zacks Consensus Estimate of $1.17 by 10.3%. The bottom line also improved 11% from the year-ago quarter’s level of $1.16.
Sales of $18,315 million beat the Zacks Consensus Estimate of $17,543 million by 4.4%. The figure also rose 12.3% from $16,314 million recorded in the year-ago period.