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Teledyne's (TDY) Q2 Earnings Top Estimates, Revenues Down Y/Y
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Teledyne Technologies Inc. (TDY - Free Report) reported second-quarter 2024 adjusted earnings of $4.58 per share, which surpassed the Zacks Consensus Estimate of $4.49 by 2%. However, the bottom line declined 1.9% from $4.67 recorded in the year-ago quarter.
The company recorded GAAP earnings of $3.77 per share, down 2.6% from the prior-year period’s earnings of $3.87.
Operational Highlights
Total sales were $1.37 billion, which missed the Zacks Consensus Estimate of $1.38 billion by 0.2%. The top line also dropped 3.6% from $1.42 billion reported in the year-ago quarter. This decline can be attributed to lower year-over-year sales recorded in its Digital Imaging and Engineered Systems business segments.
Teledyne Technologies Incorporated Price, Consensus and EPS Surprise
Instrumentation: Sales in this segment increased 1.6% year over year to $333.5 million, driven by higher sales of marine instrumentation due to stronger offshore energy and defense markets.
The adjusted operating income increased 6.8% year over year to $90.7 million.
Digital Imaging: Quarterly sales in this division declined 6.8% year over year to $739.4 million. The decrease was due to lower sales of industrial automation imaging systems, X-ray products and commercial infrared imaging systems.
The adjusted operating income dropped 6.1% year over year to $159.9 million.
Aerospace and Defense Electronics: Sales in this segment totaled $194.4 million, up 4.5% from that recorded in the prior-year quarter. The improvement was driven by higher sales of aerospace and defense electronics.
The adjusted operating income increased 7.3% year over year to $57.3 million.
Engineered Systems: Revenues in this division declined 8.7% year over year to $106.8 million due to lower sales of engineered products and energy systems.
This segment's operating income declined 34.8% to $7.5 million.
Financial Condition
Teledyne’s cash and cash equivalents totaled $443.2 million as of Jun 30, 2024 compared with $648.3 million as of Dec 31, 2023. Its long-term debt was $2.65 billion at the end of the second quarter of 2024 compared with $2.64 billion as of Dec 31, 2023.
Cashflow from operating activities totaled $318.7 million at the end of Jun 30, 2024 compared with $190.5 million as of Jun 30, 2023.
Capital expenditure for the second quarter amounted to $17.7 million, down from $27.3 million recorded in the prior-year quarter.
TDY generated free cash flow of $301 million at June 2024-end, highlighting an 84.4% year-over-year increase.
Guidance
Teledyne expects to generate adjusted earnings in the band of $4.90-$5.00 per share for the third quarter of 2024. The Zacks Consensus Estimate for TDY’s third-quarter earnings is pegged at $5.07, higher than the company's guided range.
For 2024, Teledyne still expects its adjusted earnings in the range of $19.25-$19.45 per share. The Zacks Consensus Estimate for earnings is pegged at $19.34 per share, slightly lower than the midpoint of the company’s guidance range.
Zacks Rank
Teledyne currently carries a Zacks Rank #4 (Sell).
AAR Corp. (AIR - Free Report) reported fourth-quarter fiscal 2024 adjusted earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 86 cents by 2.3%. The bottom line improved 6% from the year-ago quarter’s level.
AAR generated net sales of $656.5 million. The reported figure missed the Zacks Consensus Estimate of $660 million by 0.6% but increased 18.7% from $553.3 million recorded in the year-ago quarter.
Lockheed Martin Corporation (LMT - Free Report) reported second-quarter 2024 adjusted earnings of $7.11 per share, which beat the Zacks Consensus Estimate of $6.45 by 10.2%. The bottom line also improved 5.6% from the year-ago quarter's recorded figure of $6.73.
Net sales were $18.12 billion, which surpassed the Zacks Consensus Estimate of $17.10 billion by 6%. The top line also increased 8.6% from $16.69 billion reported in the year-ago quarter.
Textron Inc. (TXT - Free Report) reported second-quarter 2024 adjusted earnings of $1.54 per share, which surpassed the Zacks Consensus Estimate of $1.49 by 3.4%. The bottom line also improved 5.5% from the year-ago quarter’s figure of $1.46 per share.
TXT reported total revenues of $3.53 billion, which missed the Zacks Consensus Estimate of $3.55 billion by 0.6%. However, the reported figure increased 3% from the year-ago quarter’s level of $3.42 billion.
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Teledyne's (TDY) Q2 Earnings Top Estimates, Revenues Down Y/Y
Teledyne Technologies Inc. (TDY - Free Report) reported second-quarter 2024 adjusted earnings of $4.58 per share, which surpassed the Zacks Consensus Estimate of $4.49 by 2%. However, the bottom line declined 1.9% from $4.67 recorded in the year-ago quarter.
The company recorded GAAP earnings of $3.77 per share, down 2.6% from the prior-year period’s earnings of $3.87.
Operational Highlights
Total sales were $1.37 billion, which missed the Zacks Consensus Estimate of $1.38 billion by 0.2%. The top line also dropped 3.6% from $1.42 billion reported in the year-ago quarter. This decline can be attributed to lower year-over-year sales recorded in its Digital Imaging and Engineered Systems business segments.
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 increased 1.6% year over year to $333.5 million, driven by higher sales of marine instrumentation due to stronger offshore energy and defense markets.
The adjusted operating income increased 6.8% year over year to $90.7 million.
Digital Imaging: Quarterly sales in this division declined 6.8% year over year to $739.4 million. The decrease was due to lower sales of industrial automation imaging systems, X-ray products and commercial infrared imaging systems.
The adjusted operating income dropped 6.1% year over year to $159.9 million.
Aerospace and Defense Electronics: Sales in this segment totaled $194.4 million, up 4.5% from that recorded in the prior-year quarter. The improvement was driven by higher sales of aerospace and defense electronics.
The adjusted operating income increased 7.3% year over year to $57.3 million.
Engineered Systems: Revenues in this division declined 8.7% year over year to $106.8 million due to lower sales of engineered products and energy systems.
This segment's operating income declined 34.8% to $7.5 million.
Financial Condition
Teledyne’s cash and cash equivalents totaled $443.2 million as of Jun 30, 2024 compared with $648.3 million as of Dec 31, 2023. Its long-term debt was $2.65 billion at the end of the second quarter of 2024 compared with $2.64 billion as of Dec 31, 2023.
Cashflow from operating activities totaled $318.7 million at the end of Jun 30, 2024 compared with $190.5 million as of Jun 30, 2023.
Capital expenditure for the second quarter amounted to $17.7 million, down from $27.3 million recorded in the prior-year quarter.
TDY generated free cash flow of $301 million at June 2024-end, highlighting an 84.4% year-over-year increase.
Guidance
Teledyne expects to generate adjusted earnings in the band of $4.90-$5.00 per share for the third quarter of 2024. The Zacks Consensus Estimate for TDY’s third-quarter earnings is pegged at $5.07, higher than the company's guided range.
For 2024, Teledyne still expects its adjusted earnings in the range of $19.25-$19.45 per share. The Zacks Consensus Estimate for earnings is pegged at $19.34 per share, slightly lower than the midpoint of the company’s guidance range.
Zacks Rank
Teledyne currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
AAR Corp. (AIR - Free Report) reported fourth-quarter fiscal 2024 adjusted earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 86 cents by 2.3%. The bottom line improved 6% from the year-ago quarter’s level.
AAR generated net sales of $656.5 million. The reported figure missed the Zacks Consensus Estimate of $660 million by 0.6% but increased 18.7% from $553.3 million recorded in the year-ago quarter.
Lockheed Martin Corporation (LMT - Free Report) reported second-quarter 2024 adjusted earnings of $7.11 per share, which beat the Zacks Consensus Estimate of $6.45 by 10.2%. The bottom line also improved 5.6% from the year-ago quarter's recorded figure of $6.73.
Net sales were $18.12 billion, which surpassed the Zacks Consensus Estimate of $17.10 billion by 6%. The top line also increased 8.6% from $16.69 billion reported in the year-ago quarter.
Textron Inc. (TXT - Free Report) reported second-quarter 2024 adjusted earnings of $1.54 per share, which surpassed the Zacks Consensus Estimate of $1.49 by 3.4%. The bottom line also improved 5.5% from the year-ago quarter’s figure of $1.46 per share.
TXT reported total revenues of $3.53 billion, which missed the Zacks Consensus Estimate of $3.55 billion by 0.6%. However, the reported figure increased 3% from the year-ago quarter’s level of $3.42 billion.