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.
Why Is Teledyne (TDY) Up 2.7% Since Last Earnings Report?
Read MoreHide Full Article
It has been about a month since the last earnings report for Teledyne Technologies (TDY - Free Report) . Shares have added about 2.7% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Teledyne due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Teledyne Technologies Q4 Earnings & Sales Top Estimates
Teledyne Technologies reported adjusted fourth-quarter 2018 earnings of $2.33 per share, which surpassed the Zacks Consensus Estimate of $2.19 by 6.4%. The bottom line also improved 27.3% from the year-ago quarter’s figure of $1.83.
Excluding one-time adjustments of $4.4 million, the company reported GAAP earnings of $2.45 per share, mirroring 33.2% year-over-year improvement from $1.84 registered in the prior-year quarter.
The year-over-year bottom-line growth can be attributed to impressive sales figure as well as rise in operating income that Teledyne witnessed in the reported quarter.
GAAP earnings came in at $9.01 per share during 2018, reflecting an increase of 46.9% from $6.26 a year ago.
Operational Highlights
In the reported quarter, total sales amounted to $748.4 million, which exceeded the Zacks Consensus Estimate of $728 million by 2.8%. The top line also increased 6.2% from $704.4 a year ago. Notably, all segments registered a solid year-over-year sales growth in the fourth quarter.
Teledyne generated sales worth $2,901.8 million in 2018, which outpaced the prior-year figure of $2,603.8 million by 11.4%.
Segmental Performance
Instrumentation: Sales at this segment rose 3.4% year over year to $263.4 million in the fourth quarter. Increased sales of test and measurement instrumentation and environmental instrumentation led to the upside.
Operating income surged 40.1% year over year to $43 million on account of improved sales and higher margins across most product lines.
Digital Imaging: Quarterly sales at this division increased 9.3% year over year to $225.9 million. The improvement can be attributed to increased sales of X-ray detectors and generators for life sciences applications and MEMS products.
Operating income grew 3.3% year over year to $37.1 million backed by higher sales.
Aerospace and Defense Electronics: At this segment, quarterly sales of $178.3 million rose 2.8% from the prior-year quarter number owing to sales of defense electronics.
Operating income improved 7% year over year to $36.5 million driven by favorable product mix.
Engineered Systems: Sales at this division grew 16.3% year over year to about $80.8 million in the fourth quarter. The uptick was driven by higher sales of engineered products and services.
Operating income increased 6% to $8.8 million on account of solid sales growth.
Financial Condition
Teledyne’s cash totaled $142.5 million as of Dec 30, 2018, compared with $70.9 million at the end of 2017. Long-term debt and capital lease obligations summed $612.3 million compared with $1,069.3 million at 2017-end.
Cash from operations at the end of 2018 amounted to $446.9 million compared with $374.7 million at 2017-end.
In 2018, capital expenditures were $86.8 million compared with $58.5 million in the year-ago quarter. During the year, the company generated free cash flow of $360.1 million, reflecting 13.9% annual growth.
Guidance
Teledyne expects to generate GAAP earnings per share of $1.87-$1.92 and $9.25-$9.35 for first-quarter and full-year 2019, respectively. Currently, the Zacks Consensus Estimate for Teledyne’s full-year earnings is pegged at $9, lower than the company’s bottom-line predictions.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Why Is Teledyne (TDY) Up 2.7% Since Last Earnings Report?
It has been about a month since the last earnings report for Teledyne Technologies (TDY - Free Report) . Shares have added about 2.7% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Teledyne due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Teledyne Technologies Q4 Earnings & Sales Top Estimates
Teledyne Technologies reported adjusted fourth-quarter 2018 earnings of $2.33 per share, which surpassed the Zacks Consensus Estimate of $2.19 by 6.4%. The bottom line also improved 27.3% from the year-ago quarter’s figure of $1.83.
Excluding one-time adjustments of $4.4 million, the company reported GAAP earnings of $2.45 per share, mirroring 33.2% year-over-year improvement from $1.84 registered in the prior-year quarter.
The year-over-year bottom-line growth can be attributed to impressive sales figure as well as rise in operating income that Teledyne witnessed in the reported quarter.
GAAP earnings came in at $9.01 per share during 2018, reflecting an increase of 46.9% from $6.26 a year ago.
Operational Highlights
In the reported quarter, total sales amounted to $748.4 million, which exceeded the Zacks Consensus Estimate of $728 million by 2.8%. The top line also increased 6.2% from $704.4 a year ago. Notably, all segments registered a solid year-over-year sales growth in the fourth quarter.
Teledyne generated sales worth $2,901.8 million in 2018, which outpaced the prior-year figure of $2,603.8 million by 11.4%.
Segmental Performance
Instrumentation: Sales at this segment rose 3.4% year over year to $263.4 million in the fourth quarter. Increased sales of test and measurement instrumentation and environmental instrumentation led to the upside.
Operating income surged 40.1% year over year to $43 million on account of improved sales and higher margins across most product lines.
Digital Imaging: Quarterly sales at this division increased 9.3% year over year to $225.9 million. The improvement can be attributed to increased sales of X-ray detectors and generators for life sciences applications and MEMS products.
Operating income grew 3.3% year over year to $37.1 million backed by higher sales.
Aerospace and Defense Electronics: At this segment, quarterly sales of $178.3 million rose 2.8% from the prior-year quarter number owing to sales of defense electronics.
Operating income improved 7% year over year to $36.5 million driven by favorable product mix.
Engineered Systems: Sales at this division grew 16.3% year over year to about $80.8 million in the fourth quarter. The uptick was driven by higher sales of engineered products and services.
Operating income increased 6% to $8.8 million on account of solid sales growth.
Financial Condition
Teledyne’s cash totaled $142.5 million as of Dec 30, 2018, compared with $70.9 million at the end of 2017. Long-term debt and capital lease obligations summed $612.3 million compared with $1,069.3 million at 2017-end.
Cash from operations at the end of 2018 amounted to $446.9 million compared with $374.7 million at 2017-end.
In 2018, capital expenditures were $86.8 million compared with $58.5 million in the year-ago quarter. During the year, the company generated free cash flow of $360.1 million, reflecting 13.9% annual growth.
Guidance
Teledyne expects to generate GAAP earnings per share of $1.87-$1.92 and $9.25-$9.35 for first-quarter and full-year 2019, respectively. Currently, the Zacks Consensus Estimate for Teledyne’s full-year earnings is pegged at $9, lower than the company’s bottom-line predictions.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.