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Mar 31, 2024
Teledyne Q1 2024 Earnings Report
Reported a decrease in net sales but achieved record first quarter non-GAAP operating margin, adjusted earnings per share, and free cash flow.
Key Takeaways
Teledyne Technologies reported a decrease in net sales by 2.4% to $1,350.1 million, with net income attributable to Teledyne decreasing slightly by 0.1% to $178.5 million ($3.72 diluted earnings per share). Despite the sales decline, the company achieved record first quarter non-GAAP operating margin of 21.2% and non-GAAP diluted earnings per share of $4.55. The company is revising its full year 2024 GAAP diluted earnings per share outlook to $16.02 to $16.27 and non-GAAP earnings per share outlook to $19.25 to $19.45.
Orders increased by 7.8% compared to last year, reaching $1,433.2 million.
GAAP operating margin was 17.4%, while non-GAAP operating margin reached a record 21.2% for the first quarter.
GAAP diluted earnings per share were $3.72, with a record first quarter non-GAAP diluted earnings per share of $4.55.
Record first quarter cash from operations was $291.0 million, and free cash flow reached an all-time record of $275.1 million.
Revenue by Segment
Forward Guidance
The company’s management believes that second quarter 2024 GAAP diluted earnings per share will be in the range of $3.57 to $3.70 and full year 2024 GAAP diluted earnings per share will be in the range of $16.02 to $16.27. The company’s management further believes that second quarter 2024 non-GAAP diluted earnings per share will be in the range of $4.40 to $4.50 and full year 2024 non-GAAP diluted earnings per share will be in the range of $19.25 to $19.45.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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