Teledyne Technologies Reports Second Quarter Results

This condensed consolidated financial statement was prepared in accordance with U.S. GAAP.

 

TELEDYNE TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

FOR THE SECOND QUARTER AND SIX MONTHS ENDED

JUNE 30, 2024 AND JULY 2, 2023

(Unaudited - in millions, except per share amounts)

 

Second Quarter 2024

Second Quarter 2023

 

Income (loss) before income taxes

Net (loss) income attributable to Teledyne

Diluted earnings per common share

Income (loss) before income taxes

Net (loss) income attributable to Teledyne

Diluted earnings per common share

GAAP

$

231.7

 

$

180.2

 

$

3.77

 

$

234.9

 

$

185.3

 

$

3.87

Adjusted for specified items:

 

 

 

 

 

 

 

 

 

 

 

FLIR integration costs

 

1.0

 

 

0.8

 

 

0.02

 

 

 

 

 

 

Acquired intangible asset amortization

 

49.1

 

 

37.5

 

 

0.78

 

 

49.3

 

 

38.0

 

 

0.79

FLIR acquisition-related tax matters

 

 

 

0.2

 

 

0.01

 

 

 

 

0.4

 

 

0.01

Non-GAAP

$

281.8

 

$

218.7

 

$

4.58

 

$

284.2

 

$

223.7

 

$

4.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months 2024

Six Months 2023

 

Income (loss) before income taxes

Net (loss) income attributable to Teledyne

Diluted earnings per common share

Income (loss) before income taxes

Net (loss) income attributable to Teledyne

Diluted earnings per common share

GAAP

$

457.2

 

$

358.7

 

$

7.49

 

$

458.6

 

$

364.0

 

$

7.60

Adjusted for specified items:

 

 

 

 

 

 

 

 

 

 

 

FLIR integration costs

 

3.2

 

 

2.5

 

 

0.05

 

 

 

 

 

 

Acquired intangible asset amortization

 

98.5

 

 

75.3

 

 

1.57

 

 

99.0

 

 

76.2

 

 

1.58

FLIR acquisition-related tax matters

 

 

 

0.5

 

 

0.01

 

 

 

 

0.7

 

 

0.02

Non-GAAP

$

558.9

 

$

437.0

 

$

9.12

 

$

557.6

 

$

440.9

 

$

9.20

 

 

Second Quarter 2024

 

Second Quarter 2023

 

 

Operating
income (loss)

 

Operating
margin

 

Operating
income (loss)

 

Operating
margin

GAAP

 

$

247.0

 

18.0

%

 

$

256.1

 

18.0

%

Adjusted for specified items:

 

 

 

 

 

 

 

 

FLIR integration costs

 

 

1.0

 

 

 

 

 

 

Acquired intangible asset amortization

 

 

49.1

 

 

 

 

49.3

 

 

Non-GAAP

 

$

297.1

 

21.6

%

 

$

305.4

 

21.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months 2024

 

Six Months 2023

 

 

Operating
income (loss)

 

Operating
margin

 

Operating
income (loss)

 

Operating
margin

GAAP

 

$

481.3

 

17.7

%

 

$

498.6

 

17.8

%

Adjusted for specified items:

 

 

 

 

 

 

 

 

FLIR integration costs

 

 

3.2

 

 

 

 

 

 

Acquired intangible asset amortization

 

 

98.5

 

 

 

 

99.0

 

 

Non-GAAP

 

$

583.0

 

21.4

%

 

$

597.6

 

21.3

%

TELEDYNE TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited - in millions)

 

Second Quarter 2024

 

GAAP Operating Income (loss)

 

Acquired intangible asset amortization

 

FLIR integration costs

 

Non-GAAP Operating Income (loss)

 

 

 

 

 

 

 

 

Digital Imaging

$

113.5

 

 

$

45.4

 

$

1.0

 

$

159.9

 

Instrumentation

 

87.2

 

 

 

3.5

 

 

 

 

90.7

 

Aerospace and Defense Electronics

 

57.1

 

 

 

0.2

 

 

 

 

57.3

 

Engineered Systems

 

7.5

 

 

 

 

 

 

 

7.5

 

Corporate expense

 

(18.3

)

 

 

 

 

 

 

(18.3

)

Total

$

247.0

 

 

$

49.1

 

$

1.0

 

$

297.1

 

 

Second Quarter 2023

 

GAAP Operating Income (loss)

 

Acquired intangible asset amortization

 

FLIR integration costs

 

Non-GAAP Operating Income (loss)

 

 

 

 

 

 

 

 

Digital Imaging

$

124.6

 

 

$

45.6

 

$

 

$

170.2

 

Instrumentation

 

81.4

 

 

 

3.5

 

 

 

 

84.9

 

Aerospace and Defense Electronics

 

53.2

 

 

 

0.2

 

 

 

 

53.4

 

Engineered Systems

 

11.5

 

 

 

 

 

 

 

11.5

 

Corporate expense

 

(14.6

)

 

 

 

 

 

 

(14.6

)

Total

$

256.1

 

 

$

49.3

 

$

 

$

305.4

 

 

Six Months 2024

 

GAAP Operating Income (loss)

 

Acquired intangible asset amortization

 

FLIR integration costs

 

Non-GAAP Operating Income (loss)

 

 

 

 

 

 

 

 

Digital Imaging

$

227.3

 

 

$

91.2

 

$

3.2

 

$

321.7

 

Instrumentation

 

173.2

 

 

 

6.9

 

 

 

 

180.1

 

Aerospace and Defense Electronics

 

109.0

 

 

 

0.4

 

 

 

 

109.4

 

Engineered Systems

 

10.2

 

 

 

 

 

 

 

10.2

 

Corporate expense

 

(38.4

)

 

 

 

 

 

 

(38.4

)

Total

$

481.3

 

 

$

98.5

 

$

3.2

 

$

583.0

 

 

Six Months 2023

 

GAAP Operating Income (loss)

 

Acquired intangible asset amortization

 

FLIR integration costs

 

Non-GAAP Operating Income (loss)

 

 

 

 

 

 

 

 

Digital Imaging

$

246.8

 

 

$

91.4

 

$

 

$

338.2

 

Instrumentation

 

162.1

 

 

 

7.2

 

 

 

 

169.3

 

Aerospace and Defense Electronics

 

100.2

 

 

 

0.4

 

 

 

 

100.6

 

Engineered Systems

 

21.5

 

 

 

 

 

 

 

21.5

 

Corporate expense

 

(32.0

)

 

 

 

 

 

 

(32.0

)

Total

$

498.6

 

 

$

99.0

 

$

 

$

597.6

 

TELEDYNE TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited - in millions)

 

 

June 30, 2024

 

December 31, 2023

Current portion of long-term debt

 

$

150.5

 

 

$

600.1

 

Long-term debt

 

 

2,646.9

 

 

 

2,644.8

 

Total debt - non-GAAP

 

 

2,797.4

 

 

 

3,244.9

 

Less cash and cash equivalents

 

 

(443.2

)

 

 

(648.3

)

Net debt - non-GAAP

 

$

2,354.2

 

 

$

2,596.6

 

 

 

Third Quarter 2024

 

Twelve Months 2024

 

 

Low

 

High

 

Low

 

High

GAAP Diluted Earnings Per Common Share Outlook

 

$

4.02

 

$

4.16

 

$

15.87

 

$

16.13

Adjusted for specified items:

 

 

 

 

 

 

 

 

FLIR integration costs

 

 

0.06

 

 

0.04

 

 

0.16

 

 

0.14

Acquired intangible asset amortization

 

 

0.82

 

 

0.80

 

 

3.22

 

 

3.18

Non-GAAP Diluted Earnings Per Common Share Outlook

 

$

4.90

 

$

5.00

 

$

19.25

 

$

19.45


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