- Teledyne Technologies Inc TDY reported second-quarter sales growth of 50.8% year-over-year to $1.12 billion, beating the consensus estimate of $1.03 billion.
- Sales by segments: Digital Imaging $579.5 million (+143.9% Y/Y), Instrumentation $291.1 million (+10.6% Y/Y), Aerospace and Defense Electronics $152.4 million (+6.5% Y/Y), and Engineered Systems $98 million (-1.5% Y/Y).
- Adjusted EPS improved to $4.61 from $2.68 in 2Q20, beating the consensus of $2.76.
- Non-GAAP operating income increased by 113.5% Y/Y to $255.1 million, and the margin expanded by 670 bps to 22.8%.
- Total costs and expenses increased 60.5% to $1.01 billion.
- Teledyne Technologies generated cash from operating activities of $211 million, compared to $155.8 million a year ago. Adjusted free cash flow was $257.2 million.
- Teledyne Technologies management attributes substantial non-GAAP margin and earnings performance in the second quarter resulted, in part, from a disproportionate amount of sales from FLIR relative to costs in its first six weeks of consolidation.
- Net sales included $301.4 million in incremental net sales from the acquisition of FLIR Systems, Inc.
- Q3 Outlook: The company expects GAAP EPS of $2.00 to $2.15 and non-GAAP EPS of $3.55 to $3.65, versus the consensus of $3.40.
- FY21 Outlook: The company expects GAAP EPS of $8.05 to $8.45 and non-GAAP EPS of $15.25 to $15.50, versus the consensus estimate of $13.15. It had previously expected adjusted EPS of $12.00 - $12.20, excluding charges and income related to FLIR.
- Price action: TDY shares are trading higher by 3.22% at $455.74 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
