Teledyne Stock Gains On Q3 Beat, Strong FY21 Outlook

Teledyne Technologies Inc (NYSE: TDY) reported third-quarter sales growth of 75.2% year-over-year to $1.31 billion and ~12% on an organic basis, beating the consensus of $1.29 billion.
Sales by segments: Digital Imaging $760.6 million (+217.3% Y/Y), Instrumentation $287.1 million (+9% Y/Y), Aerospace and Defense Electronics $161.8 million (+11.7% Y/Y), and Engineered Systems $102.4 million (+1.4% Y/Y).
Adjusted EPS improved to $4.34 from $2.68 in 3Q20, beating the consensus of $3.69.
Non-GAAP operating income increased by 112.9% Y/Y to $281.9 million, and the margin expanded by 380 bps to 21.5%. Total costs and expenses increased 79.1% to $1.12 billion.
Teledyne generated cash from operating activities was $192.8 million for the quarter, compared with $150.3 million a year ago. Adjusted free cash flow was $165.7 million.
Net sales included $473.6 million in incremental net sales from the acquisition of FLIR Systems, Inc.
The company's net debt was $3.89 billion. It held cash and cash equivalents of $551.8 million.
Q4 Outlook: Teledyne expects Non-GAAP EPS of $4.07 - $4.17, above the consensus of $4.04.
FY21 Outlook: The company expects GAAP EPS of $9.13 - $9.29 (prior expectation $8.05 to $8.45). It sees non-GAAP EPS of $16.35 - $16.45 (prior $15.25 - $15.50), versus the consensus of $15.59.
Price Action: TDY shares are trading higher by 3.79% at $454.22 on the last check Wednesday.

Momentum79.84

Growth61.50

Quality51.96

Value20.94

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