Teledyne Technologies Incorporated (NYSE:TDY):
- Record quarterly sales of $834.2 million, an increase of
11.5% compared to last year
- Record quarterly GAAP earnings per diluted share of $3.06,
an increase of 24.9% compared to last year
- Record full year sales of $3,163.6 million and GAAP earnings
per diluted share of $10.73
- Record quarterly and full year cash flow
- Record fourth quarter and full year GAAP operating
margin
- Issuing full year 2020 GAAP earnings outlook of $11.20 to
$11.30 per diluted share
- Recently acquired OakGate Technology, Inc.
Teledyne today reported fourth quarter 2019 net sales of $834.2
million, compared with net sales of $748.4 million for the fourth
quarter of 2018, an increase of 11.5%. Net income was $115.7
million ($3.06 per diluted share) for the fourth quarter of 2019,
compared with $91.1 million ($2.45 per diluted share) for the
fourth quarter of 2018, an increase of 27.0%. The fourth quarter of
2019 reflected net discrete income tax benefits of $8.3 million
compared with net discrete income tax benefits of $6.9 million for
the fourth quarter of 2018. The fourth quarter of 2019 included
$2.1 million in severance and facility consolidation costs compared
with $2.5 million in severance and facility consolidation costs for
the fourth quarter of 2018.
“For the second consecutive quarter, we achieved all-time record
sales, earnings per share and cash flow,” said Robert Mehrabian,
Executive Chairman. “Our full year results were also record
breaking, with significant increases in sales, earnings per share
and cash flow. In addition, full year GAAP operating margin
increased 119 basis points given our continued emphasis on margin
improvement. Finally, we deployed $484 million on complementary
acquisitions in 2019, but nevertheless, ended 2019 with our lowest
leverage in over five years.” Al Pichelli, President and Chief
Executive Officer, added, “Growth across Teledyne was once again
driven by our balanced business portfolio. Instrumentation
performance was led by a recovery in the marine market. The Digital
Imaging segment reflected growth in healthcare and space markets.
Our U.S. defense businesses also performed well across the entire
company. Lastly, fourth quarter orders exceeded sales and we
concluded 2019 with record backlog.”
Full Year 2019
Total year sales for 2019 were $3,163.6 million, compared with
$2,901.8 million for 2018, an increase of 9.0%. Net income was
$402.3 million ($10.73 per diluted share) for fiscal year 2019,
compared with $333.8 million ($9.01 per diluted share) for fiscal
year 2018, an increase of 20.5%.
Total year 2019 and 2018 also reflected pretax charges totaling
$3.2 million and $7.8 million, respectively, for severance charges
and facility consolidation charges. Net income for 2019 included
net discrete tax benefits of $26.1 million, compared with $23.8
million for 2018. The 2019 and 2018 amounts included tax benefits
of $15.4 million and $12.9 million, respectively, related to
share-based accounting.
Review of Operations
Comparisons are with the fourth quarter of 2018, unless noted
otherwise. In the third quarter of 2019, we realigned the reporting
structure for certain business units, primarily related to certain
refinements of our management reporting structure. This change
primarily related to moving certain electronic manufacturing
services products from the Aerospace and Defense Electronics
segment to the Engineered Systems segment. Total net sales for
these products were $76.2 million for fiscal year 2018. Other
immaterial changes included moving certain United Kingdom (U.K.)
microwave product lines (previously within the Digital Imaging
segment) and certain U.K. manufactured composite parts (previously
within the Engineered Systems segment) into the Aerospace and
Defense Electronics segment. Total net sales for these U.K. product
lines were less than $20.0 million for fiscal year 2018. Previously
reported segment data has been adjusted to reflect these
changes.
Instrumentation
The Instrumentation segment’s fourth quarter 2019 net sales were
$301.6 million, compared with $263.4 million, an increase of 14.5%.
Operating income was $59.5 million for the fourth quarter of 2019,
compared with $43.0 million, an increase of 38.4%.
The fourth quarter 2019 net sales increase resulted from higher
sales of environmental instrumentation and marine instrumentation,
partially offset by lower sales of test and measurement
instrumentation. Sales of environmental instrumentation increased
$27.8 million and sales of marine instrumentation increased $15.3
million, while sales of test and measurement instrumentation
decreased $4.9 million. The increase in sales in environmental
instrumentation included $28.1 million in sales from the
acquisition of the Gas and Flame Detection business of 3M. The
increase in operating income reflected the impact of higher sales
and higher margins across most product lines.
Digital Imaging
The Digital Imaging segment’s fourth quarter 2019 net sales were
$268.1 million, compared with $223.3 million, an increase of 20.1%.
Operating income was $47.1 million for the fourth quarter of 2019,
compared with $36.3 million, an increase of 29.8%.
The fourth quarter 2019 net sales primarily reflected higher
sales of X-ray detectors for life sciences applications and space,
defense, geospatial and MEMS products, as well as $26.9 million in
sales from the acquisitions of the scientific imaging businesses of
Roper Technologies, Inc. and Micralyne Inc., partially offset by
lower sales of industrial machine vision products. The increase in
operating income in the fourth quarter of 2019 primarily reflected
higher sales and product mix differences.
Aerospace and Defense Electronics
The Aerospace and Defense Electronics segment’s fourth quarter
2019 net sales were $170.4 million, compared with $166.0 million,
an increase of 2.7%. Operating income was $32.8 million for the
fourth quarter of 2019, compared with $35.4 million a decrease of
7.3%.
The fourth quarter 2019 net sales reflected $9.2 million of
higher sales of defense electronics, partially offset by lower
sales of $4.8 million for aerospace electronics. Operating income
in the fourth quarter of 2019 reflected the impact of higher sales,
offset by product mix differences.
Engineered Systems
The Engineered Systems segment’s fourth quarter 2019 net sales
were $94.1 million, compared with $95.7 million, a decrease of
1.7%. Operating income was $10.5 million for the fourth quarter of
2019, compared with $10.7 million, a decrease of 1.9%.
The fourth quarter 2019 net sales reflected lower sales of $3.1
million of engineered products and $1.1 million of energy systems,
partially offset by higher sales of $2.6 million for turbine
engines. The lower sales of engineered products and services
primarily reflected lower sales from missile defense programs
partially offset by increased sales from space and nuclear
programs, as well as electronic manufacturing services products.
Operating income in the fourth quarter of 2019 decreased primarily
due to lower sales.
Additional Financial Information
Cash Flow
Cash provided by operating activities was $167.9 million for the
fourth quarter of 2019, compared with $125.5 million. The higher
cash provided by operating activities in the fourth quarter of 2019
reflected the impact of higher operating income, cash flow from
recent acquisitions and improved working capital management. At
December 29, 2019, cash totaled $199.5 million, compared with
$142.5 million at December 30, 2018. At December 29, 2019, total
debt was $850.6 million, compared with $747.5 million at December
30, 2018. At December 29, 2019, $125.0 million was outstanding
under the $750.0 million credit facility. The company received $5.4
million from the exercise of stock options in the fourth quarter of
2019, compared with $1.1 million. Capital expenditures for the
fourth quarter of 2019 were $23.9 million, compared with $18.7
million. Depreciation and amortization expense for both the fourth
quarter of 2019 and 2018 was $29.3 million. On January 3, 2020,
Teledyne acquired OakGate Technology, Inc.
Free Cash Flow (a)
Fourth Quarter
Total Year
(in millions, brackets indicate use of
funds)
2019
2018
2019
2018
Cash provided by operating activities
$
167.9
$
125.5
$
482.1
$
446.9
Capital expenditures for property, plant
and equipment
(23.9
)
(18.7
)
(88.4
)
(86.8
)
Free cash flow
$
144.0
$
106.8
$
393.7
$
360.1
(a)
The company defines free cash flow as cash
provided by operating activities (a measure prescribed by generally
accepted accounting principles) less capital expenditures for
property, plant and equipment. The company believes that this
supplemental non-GAAP information is useful to assist management
and the investment community in analyzing the company’s ability to
generate cash flow.
Income Taxes
The effective tax rate for the fourth quarter of 2019 was 10.7%,
compared with 14.9%. The fourth quarter of 2019 reflected net
discrete income tax benefits of $8.3 million. This amount included
$4.2 million in income tax benefit related to share-based
accounting and a $4.2 million tax benefit primarily related to U.S.
export sales. The fourth quarter of 2018 reflected net discrete
income tax benefits of $6.9 million. This amount included a $4.8
million income tax benefit related to the release of a valuation
allowance. Excluding the net discrete income tax benefits in both
periods, the effective tax rates would have been 17.1% for the
fourth quarter of 2019 and 21.3% for the fourth quarter of 2018.
The company’s full year tax rate, before discrete items, was 20.6%
for 2019, compared with 21.3% for 2018.
Other
Stock option expense was $5.7 million for the fourth quarter of
2019, compared with $4.9 million. Stock option expense for fiscal
year 2019 was $26.1 million, compared with $19.8 million for fiscal
year 2018. Non-service retirement benefit income was $1.9 million
for the fourth quarter of 2019, compared with $3.4 million.
Interest expense, net of interest income, decreased to $4.7 million
for the fourth quarter of 2019 compared with $5.7 million.
Corporate expense was $16.1 million for the fourth quarter of 2019,
compared with $14.2 million.
Recent Accounting Pronouncements
Effective December 31, 2018, the beginning of our 2019 fiscal
year, Teledyne adopted the requirements of Accounting Standards
Update (“ASU”) No. 2016-02, “Leases (Topic 842)” using the modified
retrospective transition option of applying the new guidance at the
adoption date. In addition, we elected the package of practical
expedients permitted under the transition guidance within the new
standard, which among other things, allowed us to carry forward the
historical lease classification. Adoption of the new guidance
resulted in the recording of right-of-use assets and a lease
liability for 2019. Prior period comparative information was not
adjusted. At December 29, 2019, Teledyne has right-of-use assets of
$127.1 million included in long-term other assets and a total lease
liability for operating leases of $138.9 million of which $119.3
million is included in other long-term liabilities and $19.6
million is included in accrued liabilities.
Outlook
Based on its current outlook, the company’s management believes
that first quarter 2020 GAAP earnings per diluted share will be in
the range of $2.25 to $2.35 and full year 2020 GAAP earnings per
diluted share will be in the range of $11.20 to $11.30. The
company’s annual expected tax rate for 2020 is 22.3%, before
discrete items. In addition, we currently expect significantly less
discrete items in 2020 compared with 2019.
Forward-Looking Statements Cautionary Notice
This press release contains forward-looking statements, as
defined in the Private Securities Litigation Reform Act of 1995,
relating to sales, earnings, stock option compensation expense and
taxes. Forward-looking statements are generally accompanied by
words such as “estimate”, “project”, “predict”, “believes” or
“expect”, that convey the uncertainty of future events or outcomes.
All statements made in this press release that are not historical
in nature should be considered forward looking.
Actual results could differ materially from these
forward-looking statements. Many factors could change the
anticipated results, including: disruptions in the global economy;
changes in demand for products sold to the defense electronics,
instrumentation, digital imaging, energy exploration and
production, commercial aviation, semiconductor and communications
markets; funding, continuation and award of government programs;
cuts to defense spending resulting from existing and future deficit
reduction measures; impacts from the United Kingdom’s pending exit
from the European Union; uncertainties related to the policies of
the U.S. Presidential Administration; the imposition and expansion
of, and responses to, trade sanctions and tariffs; and threats to
the security of our confidential and proprietary information,
including cyber security threats. Lower oil and natural gas prices,
as well as instability in the Middle East or other oil producing
regions, and regulations or restrictions relating to energy
production, including with respect to hydraulic fracturing, could
further negatively affect the company’s businesses that supply the
oil and gas industry. Disruptions from the production delay of
Boeing’s 737 Max aircraft and increasing fuel costs will negatively
affect the markets of our commercial aviation businesses. In
addition, financial market fluctuations affect the value of the
company’s pension assets.
Changes in the policies of U.S. and foreign governments, could
result, over time, in reductions or realignment in defense or other
government spending and further changes in programs in which the
company participates.
While the company’s growth strategy includes possible
acquisitions, we cannot provide any assurance as to when, if or on
what terms any acquisitions will be made. Acquisitions involve
various inherent risks, such as, among others, our ability to
integrate acquired businesses, retain customers and achieve
identified financial and operating synergies. There are additional
risks associated with acquiring, owning and operating businesses
internationally, including those arising from U.S. and foreign
policy changes and exchange rate fluctuations.
While the company believes its internal and disclosure control
systems are effective, there are inherent limitations in all
control systems, and misstatements due to error or fraud may occur
and may not be detected.
Readers are urged to read the company’s periodic reports filed
with the Securities and Exchange Commission (“SEC”) for a more
complete description of the company, its businesses, its strategies
and the various risks that the company faces. Various risks are
identified in Teledyne’s 2018 Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q. The company assumes no
duty to publicly update or revise any forward-looking statements,
whether as a result of new information or otherwise.
A live webcast of Teledyne’s fourth quarter earnings conference
call will be held at 11:00 a.m. (Eastern) on Wednesday, January 22,
2020. To access the call, go to www.teledyne.com approximately ten
minutes before the scheduled start time. A replay will also be
available for one month starting at 12:00 p.m. (Eastern) on
Wednesday, January 22, 2020.
TELEDYNE TECHNOLOGIES
INCORPORATED
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
FOR THE FOURTH QUARTER AND
TWELVE MONTHS ENDED
DECEMBER 29, 2019 AND DECEMBER
30, 2018
(Unaudited - in millions, except
per share amounts)
Fourth
Quarter
Fourth
Quarter
Twelve
Months
Twelve
Months
2019
2018
2019
2018
Net sales
$
834.2
$
748.4
$
3,163.6
$
2,901.8
Costs and expenses:
Costs of sales
505.1
459.6
1,920.3
1,791.0
Selling, general and administrative
expenses
195.3
177.6
751.6
694.2
Total costs and expenses
700.4
637.2
2,671.9
2,485.2
Operating income
133.8
111.2
491.7
416.6
Interest and debt expense, net
(4.7
)
(5.7
)
(21.0
)
(25.5
)
Non-service retirement benefit income
1.9
3.4
8.0
13.5
Other expense, net
(1.5
)
(1.8
)
(5.0
)
(10.7
)
Income before income taxes
129.5
107.1
473.7
393.9
Provision for income taxes
13.8
16.0
71.4
60.1
Net income
$
115.7
$
91.1
$
402.3
$
333.8
Diluted earnings per common share
$
3.06
$
2.45
$
10.73
$
9.01
Weighted average diluted common shares
outstanding
37.8
37.2
37.5
37.0
TELEDYNE TECHNOLOGIES
INCORPORATED
SUMMARY OF SEGMENT NET SALES
AND OPERATING INCOME
FOR THE FOURTH QUARTER AND
TWELVE MONTHS ENDED
DECEMBER 29, 2019 AND DECEMBER
30, 2018
(Unaudited - in millions)
Fourth
Quarter
Fourth
Quarter
%
Change
Twelve
Months
Twelve
Months
%
Change
2019
2018
2019
2018
Net sales:
Instrumentation
$
301.6
$
263.4
14.5
%
$
1,105.1
$
1,021.2
8.2
%
Digital Imaging (a)
268.1
223.3
20.1
%
992.9
875.3
13.4
%
Aerospace and Defense Electronics (a)
170.4
166.0
2.7
%
690.1
640.2
7.8
%
Engineered Systems (a)
94.1
95.7
(1.7
)
%
375.5
365.1
2.8
%
Total net sales
$
834.2
$
748.4
11.5
%
$
3,163.6
$
2,901.8
9.0
%
Operating income:
Instrumentation
$
59.5
$
43.0
38.4
%
$
200.4
$
147.4
36.0
%
Digital Imaging (a)
47.1
36.3
29.8
%
176.5
155.5
13.5
%
Aerospace and Defense Electronics (a)
32.8
35.4
(7.3
)
%
143.4
131.8
8.8
%
Engineered Systems (a)
10.5
10.7
(1.9
)
%
36.5
37.9
(3.7
)
%
Corporate expense
(16.1
)
(14.2
)
13.4
%
(65.1
)
(56.0
)
16.3
%
Operating income
133.8
111.2
20.3
%
491.7
416.6
18.0
%
Interest and debt expense, net
(4.7
)
(5.7
)
(17.5
)
%
(21.0
)
(25.5
)
(17.6
)
%
Non-service retirement benefit income
1.9
3.4
(44.1
)
%
8.0
13.5
(40.7
)
%
Other expense, net
(1.5
)
(1.8
)
(16.7
)
%
(5.0
)
(10.7
)
(53.3
)
%
Income before income taxes
129.5
107.1
20.9
%
473.7
393.9
20.3
%
Provision for income taxes
13.8
16.0
(13.8
)
%
71.4
60.1
18.8
%
Net income
$
115.7
$
91.1
27.0
%
$
402.3
$
333.8
20.5
%
(a)
The 2018 periods have been adjusted to
reflect the realignment, in the third quarter of 2019, of the
reporting structure for certain business units, primarily related
to certain refinements of our management reporting structure. This
change primarily related to moving certain electronic manufacturing
services products from the Aerospace and Defense Electronics
segment to the Engineered Systems segment. Other immaterial changes
included moving certain United Kingdom (U.K.) microwave product
lines (previously within the Digital Imaging segment) and certain
U.K. manufactured composite parts (previously within the Engineered
Systems segment) into the Aerospace and Defense Electronics
segment.
TELEDYNE TECHNOLOGIES
INCORPORATED
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited – in millions)
December 29, 2019
December 30, 2018
ASSETS
Cash
$
199.5
$
142.5
Accounts receivable, net
660.9
561.8
Inventories, net
393.4
364.3
Prepaid expenses and other current
assets
59.9
45.8
Total current assets
1,313.7
1,114.4
Property, plant and equipment, net
487.9
442.6
Goodwill and acquired intangible assets,
net
2,481.3
2,079.5
Prepaid pension asset
71.8
88.2
Other assets, net (a)
225.1
84.6
Total assets
$
4,579.8
$
3,809.3
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable
$
271.1
$
227.8
Accrued liabilities (a)
391.5
355.6
Current portion of long-term debt and
other debt
100.6
137.4
Total current liabilities
763.2
720.8
Long-term debt
750.0
610.1
Other long-term liabilities (a)
351.9
248.7
Total liabilities
1,865.1
1,579.6
Total stockholders’ equity
2,714.7
2,229.7
Total liabilities and stockholders’
equity
$
4,579.8
$
3,809.3
(a)
Effective December 31, 2018, Teledyne
adopted the requirements of Accounting Standards Update (“ASU”) No.
2016-02, “Leases (Topic 842)” using the modified retrospective
transition option of applying the new guidance at the adoption
date. Prior periods were not changed. At December 29, 2019,
Teledyne has right-of-use assets of $127.1 million included in
long-term other assets, net and a total lease liability of $138.9
million for operating leases of which long-term liabilities
includes $119.3 million and accrued liabilities includes $19.6
million.
TELEDYNE TECHNOLOGIES
INCORPORATED
SUMMARY OF QUARTERLY SEGMENT
NET SALES AND OPERATING INCOME
(Unaudited - in
millions)
Adjusted to current reporting
structure
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total
Year
2019
2019
2019
2019
2019
Net sales:
Instrumentation
$
256.5
$
264.1
$
282.9
$
301.6
$
1,105.1
Digital Imaging (a)
232.4
248.4
244.0
268.1
992.9
Aerospace and Defense Electronics (a)
166.6
176.0
177.1
170.4
690.1
Engineered Systems (a)
89.7
93.5
98.2
94.1
375.5
Total net sales
$
745.2
$
782.0
$
802.2
$
834.2
$
3,163.6
(a)
Adjusted to reflect the realignment, in
the third quarter of 2019, of our reporting structure for certain
business units, primarily related to certain refinements of our
management reporting structure.
Adjusted to current reporting
structure
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total
Year
2019
2019
2019
2019
2019
Operating income:
Instrumentation
$
39.9
$
49.0
$
52.0
$
59.5
$
200.4
Digital Imaging (a)
36.6
51.6
41.2
47.1
176.5
Aerospace and Defense Electronics (a)
32.5
38.6
39.5
32.8
143.4
Engineered Systems (a)
6.4
9.0
10.6
10.5
36.5
Corporate expense
(18.1
)
(16.3
)
(14.6
)
(16.1
)
(65.1
)
Operating income
$
97.3
$
131.9
$
128.7
$
133.8
$
491.7
(a)
Adjusted to reflect the realignment, in
the third quarter of 2019, of our reporting structure for certain
business units, primarily related to certain refinements of our
management reporting structure.
Originally reported
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total
Year
2019
2019
2019
2019
2019
Net sales:
Instrumentation
$
256.5
$
264.1
$
282.9
$
301.6
$
1,105.1
Digital Imaging
235.3
251.3
244.0
268.1
998.7
Aerospace and Defense Electronics
180.4
191.0
177.1
170.4
718.9
Engineered Systems
73.0
75.6
98.2
94.1
340.9
Total net sales
$
745.2
$
782.0
$
802.2
$
834.2
$
3,163.6
Originally reported
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total
Year
2019
2019
2019
2019
2019
Operating income:
Instrumentation
$
39.9
$
49.0
$
52.0
$
59.5
$
200.4
Digital Imaging
37.0
52.5
41.2
47.1
177.8
Aerospace and Defense Electronics
33.8
39.4
39.5
32.8
145.5
Engineered Systems
4.7
7.3
10.6
10.5
33.1
Corporate expense
(18.1
)
(16.3
)
(14.6
)
(16.1
)
(65.1
)
Operating income
$
97.3
$
131.9
$
128.7
$
133.8
$
491.7
TELEDYNE TECHNOLOGIES
INCORPORATED
SUMMARY OF QUARTERLY SEGMENT
NET SALES AND OPERATING INCOME
(Unaudited - in
millions)
Adjusted to current reporting
structure
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total
Year
2018
2018
2018
2018
2018
Net sales:
Instrumentation
$
239.0
$
262.6
$
256.2
$
263.4
$
1,021.2
Digital Imaging
208.3
223.0
220.7
223.3
875.3
Aerospace and Defense Electronics
156.4
157.5
160.3
166.0
640.2
Engineered Systems
91.9
89.4
88.1
95.7
365.1
Total net sales
$
695.6
$
732.5
$
725.3
$
748.4
$
2,901.8
(a)
Adjusted to reflect the realignment, in
the third quarter of 2019, of our reporting structure for certain
business units, primarily related to certain refinements of our
management reporting structure.
Adjusted to current reporting
structure
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total
Year
2018
2018
2018
2018
2018
Operating income:
Instrumentation
$
27.8
$
40.9
$
35.7
$
43.0
$
147.4
Digital Imaging
33.8
43.1
42.3
36.3
155.5
Aerospace and Defense Electronics
30.8
32.6
33.0
35.4
131.8
Engineered Systems
8.9
8.7
9.6
10.7
37.9
Corporate expense
(12.9
)
(13.8
)
(15.1
)
(14.2
)
(56.0
)
Operating income
$
88.4
$
111.5
$
105.5
$
111.2
$
416.6
(a)
Adjusted to reflect the realignment, in
the third quarter of 2019, of our reporting structure for certain
business units, primarily related to certain refinements of our
management reporting structure.
Originally reported
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total
Year
2018
2018
2018
2018
2018
Net sales:
Instrumentation
$
239.0
$
262.6
$
256.2
$
263.4
$
1,021.2
Digital Imaging
211.0
225.3
223.0
225.9
885.2
Aerospace and Defense Electronics
173.6
173.5
171.1
178.3
696.5
Engineered Systems
72.0
71.1
75.0
80.8
298.9
Total net sales
$
695.6
$
732.5
$
725.3
$
748.4
$
2,901.8
Originally reported
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total
Year
2018
2018
2018
2018
2018
Operating income:
Instrumentation
$
27.8
$
40.9
$
35.7
$
43.0
$
147.4
Digital Imaging
34.6
43.3
42.3
37.1
157.3
Aerospace and Defense Electronics
31.7
33.7
33.3
36.5
135.2
Engineered Systems
7.2
7.4
9.3
8.8
32.7
Corporate expense
(12.9
)
(13.8
)
(15.1
)
(14.2
)
(56.0
)
Operating income
$
88.4
$
111.5
$
105.5
$
111.2
$
416.6
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200122005236/en/
Jason VanWees (805) 373-4542
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