Teledyne Technologies Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Teledyne Technologies Inc. has filed its Q1 2024 10-Q, detailing financial performance and business segments for the period ending March 31, 2024.</b>

AI Summary

TELEDYNE TECHNOLOGIES INC (TDY) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. Teledyne Technologies Inc. filed its Form 10-Q for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business is described as Search, Detection, Navigation, Guidance, Aeronautical Systems. The filing includes financial data for the periods ending March 31, 2024, and December 31, 2023. Key segments mentioned include Digital Imaging, Instrumentation, and Aerospace and Defense Electronics.

Why It Matters

For investors and stakeholders tracking TELEDYNE TECHNOLOGIES INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for Teledyne Technologies Inc. Understanding the performance of segments like Digital Imaging, Instrumentation, and Aerospace and Defense Electronics is crucial for assessing the company's overall health and future prospects.

Risk Assessment

Risk Level: medium — TELEDYNE TECHNOLOGIES INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate significant new risks or positive developments beyond normal business operations.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any trends or changes that may impact Teledyne Technologies Inc.'s stock valuation.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-04-29 — Filing Date (Filed as of date)
• 2023-12-31 — Previous Period End Date (Balance sheet date)
• 2023-04-02 — Prior Year Period End Date (Prior year comparative balance sheet date)

Key Players & Entities

• TELEDYNE TECHNOLOGIES INC (company) — Filer name
• TDY (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-04-29 (date) — Filed as of date
• 3812 (industry_code) — Standard Industrial Classification code
• DE (jurisdiction) — State of incorporation
• 1049 CAMINO DOS RIOS (address) — Business address street 1
• THOUSAND OAKS (location) — Business address city

FAQ

Industry Context

Teledyne Technologies Inc. operates within the Search, Detection, Navigation, Guidance, and Aeronautical Systems industry.

Regulatory Implications

The filing is a standard Form 10-Q, a quarterly report required by the SEC for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for the quarter ended March 31, 2024.
2. Examine the segment information to understand the performance drivers of Digital Imaging, Instrumentation, and Aerospace and Defense Electronics.
3. Review any disclosures related to acquisitions or significant business events mentioned in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-29: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024, providing a baseline for comparison with subsequent filings and prior year periods.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value TDY New York Stock Exchange

Filing Documents

• tdy-20240331.htm (10-Q) — 1202KB
• tdy-ex311_10q120240331.htm (EX-31.1) — 10KB
• tdy-ex312_10q120240331.htm (EX-31.2) — 10KB
• tdy-ex321_10q120240331.htm (EX-32.1) — 4KB
• tdy-ex322_10q120240331.htm (EX-32.2) — 5KB
• 0001094285-24-000079.txt (&nbsp;) — 7373KB
• tdy-20240331.xsd (EX-101.SCH) — 44KB
• tdy-20240331_cal.xml (EX-101.CAL) — 71KB
• tdy-20240331_def.xml (EX-101.DEF) — 262KB
• tdy-20240331_lab.xml (EX-101.LAB) — 612KB
• tdy-20240331_pre.xml (EX-101.PRE) — 458KB
• tdy-20240331_htm.xml (XML) — 1249KB

Financial Statements

Item 1. Financial Statements 2 Condensed Consolidated Statements of Income (Loss) 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24 Part II Other Information 25

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 26

Signatures

Signatures 27 1 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements TELEDYNE TECHNOLOGIES INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) FOR THE FIRST QUARTER ENDED MARCH 31, 2024 AND APRIL 2, 2023 (Unaudited - Amounts in millions, except per-share amounts) First Quarter 2024 2023 Net sales $ 1,350.1 $ 1,383.3 Costs and expenses Cost of sales 770.2 790.7 Selling, general and administrative 296.2 300.4 Acquired intangible asset amortization 49.4 49.7 Total costs and expenses 1,115.8 1,140.8 Operating income (loss) 234.3 242.5 Interest and debt income (expense), net ( 12.7 ) ( 21.0 ) Non-service retirement benefit income (expense), net 2.7 3.3 Other income (expense), net 1.2 ( 1.1 ) Income (loss) before income taxes 225.5 223.7 Provision (benefit) for income taxes 46.4 44.9 Net income (loss) including noncontrolling interest 179.1 178.8 Less: Net income (loss) attributable to noncontrolling interest 0.6 0.1 Net income (loss) attributable to Teledyne $ 178.5 $ 178.7 Basic earnings per common share $ 3.77 $ 3.81 Weighted average common shares outstanding 47.3 46.9 Diluted earnings per common share $ 3.72 $ 3.73 Weighted average diluted common shares outstanding 48.0 47.9 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents TELEDYNE TECHNOLOGIES INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) FOR THE FIRST QUARTER ENDED MARCH 31, 2024 AND APRIL 2, 2023 (Unaudited - Amounts in millions) First Quarter 2024 2023 Net income (loss) including noncontrolling interest $ 179.1 $ 178.8 Other comprehensive income (loss): Foreign exchange translation adjustment ( 88.8 ) ( 4.3 ) Hedge activity, net of tax ( 4.2 ) 2.5 Pension and postretirement benefit adjustments, net of tax 2.1 1.5 Other comprehensive income (loss) ( 90.9 ) ( 0.3 ) Comprehensive income (loss) including noncontrolling interest 88.2 178.5 Less: Comprehensive income (loss) attributable to noncon