Teledyne Technologies (TDY) FY2019 results: revenue $3.2 billion, up 9.0% on the year
Teledyne Technologies Inc. (TDY) reported revenue of $3.2 billion for fiscal 2019, the year ended 29 December 2019, up 9.0% on the year before. Net income was $402 million, up 20.5%, and diluted earnings per share $10.73. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$3.2 billion
+9.0% on the year
FY2012FY2019
Operating margin
15.5%
14.4% a year earlier
FY2012FY2019
Net income
$402 million
+20.5% on the year
FY2012FY2019
Diluted EPS
$10.73
+19.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,164
2,902
2,604
+9.0%
Cost of revenue
1,920
1,791
1,624
+7.2%
Gross profit
1,243
1,111
980
+11.9%
Gross margin
39.3%
38.3%
37.6%
Selling, general and administrative
715
694
658
+3.0%
Operating income
492
417
322
+18.0%
Operating margin
15.5%
14.4%
12.4%
Interest expense
21.0
29.2
35.5
-28.1%
Pre-tax income
474
394
287
+20.3%
Income tax
71.4
60.1
59.8
+18.8%
Effective tax rate
15.1%
15.3%
20.8%
Net income
402
334
227
+20.5%
Net margin
12.7%
11.5%
8.7%
Diluted EPS
$10.73
$9.01
$6.26
+19.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
482
447
375
+7.9%
Capital expenditure
88.4
86.8
58.5
+1.8%
Free cash flow
394
360
316
+9.3%
Free cash flow margin
12.4%
12.4%
12.1%
Cash from investing
-572
-88.6
-831
Cash from financing
142
-271
414
Depreciation and amortisation
112
113
113
-1.0%
Buybacks
n/a
n/a
0.0
Diluted shares, weighted
38m
37m
36m
+1.4%
Shares outstanding at period end
37m
36m
36m
+1.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,715
2,230
1,947
+21.8%
Debt
851
748
1,064
+13.8%
Operating lease liabilities
119
n/a
n/a
Other liabilities
895
832
835
+7.6%
Total liabilities and equity
4,580
3,809
3,846
+20.2%
Fixed assets
488
443
443
+10.2%
Goodwill
2,050
1,735
1,777
+18.2%
Intangible assets
267
193
242
+38.6%
Cash and equivalents
200
142
70.9
+40.0%
Receivables
460
416
388
+10.5%
Inventory
393
364
400
+8.0%
Other assets
721
515
525
+39.9%
Total assets
4,580
3,809
3,846
+20.2%
10-K for the year ended 29 December 2019, filed 24 February 2020: the filing.