Teledyne Technologies (TDY) FY2021 results: revenue $4.6 billion, up 49.5% on the year

Teledyne Technologies Inc. (TDY) reported revenue of $4.6 billion for fiscal 2021, the year ended 2 January 2022, up 49.5% on the year before. Net income was $445 million, up 10.8%, and diluted earnings per share $10.05. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$4.6 billion

+49.5% on the year

FY2014FY2021

Operating margin

13.5%

15.6% a year earlier

FY2014FY2021

Net income

$445 million

+10.8% on the year

FY2014FY2021

Diluted EPS

$10.05

-5.4% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	4,614	3,086	3,164	+49.5%
Cost of revenue	2,773	1,905	1,920	+45.5%
Gross profit	1,841	1,181	1,243	+55.9%
Gross margin	39.9%	38.3%	39.3%
Selling, general and administrative	1,068	662	715	+61.3%
Operating income	624	480	492	+30.0%
Operating margin	13.5%	15.6%	15.5%
Interest expense	90.8	15.3	21.0	+493.5%
Pre-tax income	534	470	474	+13.6%
Income tax	88.5	67.8	71.4	+30.5%
Effective tax rate	16.6%	14.4%	15.1%
Net income	445	402	402	+10.8%
Net margin	9.7%	13.0%	12.7%
Diluted EPS	$10.05	$10.62	$10.73	-5.4%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	825	619	482	+33.2%
Capital expenditure	102	71.4	88.4	+42.3%
Free cash flow	723	548	394	+32.1%
Free cash flow margin	15.7%	17.7%	12.4%
Cash from investing	-3,824	-99.4	-572
Cash from financing	2,807	-61.8	142
Depreciation and amortisation	372	116	112	+220.0%
Diluted shares, weighted	44m	38m	38m	+16.9%
Shares outstanding at period end	47m	37m	37m	+26.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	7,622	3,229	2,715	+136.1%
Redeemable equity	0.0	n/a	n/a
Debt	4,099	778	851	+426.6%
Operating lease liabilities	138	116	119	+18.5%
Other liabilities	2,571	961	895	+167.5%
Total liabilities and equity	14,430	5,085	4,580	+183.8%
Fixed assets	828	489	488	+69.1%
Goodwill	7,987	2,150	2,050	+271.5%
Intangible assets	2,742	410	267	+569.2%
Cash and equivalents	475	673	200	-29.5%
Receivables	768	402	460	+91.0%
Inventory	753	347	393	+116.8%
Other assets	879	613	721	+43.3%
Total assets	14,430	5,085	4,580	+183.8%

10-K for the year ended 2 January 2022, filed 25 February 2022: the filing.