Teledyne Technologies (TDY) FY2022 results: revenue $5.5 billion, up 18.3% on the year

Teledyne Technologies Inc. (TDY) reported revenue of $5.5 billion for fiscal 2022, the year ended 1 January 2023, up 18.3% on the year before. Net income was $789 million, up 77.1%, and diluted earnings per share $16.53. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$5.5 billion

+18.3% on the year

FY2015FY2022

Operating margin

17.8%

13.5% a year earlier

FY2015FY2022

Net income

$789 million

+77.1% on the year

FY2015FY2022

Diluted EPS

$16.53

+64.5% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	5,459	4,614	3,086	+18.3%
Cost of revenue	3,128	2,773	1,905	+12.8%
Gross profit	2,330	1,841	1,181	+26.6%
Gross margin	42.7%	39.9%	38.3%
Research and development	352	n/a	n/a
Selling, general and administrative	804	1,068	662	-24.7%
Operating income	972	624	480	+55.7%
Operating margin	17.8%	13.5%	15.6%
Interest expense	89.3	90.8	15.3	-1.7%
Pre-tax income	908	534	470	+70.1%
Income tax	119	88.5	67.8	+34.7%
Effective tax rate	13.1%	16.6%	14.4%
Net income	789	445	402	+77.1%
Net margin	14.4%	9.7%	13.0%
Diluted EPS	$16.53	$10.05	$10.62	+64.5%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	487	825	619	-41.0%
Capital expenditure	92.6	102	71.4	-8.9%
Free cash flow	394	723	548	-45.5%
Free cash flow margin	7.2%	15.7%	17.7%
Cash from investing	-175	-3,824	-99.4
Cash from financing	-110	2,807	-61.8
Depreciation and amortisation	332	372	116	-10.7%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	48m	44m	38m	+7.7%
Shares outstanding at period end	47m	47m	37m	+0.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	8,169	7,622	3,229	+7.2%
Redeemable equity	3.7	0.0	n/a
Debt	3,921	4,099	778	-4.4%
Operating lease liabilities	126	138	116	-8.8%
Other liabilities	2,135	2,571	961	-17.0%
Total liabilities and equity	14,354	14,430	5,085	-0.5%
Fixed assets	770	828	489	-7.0%
Goodwill	7,873	7,987	2,150	-1.4%
Intangible assets	2,441	2,742	410	-11.0%
Cash and equivalents	638	475	673	+34.4%
Receivables	884	768	402	+15.1%
Inventory	891	753	347	+18.3%
Other assets	858	879	613	-2.4%
Total assets	14,354	14,430	5,085	-0.5%

10-K for the year ended 1 January 2023, filed 24 February 2023: the filing.