Teledyne Technologies (TDY) FY2023 results: revenue $5.6 billion, up 3.2% on the year

Teledyne Technologies Inc. (TDY) reported revenue of $5.6 billion for fiscal 2023, the year ended 31 December 2023, up 3.2% on the year before. Net income was $886 million, up 12.3%, and diluted earnings per share $18.49. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$5.6 billion

+3.2% on the year

FY2016FY2023

Operating margin

18.4%

17.8% a year earlier

FY2016FY2023

Net income

$886 million

+12.3% on the year

FY2016FY2023

Diluted EPS

$18.49

+11.9% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	5,636	5,459	4,614	+3.2%
Cost of revenue	3,196	3,128	2,773	+2.2%
Gross profit	2,439	2,330	1,841	+4.7%
Gross margin	43.3%	42.7%	39.9%
Research and development	356	352	n/a	+1.2%
Selling, general and administrative	852	804	1,068	+6.0%
Operating income	1,034	972	624	+6.4%
Operating margin	18.4%	17.8%	13.5%
Interest expense	77.3	89.3	90.8	-13.4%
Pre-tax income	959	908	534	+5.6%
Income tax	72.3	119	88.5	-39.3%
Effective tax rate	7.5%	13.1%	16.6%
Net income	886	789	445	+12.3%
Net margin	15.7%	14.4%	9.7%
Diluted EPS	$18.49	$16.53	$10.05	+11.9%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	836	487	825	+71.8%
Capital expenditure	115	92.6	102	+24.1%
Free cash flow	721	394	723	+83.0%
Free cash flow margin	12.8%	7.2%	15.7%
Cash from investing	-190	-175	-3,824
Cash from financing	-652	-110	2,807
Depreciation and amortisation	316	332	372	-4.8%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	48m	48m	44m	+0.4%
Shares outstanding at period end	47m	47m	47m	+0.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	9,221	8,169	7,622	+12.9%
Redeemable equity	4.6	3.7	0.0	+24.3%
Debt	3,245	3,921	4,099	-17.2%
Operating lease liabilities	123	126	138	-2.0%
Other liabilities	1,934	2,135	2,571	-9.4%
Total liabilities and equity	14,528	14,354	14,430	+1.2%
Fixed assets	777	770	828	+0.9%
Goodwill	8,003	7,873	7,987	+1.6%
Intangible assets	2,278	2,441	2,742	-6.7%
Cash and equivalents	648	638	475	+1.6%
Receivables	900	884	768	+1.8%
Inventory	918	891	753	+3.0%
Other assets	1,004	858	879	+17.0%
Total assets	14,528	14,354	14,430	+1.2%

10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.