Teledyne Technologies Inc. Q2 FY2024 results: revenue $1.4 billion, down 3.6% on the year

Teledyne Technologies Inc. (TDY) reported revenue of $1.4 billion for Q2 FY2024, the quarter ended 30 June 2024, down 3.6% on the same quarter a year earlier. Net income was $180 million, down 2.8% on the year, and diluted earnings per share $3.77. The figures are the company's own, from the 10-Q it filed with the SEC on 29 July 2024.

Revenue$1.4 billiondown 3.6%

Net income$180 milliondown 2.8%

Diluted EPS$3.77

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,374	1,350	n/a	n/a
Cost of revenue	782	770	n/a	n/a
Gross profit	593	580	n/a	n/a
Gross margin	43.1%	43.0%	n/a
Research and development	71.7	76.5	n/a	n/a
Selling, general and administrative	296	296	n/a	n/a
Operating income	247	234	n/a	n/a
Operating margin	18.0%	17.4%	n/a
Interest expense	15.8	12.7	n/a	n/a
Pre-tax income	232	226	n/a	n/a
Income tax	51.4	46.4	n/a	n/a
Effective tax rate	22.2%	20.6%	n/a
Net income	180	178	n/a	n/a
Net margin	13.1%	13.2%	n/a
Diluted EPS	$3.77	$3.72	n/a	n/a

$ 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 and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	319	291	n/a	n/a
Capital expenditure	17.7	15.9	n/a	n/a
Free cash flow	301	275	n/a	n/a
Free cash flow margin	21.9%	20.4%	n/a
Depreciation and amortisation	77.8	78.0	n/a	n/a
Share-based compensation	9.3	12.0	n/a	n/a
Buybacks	194	n/a	n/a	n/a
Diluted shares, weighted	48m	48m	n/a	n/a
Shares outstanding at period end	47m	47m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	14,221	14,639	n/a	n/a
Cash and equivalents	443	912	n/a	n/a
Receivables	860	886	n/a	n/a
Inventory	966	933	n/a	n/a
Goodwill	8,040	7,956	n/a	n/a
Long-term debt	2,797	3,246	n/a	n/a
Borrowings, as the company tags them	2,816	3,266	n/a	n/a
Shareholders' equity	9,320	9,328	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,402	1,425	1,350	1,374	1,444	1,502	1,450	1,514	1,540	1,612	1,560	1,662
Cost of revenue	797	802	770	782	824	860	830	869	880	921	886	924
Gross profit	605	623	580	593	620	643	620	645	660	691	674	738
Gross margin	43%	44%	43%	43%	43%	43%	43%	43%	43%	43%	43%	44%
R&D	n/a	n/a	76.5	71.7	73.0	71.4	74.3	82.4	83.4	77.2	84.6	90.2
SG&A	292	303	296	296	299	10.8	234	229	238	230	237	259
Operating income	264	272	234	247	271	237	259	278	283	330	294	333
Operating margin	19%	19%	17%	18%	19%	16%	18%	18%	18%	20%	19%	20%
Interest expense	18.4	15.6	12.7	15.8	15.7	13.7	17.3	17.6	12.6	12.1	12.3	13.6
Pre-tax income	246	254	226	232	255	226	239	261	274	321	279	321
Tax rate	19%	-27%	21%	22%	-3%	12%	21%	19%	19%	14%	19%	22%
Net income	199	323	178	180	262	198	189	210	221	276	227	252
Net margin	14%	23%	13%	13%	18%	13%	13%	14%	14%	17%	15%	15%
Diluted EPS	$4.15	$6.74	$3.72	$3.77	$5.54	$4.18	$3.99	$4.43	$4.65	$5.81	$4.85	$5.37
Operating cash flow	278	164	291	319	250	332	243	227	343	379	234	315
Capital expenditure	23.0	40.2	15.9	17.7	21.1	29.0	18.0	30.3	29.2	39.8	29.7	30.5
Free cash flow	255	124	275	301	229	303	225	196	314	339	204	285
Buybacks	0.0	n/a	n/a	194	139	n/a	n/a	n/a	0.0	n/a	n/a	n/a
Shares outstanding	47m	47m	47m	47m	47m	47m	47m	47m	47m	46m	46m	46m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 29 July 2024, accession 0001094285-24-000090: the filing on EDGAR. All of Teledyne Technologies Inc.'s filings: EDGAR company page.

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