Teledyne Technologies Incorporated
CEO : Dr. Robert Mehrabian
Quarterly earnings growth(YoY,%)
| Period | Revenue | Operating Income | EPS | Release Date |
|---|---|---|---|---|
| 2022 Q4 | 3.1% YoY | 40.3% | 39.2% | 2023-01-25 |
Susan Main says,
Financials for Q4 2022
- Cash flow from operating activities was $237.7 million
- Free cash flow was $203.6 million
- Capital expenditures were $34.1 million
- Depreciation and amortization expense was $81.8 million
- Non-cash inventory step-up expense was not recorded
- Net debt was approximately $3.28 billion
- Stock option compensation expense was $6.2 million
Outlook for Q1 and Full Year 2023
- GAAP earnings per share in Q1 2023 expected to be in the range of $3.57 to $3.69 per share
- Non-GAAP earnings in Q1 2023 expected to be in the range of $4.37 to $4.47 per share
- GAAP earnings per share for FY 2023 expected to be in the range of $15.80 to $16.10 per share
- Non-GAAP earnings for FY 2023 expected to be in the range of $19.00 to $19.20 per share
- The 2023 full year estimated tax rate, excluding discrete items is expected to be 23%
Robert Mehrabian says,
Price Increase and Inflation
- The company increased prices by 4% in 2022.
- Materials inflation was 3.7% negative, and wage inflation was 1% negative to sales.
- The net detriments between the two were about 60 basis points.
- The company expects to increase prices somewhat in the future due to inherited inflation and employee raises.
Overall Margins
- The company expects overall margins to improve by 50 basis points versus last year.
- The improvement is due to less broker premiums as compared to last year.
- Last year, the company paid $90 million in excess fees to brokers for parts, and they think it will be half in 2023.
Q & A sessions,
New Products and Markets
- Teledyne has introduced new products in machine vision and mapping, and has acquired ChartWorld to bridge the gap between its geospatial business and mapping business
- FLIR has a strong presence in unmanned air vehicles, ground-based vehicles, and underwater vehicles, which complements Teledyne’s legacy in underwater vehicles. The combination of the two companies has about $450 million revenue in unmanned vehicles
Common Technologies
- The combination of Teledyne and FLIR has common technologies between unmanned air vehicles, ground-based vehicles, and underwater vehicles in terms of control, software, and digitization and imaging
No bad stock 