Company: TDY
Filing Date: 2025-07-28
Form Type: 10-Q
Source: 0001094285-25-000131
Chunk: 9

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-07-28
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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 and commercial infrared imaging systems.  Sales of commercial infrared imaging components increased by $30.0 million, sales of unmanned air systems increased by $23.1 million, sales of surveillance systems increased by $16.2 million, sales of X-ray products decreased by $10.9 million, sales of industrial automation imaging systems decreased by $9.4 million and sales of commercial infrared imaging systems decreased by $8.7 million.  The first six months of 2025 also included $14.7 million in incremental sales from recent acquisitions.

Cost of sales increased primarily due to unfavorable product mix.  As a result of unfavorable product mix, the cost of sales percentage increased during the period.  The SG&A expense decrease included the reduction of a contingent liability resulting from a change in estimate, partially offset by higher severance and facility consolidation costs.  As a result, SG&A expense as a percentage of net sales decreased during the first six months of 2025.  R&D expense and R&D expense as a percentage of net sales were reasonably consistent between the two periods.  Acquired intangible asset amortization and acquired intangible asset amortization as a percentage of net sales remained reasonably consistent between the two periods.

Operating income increased primarily due to higher net sales and lower SG&A, partially offset by unfavorable product mix during the period.  As a result, operating income as a percentage of net sales increased during the period. 

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Instrumentation

Second QuarterChangeSix MonthsChange(dollars in millions)20252024$%20252024$%Net sales$367.6$333.5$34.1 10.2 %$710.9$663.9$47.0 7.1 %Cost of sales$186.7$170.0$16.7 9.8 %$360.2$341.2$19.0 5.6 %Selling, general and administrative expense$50.3$50.3$— — %$100.0$97.3$2.7 2.8 %Research and development expense$25.7$22.4$3.3 14.7 %$49.9$45.2$4.7 10.4 %Acquired intangible asset amortization$3.3$3.6$(0.3)(8.3)%$6.5$7.0$(0.5)(7.1