Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 79

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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vision (benefit) for income taxes (a)$50.1$46.4Income (loss) before income taxes$238.9$225.5Effective tax rate21.0%20.6%

(a) The first quarter of 2025 includes net discrete income tax benefits of $3.7 million and the first quarter of 2024 includes net discrete income tax benefits of $4.4 million.

Segment Results

Segment results include net sales and operating income by segment but exclude corporate office expenses.  Corporate expense primarily includes various administrative expenses relating to our corporate office that are not allocated to our segments.  See Note 3 to these condensed consolidated financial statements for additional segment information.

Digital Imaging

First QuarterChange(dollars in millions)20252024$%Net sales$757.0$740.8$16.2 2.2 %Cost of sales$422.5$408.6$13.9 3.4 %Selling, general and administrative expense$122.7$123.7$(1.0)(0.8)%Research and development expense$44.1$48.9$(4.8)(9.8)%Acquired intangible asset amortization$45.4$45.8$(0.4)(0.9)%Operating income$122.3$113.8$8.5 7.5 %As a percentage of net sales:Cost of sales55.8 %55.2 %Selling, general and administrative expense16.2 %16.6 %Research and development expense5.8 %6.6 %Acquired intangible asset amortization6.0 %6.2 %Operating income16.2 %15.4 %

First quarter of 2025 compared with the first quarter of 2024

Net sales increased primarily due to higher sales of commercial infrared imaging components as well as surveillance systems, partially offset by lower sales of X-ray products.  Sales of commercial infrared imaging components increased $13.9 million, sales of surveillance systems increased $11.7 million, and sales of X-Ray products decreased $6.9 million.  The first quarter of 2025 included $8.9 million in incremental sales from recent acquisitions.

Cost of sales increased primarily due to product mix.  As a result of unfavorable product mix, the cost of sales percentage increased during the period.  SG&A expense decreased primarily due to cost reduction initiatives that