Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 42

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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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 completed in 2024, partially offset by higher sales.  As a result, SG&A expense as a percentage of net sales decreased during the quarter.  R&D expense decreased primarily due to ongoing cost rationalization and cost reduction initiatives.

Operating income increased primarily due to higher net sales and lower SG&A and R&D expense, partially offset by unfavorable product mix during the period, and operating income as a percentage of net sales increased during the period primarily due to lower SG&A and R&D expense in the first quarter of 2025.

24

Instrumentation

First QuarterChange(dollars in millions)20252024$%Net sales$343.3$330.4$12.9 3.9 %Cost of sales$173.5$171.2$2.3 1.3 %Selling, general and administrative expense$49.7$47.0$2.7 5.7 %Research and development expense$24.2$22.8$1.4 6.1 %Acquired intangible asset amortization$3.2$3.4$(0.2)(5.9)%Operating income$92.7$86.0$6.7 7.8 %As a percentage of net sales