Company: TDY
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001094285-25-000140
Chunk: 54

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 of 2025, respectively, and $5.9 million and $19.2 million for the third quarter and nine months of 2024, respectively.

25

Third Quarter Results

The following is a discussion of our 2025 third quarter results compared with the third quarter results of 2024.  Comparisons are with the corresponding reporting period of 2024 unless noted otherwise.

Third quarter of 2025 compared with the third quarter of 2024

Our third quarter of 2025 net sales increased 6.7%, primarily due to sales from recent acquisitions in the Aerospace and Defense Electronics segment.  Net income attributable to Teledyne for the third quarter of 2025 decreased 15.8%, primarily driven by the favorable resolution of an uncertain tax position reached by the Company with foreign tax authorities around transfer pricing between certain FLIR subsidiaries in the third quarter of 2024.  Net income per diluted share was $4.65 for the third quarter of 2025, compared with net income per diluted share of $5.54.

Net Sales 

The third quarter of 2025 net sales compared with the third quarter of 2024 reflected higher net sales in the Digital Imaging, Instrumentation and Aerospace and Defense Electronics segments, partially offset by lower net sales in the Engineered Systems segment.  The third quarter of 2025 included $69.0 million in incremental sales from recent acquisitions, which are included within the Aerospace and Defense Electronics segment.

Cost of Sales

Cost of sales increased $56.1 million in the third quarter of 2025, primarily driven by higher net sales.  Cost of sales as a percentage of net sales increased slightly for the third quarter of 2025, to 57.2% from 57.1%.

Selling, General and Administrative Expense

Selling, general and administrative (“SG&A”) expense increased $12.1 million in the third quarter of 2025 primarily due to higher net sales, including net sales related to 2025 acquisitions.  SG&A expense as a percentage of net sales decreased slightly, to 15.5% for the third quarter of 2025 compared with 15.7%.  Corporate expense, which is included in SG&A expense, was $22.0 million for the third quarter of 2025 compared with $18.7 million, with the increase primarily related to higher employee compensation costs, including severance costs.  Stock-based compensation expense was $10.5 million for the third quarter