Company: TDY
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001094285-25-000140
Chunk: 3

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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 $123.9 (0.4)%$365.3 $351.2 4.0 %Instrumentation98.8 96.3 2.6 %293.1 269.5 8.8 %Aerospace and Defense Electronics70.4 56.3 25.0 %192.7 165.3 16.6 %Engineered Systems 12.2 12.9 (5.4)%35.1 23.1 51.9 %Corporate expense(22.0)(18.7)17.6 %(65.9)(57.1)15.4 %Total operating income (loss)$282.8 $270.7 4.5 %$820.3 $752.0 9.1 %

(a) Net sales exclude inter-segment sales of $6.6 million and $17.5 million for the third quarter and nine months 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