Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 152

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 152
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12.4 (1.6)(12.9)%Gain (loss) on debt extinguishment— 1.6 (1.6)(100.0)%Other income (expense), net(4.1)(12.2)8.1 (66.4)%Income (loss) before income taxes937.9 958.9 (21.0)(2.2)%Provision (benefit) for income taxes117.2 72.3 44.9 62.1 %Net income (loss) including noncontrolling interest820.7 886.6 (65.9)(7.4)%Less: Net income (loss) attributable to noncontrolling interest1.5 0.9 0.6 66.7 %Net income (loss) attributable to Teledyne$819.2 $885.7 $(66.5)(7.5)%

Net Sales:

Net sales increased across three of our four business segments.  Total year 2024 net sales included $49.4 million in incremental net sales from current and prior year acquisitions.  Refer to “Business Segment Operating Results” later in this section for additional discussion of changes in net sales.  Sales to international customers represented approximately 48% of net sales in 2024 and 49% of net sales in 2023.  Approximately 24% and 25% of our total net sales for 2024 and 2023, respectively, were derived from contracts with agencies of, or prime contractors to, the U.S. Government.

Cost of Sales

Cost of sales increased in 2024, primarily driven by the impact of higher net sales as well as higher engineering costs.  Cost of sales as a percentage of net sales for 2024 was 57.1%, compared with 56.7% for 2023.  Refer to “Business Segment Operating Results” later in this section for additional discussion of changes in cost of sales.

Selling, General and Administrative Expense

Selling, general and administrative expense increased in 2024, primarily driven by higher sales across most segments.  Selling, general and administrative expense as a percentage of net sales was 15.9% for 2024, compared with 15.1% for 2023.  Corporate expense in 2024 was $77.8 million, compared with $65.6 million in 2023, with the increase primarily