Company: TDY
Filing Date: 2025-07-28
Form Type: 10-Q
Source: 0001094285-25-000131
Chunk: 104

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-07-28
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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 with the first six months of 2024

The first six months of 2025 net sales increased 8.8%.  Net income for the first six months of 2025 increased 11.1%, driven primarily by higher net sales.  Net income per diluted share was $8.41 for the first six months of 2025, compared with net income per diluted share of $7.49.

Net Sales 

The first six months of 2025 net sales, compared with the first six months of 2024, reflected higher net sales in each segment. The first six months of 2025 included $125.7 million in incremental sales from recent acquisitions, which are primarily included within the Aerospace and Defense Electronics segment.

Cost of Sales

Cost of sales increased $147.8 million in the first six months of 2025, primarily driven by higher net sales.  Cost of sales as a percentage of net sales increased for the first six months of 2025 to 57.3% from 57.0%.

Selling, General and Administrative Expense

SG&A expense increased $18.8 million in the first six months of 2025 primarily due to higher net sales.  SG&A expense as a percentage of net sales for the first six months of 2025 was 15.6% compared with 16.3%.  Corporate expense, which is included in SG&A expense, was $43.9 million for the first six months of 2025 compared with $38.4 million, with the increase primarily related to higher transaction costs in the first six months of 2025 for current year acquisitions.  Stock-based compensation expense was $20.2 million for the first six months of 2025 compared with $21.3 million.

Research and Development Expense

R&D expense increased $8.5 million in the first six months of 2025 primarily due to higher R&D expense within the Instrumentation and Aerospace and Defense Electronics segments.

Acquired Intangible Asset Amortization

Acquired intangible asset amortization for the first six months of 2025 was $106.6 million compared with $98.5 million, with the increase primarily related to 2025 acquisitions within the Aerospace and Defense Electronics segment.

Pension Service Expense

Pension service expense is included in both cost of sales and SG&A expense.  For both the first six months of 2025 and 2024, pension service expense was $3.0 million.  For