Company: TDY
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001094285-25-000140
Chunk: 60

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 industrial automation imaging systems.  Sales of commercial infrared imaging components and subsystems increased by $41.7 million, sales of unmanned air systems increased by $29.7 million, sales of surveillance systems increased by $19.7 million, sales of commercial infrared imaging systems decreased by $17.6 million, sales of X-ray products decreased by $11.8 million, sales of geospatial products decreased by $5.4 million, and sales of industrial automation imaging systems decreased by $4.4 million.  The first nine months of 2025 also included $15.1 million in incremental sales from recent acquisitions.

Cost of sales increased primarily due to unfavorable product mix, and the cost of sales percentage increased during the period.  The SG&A expense decrease included the reduction of a contingent liability resulting from a change in estimate, partially offset by higher severance and facility consolidation costs.  As a result, SG&A expense as a percentage of net sales decreased during the first nine months of 2025.  R&D expense and R&D expense as a percentage of net sales increased primarily due to the timing of FLIR product development activities.  Acquired intangible asset amortization increased slightly while acquired intangible asset amortization as a percentage of net sales remained reasonably consistent between the two periods.

Operating income increased primarily due to higher net sales and lower SG&A, partially offset by unfavorable product mix during the period.  As a result, operating income as a percentage of net sales increased slightly during the period. 

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Instrumentation

Third QuarterChangeNine MonthsChange(dollars in millions)20252024$%20252024$%Net sales$363.6$349.8$13.8 3.9 %$1,074.5$1,013.7$60.8 6.0 %Cost of sales$186.2$178.3$7.9 4.4 %$546.4$519.5$26.9 5.2 %Selling, general and administrative expense$50.9$48.4$2.5 5.2 %$150.9$145.7$5.2 3.6 %Research and development expense$24.4$23.3$1.1 4.7 %$74.3$68.5$5.8 8.5 %Acquired intangible asset amortization$3.3$3.5