Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 77

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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.4 %Operating income (loss):Digital Imaging$122.3 $113.8 7.5 %Instrumentation92.7 86.0 7.8 %Aerospace and Defense Electronics55.7 51.9 7.3 %Engineered Systems 10.8 2.7 300.0 %Corporate expense(22.2)(20.1)10.4 %Total operating income (loss)$259.3 $234.3 10.7 %

(a) Net sales exclude inter-segment sales of $3.8 million and $4.8 million for the first quarter of 2025 and 2024, respectively.

22

First Quarter Results

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

First quarter of 2025 compared with the first quarter of 2024

Our first quarter of 2025 net sales increased 7.4%.  Net income attributable to Teledyne for the first quarter of 2025 increased 5.7%, driven primarily by higher net sales.  Net income per diluted share was $3.99 for the first quarter of 2025, compared with net income per diluted share of $3.72.

Net Sales 

The first quarter of 2025 net sales compared with the first quarter of 2024 reflected higher net sales in each segment.  The first quarter of 2025 included $55.6 million in incremental sales from recent acquisitions.

Cost of Sales

Cost of sales increased $60.2 million in the first quarter of 2025, primarily driven by higher net sales.  Cost of sales as a percentage of net sales increased slightly for the first quarter of 2025 to 57.3% from 57.0%.

Selling, General and Administrative Expense

Selling, general and administrative (“SG&A”) expense increased $14.2 million in the first quarter of 2025 due to higher net sales.  SG&A expense as a percentage of net sales decreased to 16.1% for the first quarter of 2025 compared with 16.3%.  Corporate expense, which is included in SG&A expense, was $22.2 million for the first quarter of 2025 compared with $20.1 million, with the increase primarily related to higher transaction