Company: TDY
Filing Date: 2025-07-28
Form Type: 10-Q
Source: 0001094285-25-000131
Chunk: 57

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-07-28
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 remained reasonably consistent between the two periods.

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

First six months of 2025 compared with the first six months of 2024

Net sales increased primarily due to higher sales of commercial infrared imaging components, unmanned air systems and surveillance systems, partially offset by lower sales of X-ray products, industrial automation imaging systems and commercial infrared imaging systems.  Sales of commercial infrared imaging components increased by $30.0 million, sales of unmanned air systems increased by $23.1 million, sales of surveillance systems increased by $16.2 million, sales of X-ray products decreased by $10.9 million, sales of industrial automation imaging systems decreased by $9.4 million and sales of commercial infrared imaging systems decreased by $8.7 million.  The first six months of 2025 also included $14.7 million in incremental sales from recent acquisitions.

Cost of sales increased primarily due to unfavorable product mix.  As a result of unfavorable product mix, 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 six months of 2025.  R&D expense and R&D expense as a percentage of net sales were reasonably consistent between the two periods.  Acquired intangible asset amortization and 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 during the period. 

28

Instrumentation

Second QuarterChangeSix MonthsChange(dollars in millions)20252024$%20252024$%Net sales$367.6$333.5$34.1 10.2 %$710.9$663.9$47.0 7.1 %Cost of sales$186.7$170.0$16.7 9.8 %$360.2$341.2$19.0 5.6 %Selling, general and administrative expense$50.3$50.3$—