Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 157

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 157
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2024.

The increase in operating income in 2024 reflected the impact of higher net sales, favorable product mix and improved product margins.

Aerospace and Defense Electronics

(dollars in millions)20242023$ Change% ChangeNet sales$776.8$726.5$50.36.9%Cost of sales$441.3$424.6$16.73.9%Selling, general and administrative expense$91.2$83.7$7.59.0%Research and development expense$21.8$17.8$4.022.5%Acquired intangible asset amortization$0.8$0.8$——%Operating income$221.7$199.6$22.111.1%Cost of sales % of net sales56.8 %58.4 %(1.6)%Selling, general and administrative expenses % of net sales11.8 %11.5 %0.3%Research and development expense % of net sales2.8 %2.5 %0.3%Acquired intangible asset amortization % of net sales0.1 %0.1 %—%Operating income % of net sales 28.5 %27.5 %1.0%International sales % of net sales 32.3 %32.3 %—%U.S. Government sales % of net sales 39.6 %45.5 %(5.9)%

Our Aerospace and Defense Electronics segment provides sophisticated electronic components and subsystems and communications products, including defense electronics, harsh environment interconnects, data acquisition and communications equipment for aircraft, components and subsystems for wireless and satellite communications and general aviation batteries.

2024 compared with 2023 

Our Aerospace and Defense Electronics segment net sales for 2024 increased 6.9%, compared with 2023.  Operating income for 2024 increased 11.1%, compared with 2023.

The 2024 net sales increase compared with 2023 reflected $34.7 million of higher sales for defense electronics and $15.6 million of higher sales for aerospace electronics.  

Cost of sales for 2024 increased compared with 2023 and reflected the impact of higher net sales partially offset by favorable product mix.  Cost of sales as a percentage of net sales for 2024 decreased compared with 2023 and primarily reflected product mix.  Selling, general and administrative