Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 255

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 255
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%14.2 %—%Research and development expense % of net sales6.7 %7.0 %(0.3)%Acquired intangible asset amortization % of net sales1.0 %1.1 %(0.1)%Impairment of acquired intangible assets % of net sales0.2 %— %*Operating income % of net sales26.8 %25.5 %1.3%International sales % of net sales55.8 %57.3 %(1.5)%U.S. Government sales % of net sales8.9 %7.2 %1.7%

* not meaningful

Our Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, as well as electronic test and measurement applications.  We also provide power and communications connectivity devices for distributed instrumentation systems and sensor networks deployed in mission critical, harsh environments.

2024 compared with 2023 

Our Instrumentation segment net sales for 2024 increased 4.3%, compared with 2023.  Operating income for 2024 increased 9.5%, compared with 2023.  

Total year 2024 net sales included $22.3 million in incremental net sales from current and prior year acquisitions.  In 2024 compared with 2023, net sales of marine instrumentation increased $101.8 million which included $13.3 million in incremental net sales from current and prior year acquisitions.  Net sales of test and measurement instrumentation decreased $34.7 million, which included $9.0 million in incremental net sales from current and prior year acquisitions.  Net sales of environmental instrumentation decreased $10.7 million.

28

Cost of sales increased in 2024, compared with 2023, and primarily reflected the impact of higher net sales.  The cost of sales percentage decreased in 2024 compared with 2023 primarily driven by favorable product mix and improved product margins.  Selling, general and administrative expense increased in 2024 compared with 2023, primarily driven by higher net sales.  Selling, general and administrative expenses for 2024, as a percentage of sales, decreased slightly from 2023.  Research and development expense as well as research and development expense as a percentage of revenue decreased slightly compared with 2023.  Acquisition intangible asset amortization expense decreased slightly, and we recorded a $3.0 million impairment of acquired intangible assets in