Company: TDY
Filing Date: 2025-07-28
Form Type: 10-Q
Source: 0001094285-25-000131
Chunk: 102

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-07-28
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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 Net sales exclude inter-segment sales of $7.2 million and $11.0 million for the second quarter and six months of 2025, respectively, and $8.5 million and $13.3 million for the second quarter and six months of 2024, respectively.

24

Second Quarter Results

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

Second quarter of 2025 compared with the second quarter of 2024

Our second quarter of 2025 net sales increased 10.2%.  Net income attributable to Teledyne for the second quarter of 2025 increased 16.5%, driven primarily by higher net sales.  Net income per diluted share was $4.43 for the second quarter of 2025, compared with net income per diluted share of $3.77.

Net Sales 

The second quarter of 2025 net sales compared with the second quarter of 2024 reflected higher net sales in each segment.  The second quarter of 2025 included $70.1 million in incremental sales from recent acquisitions, which are primarily included within the Aerospace and Defense Electronics segment.

Cost of Sales

Cost of sales increased $87.6 million in the second quarter of 2025, primarily driven by higher net sales.  Cost of sales as a percentage of net sales increased for the second quarter of 2025 to 57.4% from 56.9% primarily due to unfavorable product mix.

Selling, General and Administrative Expense

Selling, general and administrative (“SG&A”) expense increased $4.6 million in the second quarter of 2025 primarily due to higher net sales.  SG&A expense as a percentage of net sales decreased to 15.2% for the second quarter of 2025 compared with 16.4%, with lower SG&A expense percentages primarily at the Digital Imaging and Instrumentation segments.  Corporate expense, which is included in SG&A expense, was $21.7 million for the second quarter of 2025 compared with $18.3 million, with the increase primarily related to higher transaction costs in the second quarter of 2025 for current year acquisitions.  Stock-based compensation expense was $11.3 million for the second quarter of 2025 compared with $9.3 million.

Research and Development Expense

R&D expense increased $10.7