Teledyne Technologies Incorporated has reported its first quarter 2024 financial results, indicating several key changes compared to the same period in 2023. The company's orders increased by 7.8% to reach $1,433.2 million, while sales decreased by 2.4% to $1,350.1 million.
The GAAP diluted earnings per share for the first quarter of 2024 was $3.72, a marginal decrease of 0.1% compared to the first quarter of 2023. However, the non-GAAP diluted earnings per share for the same period saw a record increase to $4.55, marking a significant improvement over the $4.53 reported in the first quarter of 2023.
Additionally, Teledyne Technologies achieved a record first quarter cash from operations of $291.0 million and an all-time high free cash flow of $275.1 million, representing a substantial increase over the first quarter of 2023. The company also revised its full-year 2024 GAAP diluted earnings per share outlook to $16.02 to $16.27, down from the previous outlook of $17.15 to $17.53. The revised full-year 2024 non-GAAP earnings per share outlook stands at $19.25 to $19.45, compared with the prior outlook of $20.35 to $20.68.
In terms of segment performance, the Digital Imaging segment's net sales decreased by 4.1% to $740.8 million, with operating income also decreasing by 6.9%. The Instrumentation segment experienced a 0.9% decrease in net sales to $330.4 million, while operating income increased by 6.6%. The Aerospace and Defense Electronics segment saw a 7.2% increase in net sales to $185.7 million, accompanied by a 10.4% increase in operating income. Finally, the Engineered Systems segment's net sales decreased by 10.5% to $93.2 million, with operating income declining by 73.0%.
The company's cash flow performance also showed improvement, with cash provided by operating activities increasing to $291.0 million from $203.0 million in the first quarter of 2023. Moreover, net debt decreased to $2,333.9 million as of March 31, 2024, down from $2,596.6 million as of December 31, 2023.
Teledyne Technologies expects its second quarter 2024 GAAP diluted earnings per share to be in the range of $3.57 to $3.70 and full-year 2024 GAAP diluted earnings per share to be in the range of $16.02 to $16.27. The company's management further anticipates second quarter 2024 non-GAAP diluted earnings per share to be in the range of $4.40 to $4.50 and full year 2024 non-GAAP diluted earnings per share to be in the range of $19.25 to $19.45.
Today the company's shares have moved -9.5% to a price of $368.53. Check out the company's full 8-K submission here.
