Teledyne Technologies Incorporated (NYSE: TDY) has reported its fourth quarter and full year 2024 financial results, showcasing significant growth and achievements. The company's record quarterly sales of $1,502.3 million for the fourth quarter of 2024 reflect a 5.4% increase compared to the same period in 2023. Additionally, the full year 2024 net sales amounted to $5,670.0 million, representing a 0.6% increase from 2023.
In terms of earnings per share, Teledyne reported GAAP diluted earnings per share of $4.20 for the fourth quarter of 2024, down from $6.75 in the fourth quarter of 2023, marking a decrease of 38.6%. However, non-GAAP diluted earnings per share for the same period reached a record high of $5.52, an increase from $5.44 in the fourth quarter of 2023. For the full year 2024, the company achieved GAAP diluted earnings per share of $17.21 and a record non-GAAP diluted earnings per share of $19.73.
The company also reported its operating margins, with the fourth quarter of 2024 seeing a GAAP operating margin of 15.8% and a non-GAAP operating margin of 22.7%. For the full year 2024, the GAAP operating margin was 17.4%, while the non-GAAP operating margin stood at 22.0%.
Teledyne's full year cash from operations reached a record high of $1,191.9 million, resulting in a record free cash flow of $1,108.2 million for the same period. The company also deployed approximately $1.1 billion for debt repayments, stock repurchases, and acquisitions throughout the year.
Looking ahead, Teledyne provided its outlook for the full year 2025, with a projected GAAP diluted earnings per share in the range of $17.70 to $18.20 and non-GAAP diluted earnings per share in the range of $21.10 to $21.50, excluding the pending acquisition of select aerospace and defense electronics businesses from Excelitas Technologies Corp.
In terms of segment performance, the digital imaging segment saw a 2.5% increase in net sales and a 32.4% decrease in operating income for the fourth quarter of 2024 compared to the same period in 2023. The instrumentation segment experienced a 10.1% increase in net sales and an 11.1% increase in operating income for the same period. The aerospace and defense electronics segment achieved a 6.8% increase in net sales and a 12.8% increase in operating income, while the engineered systems segment reported an 11.0% increase in net sales but a 20.3% decrease in operating income for the fourth quarter of 2024 compared to the fourth quarter of 2023.
The market has reacted to these announcements by moving the company's shares 6.2% to a price of $510.33. If you want to know more, read the company's complete 8-K report here.
