Teledyne Touts Strongest Quarterly Orders In Its History – A Look At Some Key Highlights

During the second quarter, total revenue was $1.66 billion and adjusted earnings per share came in at $6.28.

• In Q2, momentum in the company’s Digital Imaging unit stood out, with a double-digit percentage increase in revenue.
• The firm guided adjusted EPS in the range of $6.05 to $6.15 for the third quarter.
• Teledyne said that as a result of its strong balance sheet position, it is continuing to review its options for acquisitions.

Shares of Teledyne (TDY) surged in Wednesday’s premarket trade after the company reported a robust backlog figure for the second quarter, raised its full-year forecast, and surpassed analyst expectations for key performance metrics. 

TDY’s Segment-Wise Performance

While the company saw growth across its business segments, momentum in its Digital Imaging unit stood out, with a double-digit percentage increase in revenue, helped by sales of its infrared detectors and systems for unmanned systems in air, space, and marine environments, as well as counter-unmanned applications.

Digital Imaging revenue grew 12.5% to $868.7 million; Engineered Systems revenue was up 8.4% to $119.6 million; Aerospace and Defense Electronics revenue climbed 8.2% to $286.4 million; and Instrumentation revenue rose 5.5% to $387.8 million.

As of June 28, the funded order backlog for Teledyne stood at $5 billion. The company said that as a result of its strong balance sheet position, it is continuing to review its options for acquisitions.

TDY’s Q2 Metrics At A Glance

For the second quarter (Q2), the company’s total revenue rose 9.8% to $1.66 billion, blowing past the Koyfin consensus estimate of $1.51 billion. Adjusted earnings per share (EPS) came in at $6.28, much ahead of the $5.79 estimate.

At the beginning of Q2, the company repaid $450 million of gross debt, and at the end of the quarter net debt was $1.69 billion. 

For the third quarter, Teledyne guided adjusted EPS in the range of $6.05 to $6.15, above the $6.00 per share estimate, and for the full year, it raised the forecast to $24.45 to $24.65 per share, from the prior outlook of $23.85 to $24.15 per share, exceeding the $24.17 estimate.

On Stocktwits, retail sentiment toward TDY turned ‘bullish’ from ‘neutral’ over the last 24 hours. TDY stock has gained roughly 27% so far this year and 16% over the past 12 months.

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