Teledyne Technologies (TDY) Q4 Earnings Beat, Sales Rise Y/Y

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Teledyne Technologies Inc. TDY reported fourth-quarter 2021 adjusted earnings of $4.56 per share, which surpassed the Zacks Consensus Estimate of $4.24 by 7.6%. The bottom line also improved 23.9% from the year-ago quarter’s $3.68 per share.

Including one-time items, the company reported GAAP earnings of $3.39 per share, which declined 2.6% from the year-ago quarter’s $3.48.

The company’s 2021 adjusted earnings came in at $16.86 per share, higher than $11.41 in 2020. The full-year figure also exceeded the Zacks Consensus Estimate of $16.48.

Teledyne Technologies Incorporated Price, Consensus and EPS Surprise

Teledyne Technologies Incorporated Price, Consensus and EPS Surprise
Teledyne Technologies Incorporated Price, Consensus and EPS Surprise

Teledyne Technologies Incorporated price-consensus-eps-surprise-chart | Teledyne Technologies Incorporated Quote

Operational Highlights

Total sales in the fourth quarter amounted to $1,375.7 million, which exceeded the Zacks Consensus Estimate of $1,355.4 million by 1.5%. The top line also improved 70% from $809.3 million reported a year ago. Notably, all segments, except Engineered Systems, recorded higher year-over-year sales in the quarter.

For the full year, Teledyne reported sales of $4.61 billion, up 49.5% from $3.09 billion in the year-ago period.

The full-year top-line figure also exceeded the Zacks Consensus Estimate by 0.4%.

Segmental Performance

Instrumentation: Sales in this segment improved 6.9% year over year to $302.2 million in the fourth quarter. Higher sales of test and measurement instrumentation, marine instrumentation and environmental instrumentation led to the upside.

The segment’s operating income improved 5.5% year over year to $66.7 million, driven by higher sales.

Digital Imaging: Quarterly sales in this division surged 209% year over year to $809.5 million. The improvement was driven by incremental net sales from the FLIR acquisition as well as strong organic sales growth from industrial and scientific sensors and cameras, x-ray products and micro-electro-mechanical systems.

Moreover, the segment’s operating income rose 66% year over year to $94.1 million, driven by contribution from the FLIR acquisition and organic sales growth.

Aerospace and Defense Electronics: In this segment, sales of $163.3 million went up 12.5% from the prior-year quarter due to higher sales of aerospace electronics as well as defense and space electronics.

Operating income also improved 75% year over year to $40.6 million on account of higher sales and a lower cost structure due to actions taken in 2020.

Engineered Systems: Sales in this division declined 15.6% year over year to $100.7 million in the fourth quarter on lower sales of engineered products and turbine engines.

Operating income declined 27.3% to $11.2 million.