Teledyne Technologies Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +8.16%.
Did TDY Beat Earnings? Q1 2025 Results
Teledyne Technologies opened 2025 with a record-setting quarter, reporting first-quarter non-GAAP diluted EPS of $4.95, a 0.56% beat against the $4.92 consensus, while revenue of $1.45 billion edged past estimates by 0.73% and grew 7.4% year over year. The standout driver was broad-based strength across all four business segments, amplified by $55.60 million in incremental acquisition-related sales following the January completion of the Qioptiq deal, which management described as already off to a great start and has since secured new military contracts in Europe. Non-GAAP operating margin expanded to a record 22.0% from 21.2% a year ago, underscoring the company's pricing discipline even as interest expense climbed to $17.30 million on higher acquisition-related borrowings. Quarter-end backlog reached an all-time high, with orders exceeding sales for the sixth consecutive quarter. Despite the strong showing, management held its full-year 2025 non-GAAP EPS guidance steady at $21.10 to $21.50, citing a very unpredictable environment, while guiding second-quarter non-GAAP EPS to $4.95 to $5.05.
- Organic growth across all four segments
- Record quarter-end backlog with orders exceeding sales for sixth consecutive quarter
- Higher commercial infrared imaging component and surveillance system sales in Digital Imaging
- Stronger offshore energy and defense markets driving marine instrumentation growth
- Defense electronics sales increase of $57.1 million in Aerospace and Defense Electronics
- Incremental acquisition contribution of $55.6 million from Micropac and Qioptiq
- Favorable marine instrumentation product mix and improved margins
- Non-recurrence of unfavorable estimate changes in Engineered Systems
“We achieved record first quarter sales, non-GAAP operating margin, and adjusted earnings per share. First quarter sales reflected organic growth in every segment, coupled with the contribution from recent acquisitions. In addition, quarter-end backlog was an all-time record, as orders exceeded sales for the sixth consecutive quarter.”
Teledyne Technologies CEO, on the earnings call
Forward Guidance & Outlook
For Q2 2025, management expects GAAP diluted EPS of $4.00 to $4.15 and non-GAAP diluted EPS of $4.95 to $5.05. For full year 2025, the company guides GAAP diluted EPS of $17.35 to $17.83 and maintains non-GAAP diluted EPS of $21.10 to $21.50. Management is maintaining prior earnings outlook despite strong Q1 results given the 'very unpredictable environment.' The non-GAAP outlook excludes acquired intangible asset amortization and acquisition/integration costs.
TDY YoY Financials
TDY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.